How I Became a Contract MD

by on Feb.01, 2013, under Uncategorized

There is an enormous “ongoing need” for doctors everywhere in this country that no one wants to be. As a result, there is plenty of well-paying doctor work if a person is flexible. As TIME=MONEY in a slavery system, I prefer Locum Tenens work (temp work for doctors).

The BUSINESS Side of Things
Regarding the business, I signed up with 1800accountants.com and arranged a meeting with a tax consultant. I was living in Chicago at the time and elected not to pay a fortune to the lawyers there. I found 1800accountants to meet my needs. Basically, I learned that the best way to get paid while a contract MD was through an LLC. And to register as an S Corporation for taxes.

So I formed an LLC through Legalzoom.com. I did my research and found that to be the best website for legal stuff. I formed Atlantis Locum Group LLC. Depending on the state you might do a PLLC, which is the same thing, but specifically for professionals. I formed my company in Alaska cause that’s where I was going for my first job. You can form your company in any state. Each state’s rules are a bit different but they all do LLCs.

I paid Legalzoom to submit everything to Alaska except the EIN which I did myself afterward. Once my company became official, I applied for the Employer Identification Number (EIN). Then I had to apply for a business license for the state of Alaska. No big deal.

THE BANK
Once you have the EIN you can open a bank acct in the business’ name. That’s the exciting part! Cause then you tell your recruiter or client that they aren’t to pay YOU anymore through your social security number. Instead they are to pay your wages to your new employer via the EIN. I am the sole owner of the company. I have one employee, me. The recruiters and clients are used to this, even though it was all new to me.

(For anyone not very clear on this concept, I basically created a new “person,” a new member of our society. Atlantis Locum Group LLC is now an active participant in our society and it has a bank account now, just like you and me. It (Atlantis) can even buy a car or property… just like a human being.)

INCOME
From then on, all my income goes into the business bank acct (linked to my personal acct). When I get paid, I simply go to the bank’s website and transfer a portion of the directly deposited paycheck to my personal account. I only transfer what I deserve for pay and the rest stays as company property to pay for its expenses. After all, my company provides travel expenses, phone service, lodging, vehicle, gym membership and health coverage for me and my family. I even have a vacation package, haha. So a lot of my expenses end up tax deductible because I have a great employer who takes good care of me.

By living on the road in an RV or otherwise (we have been living out of hotels lately), we have no mortgage or property, and few possessions. When working locums the clients typically provide housing, a vehicle and travel reimbursement. So I don’t have to pay to live unless I’m not working.

Considering that you can get a huge 5th wheel RV with 4 bunks, brand new, for $35k, you can live extremely cheap and save up money. Or if you want, live large. I’m saving to start other projects when we get to a more permanent destination.

Finding Jobs
This is by far the easiest part. Just let a few locums companies (recruiters) know you are interested in this type of work and they’ll never leave you alone! The amount of available work is astounding. I’ve registered with three companies and have spoken to about six or more, so I have lots of positions coming my way. It is even more profitable to avoid the recruiters and seek the positions directly from the clients, but this may be more difficult and more work.

Future Plans
As much as we’ve loved living “on the road,” my wife and I are finding that we have been longing for a place to call home lately. After all, we’re really into healthy food and as a result we would love to have a garden, chickens, and maybe goats.

We will soon be choosing a home base. From “home” I’ll go away to jobs now and then, wherever and whenever I want. And maybe my family will come with me sometimes. But I imagine I’ll continue to work in the rural, underserved, and better paying positions for now. This way I get weeks and weeks off at home with my wife and kids without and work-related stress between jobs.


2 Comments for this entry

  • Locum GP Agency

    Locum GP Agency, Nurse Practitioners and Prescribers are paid some of the best rates of pay by agencies which has resulted in a lot of medical staff registering with agencies for the days they have free for work to bump up there income due to NHS salaries being frozen and pay cuts across the whole of the NHS.

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