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Amount required to maintain ability to practice medicine post retirement

Home Practice Management Amount required to maintain ability to practice medicine post retirement

  • Avatar Kamban 
    Participant
    Status: Physician
    Posts: 2423
    Joined: 08/01/2016

    I want to maintain my license and have the ability to practice in retirement for as long as I am medically and mentally fit. But I do not want a full time job or even a part time job. I want to do enough locums to just cover the cost of maintaining that license and the associated things that go with it. I don’t want to just work in a free clinic just to save on malpractice costs

    From what I could gather, I need the state medical license, DEA license, state controlled substance license ( in some states), malpractice coverage, CME costs to maintain licenses and also keep myself up to date, some self study books and conference money. I may be missing more and want others to chime in.

    I wanted to find out how much a retired physician is spending on these things if he /she is still practicing part time.  I wanted from others a ball park figure of the costs, knowing fully well that it varies according to region / state and the specialty one is in. This will help me budget that amount and secure enough locums to cover the cost of the expenses.

    #238223 Reply
    The White Coat Investor The White Coat Investor 
    Keymaster
    Status: Physician
    Posts: 4482
    Joined: 05/13/2011

    Why is this a mystery? I pay all that stuff myself. I could give you the EXACT costs for each of those items this year, last year, the year before that etc. If someone is paying them for you, ask them what they are paying.

    My bigger concern isn’t working enough to cover costs, it’s working enough to stay knowledgeable and skilled. That’s far more work than just enough to cover costs in my opinion. I could cover costs with 2 shifts a month, but that’s not enough to be competent IMHO.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #238232 Reply
    fatlittlepig fatlittlepig 
    Participant
    Status: Physician
    Posts: 1153
    Joined: 01/26/2017

    I want to maintain my license and have the ability to practice in retirement for as long as I am medically and mentally fit. But I do not want a full time job or even a part time job. I want to do enough locums to just cover the cost of maintaining that license and the associated things that go with it. I don’t want to just work in a free clinic just to save on malpractice costs

    From what I could gather, I need the state medical license, DEA license, state controlled substance license ( in some states), malpractice coverage, CME costs to maintain licenses and also keep myself up to date, some self study books and conference money. I may be missing more and want others to chime in.

    I wanted to find out how much a retired physician is spending on these things if he /she is still practicing part time.  I wanted from others a ball park figure of the costs, knowing fully well that it varies according to region / state and the specialty one is in. This will help me budget that amount and secure enough locums to cover the cost of the expenses.

    Click to expand…

    Why? Maintaining the licensure stuff costs peanuts. Working to get some extra spending money I can understand, but working to maintain the licensure stuff I don’t get it.

    #238241 Reply

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