Precepting residents - hourly rate for moonlighting?

[familydocPA]

Can't believe no one has commented on this one yet.

First off, the story about the "Rich Dad plagiarism" was hilarious, actually...

[familydocPA]

FI Gyn - thanks for contributing, I thought it was a good write up. The only thing I found concerning was the $170k annual spend for the past five years...

[familydocPA]

I remember hitting this time early in my career and feeling some discontentment. Many of us are nerds at heart and love to learn and be challenged. The...

[familydocPA]

OP is the same poster who just a few days ago was saying that they see 20 patients in 4 hours and bill all of them 4's and 5's. Other posters suggested...

[familydocPA]

Yeah, I thought the same thing. That seems crazy to me, there must be more to the story or some unique skill set.

[familydocPA]

Agree, the level 4 visits are very easy to obtain with the new rules. But it is very difficult to get a large number of 5's. Almost all of my level five...

[familydocPA]

Since you asked, average is about $1000 a day, but I'm academic FM, so some days I work more and others less.

I don't know that this question...

[familydocPA]

I agree that working less is worth it, but this guy was basically working 2 full time jobs. I found it difficult to relate, as I work a 4 day work week...

[familydocPA]

Just curious as to what hourly rate people are seeing / expecting for moonlighting as a preceptor in a residency clinic. This is for primary care / F...

[familydocPA]

If your household income is $900k and you need to geoarbitrage, you don't have a tax problem...

[familydocPA]

I don't understand how it's possible to "overproduce" on a wrvu production model. Won't the extra RVU's generated above your base be reconciled...

[familydocPA]

Is there a way to view without an account?...

[familydocPA]

Fair criticisms, but I think this guy will be fine. Those on this board tend to be much more conservative than is likely necessary.

Chances...

[familydocPA]

We are getting to the point of needing to budget for the first time in our lives, just to give ourselves permission to spend. The saver's dilemma....

[familydocPA]

Easiest solution: start taking two week vacations

On a more serious note, does the employer reconcile production on a longer time basis...

[familydocPA]

Great article. Enjoyed hearing his thoughts on the process. The "boring" way to FI works. The challenge remains in the decision on how to focus...

[familydocPA]

I've looked for a why, and I can't find one, so I just stay in good ol' boring index funds.

Here are some things that could potentially be...

[familydocPA]

I was thinking about this recently. It seemed to subtly creep into the expectations over the years, but I'm wondering why the cultural expectation has...

[familydocPA]

Nailed it.

Admin talks about wanting quality, but as long as we're still getting paid fee-for-service, they know how their bread is bu...

[familydocPA]

I'm FM but salaried so not much help. But that is below median wrvu comp and you are an above average producer. The problem is all salaries are highly...

[familydocPA]

Lol, so true.

I went through TPP's coaching experience last year, only because my work paid for it with CME money and I couldn't travel anyway....

[familydocPA]

I used to read every WCI article, now I read maybe one every other month. I still like his newsletter / tip of the month - that's usually pretty good....

[familydocPA]

The "right answer" is to invest instead of paying off low interest debt - assuming perfect behavioral finance and time horizon of at least 15...

[familydocPA]

Unfortunately, this is the direction things have been going for a while (at least for primary care in my area). It's all about the hospital system generating...

[familydocPA]

This.

Any physician could probably reach FIRE with a portfolio of $2.5-3 million in about 15 years. My question is always - are they really...

[familydocPA]

Where did he have inaccurate math in this post?

I paid off my $250k mortgage by the time I was 35. I didn't have any bonds (still don't)...

[familydocPA]

Currently worth $13k? Why is this even a debate? The tax bill can't be more than a thousand bucks. If it's a bad investment, get it in something you...

[familydocPA]

Great job on designing a life that he doesn't need to retire from

[familydocPA]

Not many voted but it seems that continuing our current plan is the clear winner. Thanks!

[familydocPA]

Tried real estate... realized I hated it and even though I did well, if I used the time working extra in medicine I would have come out ahead with less...

[familydocPA]

For the past several years, my wife has worked for a company that gives her a SEP-IRA contribution. This is typically about $7000. In years past, I have...

[familydocPA]

I thought this was a great article, an honest look at some contributing factors and the reality that many of the cages we are stuck in are of our own...

[familydocPA]

I don't believe that you would actually ever net $480k. This time of year telemed is crazy busy. Have you done it in July? You would have to have many...

