BobSaget Posted December 10, 2014 Share Posted December 10, 2014 So other than the autonomy and ability to control your own schedule to an extent, what incentives do PA's have to own a practice? Do they get paid more or does it depend on specialty? Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted December 10, 2014 Moderator Share Posted December 10, 2014 at first you likely make very little. after you have a few providers working for you the money can be incredible. I have a PA friend who runs a practice. he employs 2 docs and 3 PAs and pays them a fair salary but gets a piece of every pt they see in addition to what he generates himself. I'm sure he makes >300k/yr. He is driving a new car every time I am there. Link to comment Share on other sites More sharing options...
akdEM Posted December 10, 2014 Share Posted December 10, 2014 What type of practice does your friend own? Link to comment Share on other sites More sharing options...
jmj11 Posted December 10, 2014 Share Posted December 10, 2014 Then there is the rest of us. Actually the PA Emedpa is talking about (I think) told me his first couple of years he hardly paid himself but is doing very well now. If I had even one other full time provider, or possibly two, I would be doing quite well. However, as the only major provider and costs of over $300,000/year, I'm still paying myself below average. I do expect to change that as soon as I can. However, to answer your other question. So, about 2 years ago I was paying myself $60,000/year and no benefits. I was working 60 hours per week (at least). I had a call from someone who offered me a neat package of $120,000/year and great benefits and working a 40 hour week. I turned it down in a millisecond. The reason? My freedom to run my practice exactly the way I want to without any BS from above is worth at least $100,000/year to me. But I don't want to say poor forever and I hope to be at least average soon and above average after that. But the key would be finding help. Need a job with a future (in five years) of owning the entire practice as I retire and move to Morocco? Link to comment Share on other sites More sharing options...
Moderator EMEDPA Posted December 10, 2014 Moderator Share Posted December 10, 2014 JMJ- yup, same guy. runs an FP/UC practice. Link to comment Share on other sites More sharing options...
Moderator ventana Posted December 11, 2014 Moderator Share Posted December 11, 2014 about 40k first year about 70k second year not a get rich path With the upcoming penalties it is hard to say what is going to happen oh yeah, BTW, on call 24x7x365, with zero PTO days, but I get to control my own fate.... Hope to make more in the future (actually have to as I can't afford to continue on this path......) but contract work is there....... A great place for PAs to own a practice if you want Staffing long term care facilities. The set up is that you incorporate with a doc, then you do all your own billings, and pay the SP about 5% of receipts for his "supervision" BUT the doc's that are covering the patients in the facility remain the PCP and you merely "help them" in the facility Very reasonable to gross over $200k, with out employees - just yourself, no real call schedule, no nights or weekends - in the right facility this a great set up! Link to comment Share on other sites More sharing options...
BobSaget Posted December 13, 2014 Author Share Posted December 13, 2014 In your own experience, what was the total annual cost (1st yr) to setup your business? Also, does it matter what specialty you choose? Cash only? Open to all Medicare/Medicaid? Link to comment Share on other sites More sharing options...
jmj11 Posted December 13, 2014 Share Posted December 13, 2014 In your own experience, what was the total annual cost (1st yr) to setup your business? Also, does it matter what specialty you choose? Cash only? Open to all Medicare/Medicaid? Mine was 100K and that was underfunded. You have to live on reserves for about 4-5 months until insurances start to pay. They will use every excuse possible not to pay a new practice. They refused to pay us at first because we had to get a PO Box (Post Office wouldn't deliver to our building). Then we finally got a street address after six months and the insurances refused to pay because we had "moved" and they wanted us to re-credential. Link to comment Share on other sites More sharing options...
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