The Benefits of a Professional Corporation Dr John Jurica Podcast
Dec 28, 2024
The following is a summary transcript from my part 2 of my guest podcast on Dr John Jurica’s show Non-Clinical Physicians
Check out his Non-Clinical Physicians’ resources and content, I think you will really enjoy it!
To listen to the podcast just click on the enclosed link.
Making the Transition Without Rocking the Boat
Our first episode focused on how doctors can win as a micro-corporation and negotiate better contracts. Part 2 reveals practical strategies for a seamless transition and income diversification through professional incorporation.
The beauty of transitioning to a professional corporation lies in its seamlessness. As Dr. Stillson explains you can maintain your regular clinical presence while restructuring your business model behind the scenes. He continued wearing the same lab coat, attending medical executive meetings, and maintaining hospital relationships – but with one significant difference: a $200,000 increase in compensation.
You don't need to shout it from the mountaintops… You just need to ask for it very quietly. – Dr. Tod Stillson
The key is creating a win-win situation where your hospital isn't paying more, but you receive fair market value for their services through a more powerful business structure.
The Power of Professional Negotiation
Here's a crucial piece of advice that every physician should consider: when restructuring your practice, professional legal representation isn't just helpful – it's essential. Under a professional corporation:
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Legal fees become a business expense (pre-tax dollars)
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Healthcare-specific attorneys can negotiate better contract terms
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Non-compete clauses and other contract elements become negotiable
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Professional representation levels the playing field with hospital legal teams
Benefits of a Professional Corporation and Income Diversification
The medical landscape is evolving, and with it, new opportunities for income diversification are emerging. Today's physicians are exploring:
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“Job stacking” – strategically combining part-time positions
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Direct primary care models
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Telehealth and “practice without walls” concepts
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Multiple revenue streams from different medical services
Dr. Stillson successfully monetized various aspects of his practice, from clinic work to sports medicine coverage, ultimately creating multiple distinct income streams. This approach not only increases financial stability but also provides greater professional autonomy.
Summary
For those ready to dive deeper into professional corporations, you can find Dr. Stillson's comprehensive guide Doctor Incorporated: Stop the Insanity of Traditional Employment and Preserve Your Professional Autonomy on Amazon. His website offers both free resources and paid courses to help you navigate this transition. As part of his commitment to helping physicians thrive, Dr. Stillson also offers a free eBook titled 20 Reasons Every Resident Should Start a Corporation During Their Residency.
Links for today's episode:
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Part 1 of this conversation can be found at Now Every Doctor Can Win As a Micro-Corporation
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How to Save Healthcare, Satisfy Patients, and Fix Physician Burnout – 256
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Check out the 2024 Nonclinical Career Summit to learn about MORE unconventional career options.
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