[familydocPA]

I think it accelerated things for me. At the beginning of my career, I thought I would practice forever. Now just 10 years in, I've become increasingly...

[familydocPA]

It sounds like your primary question is how can you forecast your sales with a new start up, and the challenge is that you really can't. You can do market...

[familydocPA]

From the article: "You leave your work, the place where you had stored quite a bit of your identity, but you’re not that person anymore."...

[familydocPA]

Never said I expect anything different... pretty sure I said it's exactly what I expect...

[familydocPA]

Hah! Yeah......

[familydocPA]

Straight salary, for the most part. No RVUs....

[familydocPA]

Hello - wondering if anyone can help me out with some sources for salary data for FM. I'm attempting to renegotiate my salary and they asked for some...

[familydocPA]

Lordosis, sometimes I feel like we're two peas in a pod. It has been tough for me to hire out things that "I can do by myself", but when I realized...

[familydocPA]

As usual, Anne knocks it out of the park. Last line of her post, I'd take it to heart. I probably need to take it to heart....

[familydocPA]

Put the question another way: is there something that is seriously important to you that you are not spending money on?

I think it is easy...

[familydocPA]

Wondering if anyone else here has considered starting a side hustle as their own financial advising firm; this is something I'm giving some serious thought...

[familydocPA]

Respectfully disagree with this sentiment; I think a 2008 type downturn would mean bankruptcy for her. Properties under water and tenants not paying...

[familydocPA]

There's no "shaming" - I just don't believe that the type of person who will grind to a 5-7 mil net worth in 5 years is just going to hang it...

[familydocPA]

At least they both scheduled appointments with you. Invariably if only one family member has an appointment, the other will have "just a quick question,...

[familydocPA]

Extremely impressive story - really a superwoman type of person.

That said, I think she downplays the risk involved in leverage - with a...

[familydocPA]

Presumably making $500k+ per year (and likely substantially more) as a rural interventional cardiologist, it seems feasible with a high savings rate....

[familydocPA]

As others have said, best money per hour in the short term is working in medicine. Best in the long term is possibly business, or you can earn nothing....

[familydocPA]

That's the challenge, Lordosis - I feel like most people go too far with this mentality (YOLO), but some (especially on this board and others like Bogleheads)...

[familydocPA]

It's posts like this that make me think I'm not crazy when I think about making changes sooner than later to live life to the max right now. So much...

[familydocPA]

Very good question to pose. On the one hand, I want to commend you and encourage you. The group here tends to be very fiscally conservative and risk...

[familydocPA]

Agree 100%....

[familydocPA]

Great question, lots of fun to think about. For me personally, I need to have everything else totally in order before I can indulge in this. So it's...

[familydocPA]

Thanks for bringing this thread back to the original topic and finance! It's a good question - I think for me I would agree with what you had written...

[familydocPA]

My goodness, based on this thread you would think that anyone who takes to the skies in a small airplane is destined to die in an airplane crash.
...

[familydocPA]

Our hospital mandated the vaccine, and 32 out of 80 L&D nurses have quit.

Last I heard, they are making overtime pay (time and a half)...

[familydocPA]

I feel for you Lordosis, sounds like a crappy situation but not crappy enough to make you want to leave an otherwise fulfilling job. I'm sure you will...

[familydocPA]

Yeah, this. Amen....

[familydocPA]

As a FM doc who has been put in a similar position several times, I understand your pain and realize that it doesn't feel quite as easy as "tell...

[familydocPA]

I found this article poignant and a little harrowing; it definitely made me think.

One challenge I continue to have is that I feel a sense...

[familydocPA]

I did not like this tip.

Like many on this forum, my problem is more with not letting myself spend money than with needing to save. Calculating...

[familydocPA]

Oh, and to your primary question, I probably wouldn't try to deduct flying unless you are looking for an audit. There are legitimate uses but it's pretty...

[familydocPA]

It is what you make of it. I have owned several small airplanes, all fine (albeit slow and older) well kept small aircraft. None have cost more than $20k...

[familydocPA]

I'm also confused, but, sadly, not surprised. This is the kind of stuff that makes people burned out and want to leave medicine.

[familydocPA]

I think by "private practice model" your friend really meant "hospital-owned clinic with RVU compensation model."

You...

