PracticeLink Magazine

FALL 2017

The career development quarterly for physicians of all specialties, PracticeLink Magazine provides readers with feature articles, compensation stats, helpful job search tips—as well as recruitment ads from organizations across the U.S.

Issue link:

Contents of this Issue


Page 61 of 95

features 62 FALL 2017 in Overland Park, Kansas, "The current financial environment makes this a great time to work as an independent contractor. Health care reform, deduction allowances and other tax and investment rules make it a manageable, financially advantageous status for physicians. You should consider all the positions available to you and talk with a financial consultant who specializes in working with physicians to compare offers and determine which financial arrangement works best for you." As an employee, your employer will pay a portion of taxes as well as minimize the effort required when it comes time to file your tax return. Benefits, retirement and other group benefits are offered (sometimes at lower rates) and managed for you, which can be a big timesaver. As an independent contractor, business expenses qualify as a tax write-off. Scrubs, gas, travel, health care premiums, etc., are all tax-deductible. Managing your taxable income is a top priority for a contractor. Being able to knock yourself down a tax bracket or two can easily make a five-figure difference in your annual take-home pay. You can also save significantly more for retirement in a tax-deductible plan (up to $54,000 per year vs. $18,000 as a W-2 employee). Creating an entity can allow more financial planning advantages and possibly an extra layer of liability protection. An independent contractor's benefits are portable, and you can tailor them to your own needs. For example, a single, healthy 35-year-old male may need different coverage than a 45-year-old with a heart condition and family. Apples: Bonus/metric incentives It's hard to ignore the increasing focus on the variety of metric incentives like patient satisfaction and quality- based measurements, because they are an ever-growing part of health care. These typically are considered to be indicators of consistently good patient care and satisfaction. As a portion of compensation, it is important to have a good understanding of how they are tracked and the consistency of success. In many cases, you may need to rely on other departments within your system to achieve your goals, so situations like nursing shortages, volume variance, etc., can play a big role. Be sure to speak to other folks who work there to get a feel for if you are walking into a well-oiled machine or a 1978 Cutlass. $489k $440k $410k $400k $398k $396k $391k $386k $364k $352k $345k $339k $330k $324k $310k $293k $286k $280k $257k $249k $235k $235k $228k $225k $220k $209k $202k Orthopedics Plastic Surgery Cardiology Urology Otolaryngology Radiology Gastroenterology Dermatology Anesthesiology General Surgery Ophthalmology Emergency Medicine Oncology Critical Care Pulmonary Medicine Pathology Ob/Gyn Nephrology Allergy & Immunology Neurology Rheumatology Psychiatry Infectious Disease Internal Medicine Endocrinology Family Medicine Pediatrics How much do physicians make? Medscape surveyed 400,000 U.S. physicians about their compensation for its annual Physician Compensation Repor t. Here are the results. Data from Grisham S. Medscape Physician Compensation Report 2017. Medscape. Published April 5, 2017. Available at: view-6008547.

Articles in this issue

Links on this page

Archives of this issue

view archives of PracticeLink Magazine - FALL 2017