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New side hustle as a medical director

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  • HaitiMD HaitiMD 
    Participant
    Status: Physician
    Posts: 19
    Joined: 08/03/2018
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    I currently work full time at a health center seeing patients 32 hours/week where I am a W2 employee.

    I have quite a few side hustles all paying 1099 income.

    I just took on an interim medical directorship position at a different health center doing 8 admin hours/week mostly overseeing the NPs and PAs but not doing any direct patient care myself. I was planning to do this as 1099 income and further contribute to my i401k this year but considering I do not carry my own individual malpractice insurance, the clinic informed me that the only way for me to be covered by their malpractice insurance is if they pay me as a W2 employee. Does this sound right? If so, are there any downsides to having two simultaneous W2 paying jobs (these are in 2 different states) other than me not being able to put some of this money into my i401k?

    Thanks

    #238427 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 4240
    Joined: 01/08/2016

    No.

    #238429 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2693
    Joined: 01/03/2017
    the clinic informed me that the only way for me to be covered by their malpractice insurance is if they pay me as a W2 employee.

    Click to expand…

    This is not correct unless there’s something else going on. There are plenty of independent contractors who get their malpractice insurance covered. In fact, this is standard and not having it covered would be rare.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #238432 Reply
    Liked by wonka31
    Avatar southernerdoc 
    Participant
    Status: Physician
    Posts: 70
    Joined: 03/10/2019

    It differs by the insurance type.  The policy may have been written so that it only covers employees and not independent contractors.

    #238555 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2693
    Joined: 01/03/2017

    It differs by the insurance type.  The policy may have been written so that it only covers employees and not independent contractors.

    Click to expand…

    That doesn’t prevent them from getting a different policy. There’s a difference between can’t and won’t.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #238569 Reply

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