[familydocPA]

One more thing that I think is worth considering is location demand - for many of the lower paying specialties, you can work pretty much anywhere, whereas...

[familydocPA]

She just got access because it was forgotten about due to the small balance (which yes, is just over $600 in cash).

Can anyone clarify what...

[familydocPA]

My wife's father passed away in 2009 and she inherited a Roth IRA worth $600. She just gained access to it so we are trying to figure out what to do....

[familydocPA]

That's the best position to negotiate from.

Agreed, Crispy Doc is a great blog. I wouldn't say that I'm burned out, but definitely striving...

[familydocPA]

I think the other fallacy of academic medicine is that we are supposed to be so pure intentioned that we do not care about money. This is all well and...

[familydocPA]

Billy - thanks for your thoughts, it really puts things into perspective.

I think that I love my job now, I just feel a little bit overworked,...

[familydocPA]

Respectfully, I know why you are asking, and this couldn't be further from the truth. Consistent accolades from the residents speak for themselves. I...

[familydocPA]

I spent several years in FM private practice before transitioning to my current job as faculty in a residency program about 5 years ago. I acknowledged...

[familydocPA]

After reading this whole thread with great interest, I find the above piece of advice to be the most insightful....

[familydocPA]

Smart move - give the people more of what they want. I have to admit, one of my favorite podcasts is "Millionaires Unveiled." As much as I like...

[familydocPA]

With my entrepreneurial spirit, I would love to open up a medical related business of some sort. But as the others have alluded to, I could only do it...

[familydocPA]

I love this post, and the above line especially. Thanks for sharing.

I'm currently in a job that pays 20% under the going rate for family...

[familydocPA]

What shocks me the most is that I am literally the only member of the faculty that spoke up about this. The general consensus is more that we should feel...

[familydocPA]

Reading this thread has caused me even more consternation than when I started.

I work for a residency program, and last week we were told...

[familydocPA]

I thought Jim did a great job of providing an articulate counter-arguement here. Undoubtedly this is a very rare situation where this might make sense,...

[familydocPA]

Not just ethically dubious, also a form of tax fraud......

[familydocPA]

Good for you. That's awesome. I would do this if I wanted to do full time clinical outpatient, but I prefer teaching. It sounds like you are following...

[familydocPA]

How could my post have possibly been considered self serving? And why is this thread getting so hostile?

If you all want to choose to believe...

[familydocPA]

Ain't that the truth. I see myself being guilty of this as well. I can get caught up in the credit card bill being $1000 higher this month, even though...

[familydocPA]

Tuition inflation reports are severely overrated.

I was on the Board of Regents for my former college a few years ago, so I got to see "under...

[familydocPA]

That's pretty awesome to hear. Do you think that it was helpful doing a few years of gradually breaking away, or in hindsight do you think you would...

[familydocPA]

Not to derail this thread, but this is something that I have spent a great deal of mental energy on this year. We are about 5 years away from FI, but...

[familydocPA]

This is generally a good thing for us family docs; large call pools, etc. The one thing I see a lot of is that different offices like to do things different...

[familydocPA]

PS - Congrats, you have won the game, and are in a great position to make what you wish of your time!

[familydocPA]

Well at a very conservative 3.25% withdrawal rate, you can easily retire now if you can live on a budget of $195k in perpetuity. So if that fits your...

[familydocPA]

You'll have to run the numbers.

Real estate is a great investment (especially commercial real estate) when you have a stable, long term tenant....

[familydocPA]

I heard the author on a podcast recently and was intrigued enough to pick up the book. I haven't read many personal finance-type books recently, because...

[familydocPA]

This was a very simple but insightful post. I find myself six years into path #1, and have dabbled in path 2 but found that being a landlord was not...

[familydocPA]

Don't do any more training searching for happiness, get to work and read some happy philosopher posts.

You should easily be able to pull...

[familydocPA]

FSA rules are weird, and it's easy to lose your money, which is a greater loss than the potential tax benefit. As far as I know, you can only change FSA...

[familydocPA]

I don't need more information. The answer is clear: 100% yes. There is no need to remain leveraged when you have that much money.

Edit: Just...

[familydocPA]

Don't take all of the above advice as discouragement; it is possible, but it's true that capital and cashflow are going to be the biggest issues. You...

[familydocPA]

I have about $250k in a previous employer's 403b plan. I have the option of opening up a solo 401k due to some 1099 income (it's only a few thousand...