Show notes
In this episode, Kristin and Sandry Gaillard, a CRNA who works independently at a critical access hospital in rural western North Carolina, sit down to discuss the business of anesthesia in terms of working as a 1099 employee verses a W2 employee.
Topics Discussed Include:
* Differences between 1099 and W2 work arrangments
* Advantages/Disadvantages of 1099/W2
* Responsbilities of 1099 employment
* Tips for starting 1099 employment
* Types of coorporations
* CRNA-only practice
Shownotes:
Difference between 1099 and W2 employee:
– Based on 3 sets of criteria – whether there is behavior control, financial control and what the relationship is between the parties involved
– W2- specific requirements by the employer – job is directed to what, how, when, where you are going to do your job
– Independent contractor – no requirements by employer
– 1099 – you can have a 1099 as an independent contractor or work in a care team
Advantages to W2
– Don’t have to worry about business side of things (taxes)
Independent Contractor Advantages:
– more control, flexibility, more money potentially, autonomy
Disadvantages of 1099:
– stressful, deal with all business aspects
Responsibilities for 1099:
– Liability insurance and health insurance
– Responsible for employee portion of Social Security and Medicare
– Disability insurance, Unemployment insurance
– Money to plan for sick days
– Determine money to put away for taxes/business/personal (**Good rule: at least 30% of what you bring home for taxes – don’t know what tax bracket you are going to be put into at the end of the year)
Tips for 1099:
– Get a business attorney – someone who does small business
– Do your research!
– Do you plan to incorporate? Keep your business and personal separate so both are protected
– Find an accountant for help managing taxes (who also does small business)
Types of Corporations:
PC – Professional Corporation (available only to certain professions – you apply for this through the state that licenses you)
S – Corp – Requires annual board meeting, documentation of minutes
LLC – Limited Liability Corporation – similar to PC, less complex, less paperwork (combines the best features of your PC and S-corp)
**Business attorney can help you make a good choice for you
– You can do this yourself if you are business savvy!
– Lots of info online
CRNA only practice:
– Depending on size of practice could cover call, weekends, holidays
– Responsible for pre-op medical reviews, review anesthetic plan, see if they need to be cleared for surgery by other health care provides
– Post-op: follow ups, if they are going home – make sure they have appropriate instructions to go home; post-operative teaching, managing post-op phones, in house post-op visits, make sure patients are pleased with anesthetics
– Critical access hospitals are able to reimbursed for medicare part A – CRNAs providing anesthesia services in a rural critical access hospital
– A signature by a physician is required by federal government for reimbursement; this signature does not mean that physicians are legally liable for anything that the anesthetists does
– Independent practitioners are liable for whatever they do. If a surgeon dictates how he/she wishes you to administer the anesthesia, he/she may be liable for those decisions.
Topics Discussed Include:
* Differences between 1099 and W2 work arrangments
* Advantages/Disadvantages of 1099/W2
* Responsbilities of 1099 employment
* Tips for starting 1099 employment
* Types of coorporations
* CRNA-only practice
Shownotes:
Difference between 1099 and W2 employee:
– Based on 3 sets of criteria – whether there is behavior control, financial control and what the relationship is between the parties involved
– W2- specific requirements by the employer – job is directed to what, how, when, where you are going to do your job
– Independent contractor – no requirements by employer
– 1099 – you can have a 1099 as an independent contractor or work in a care team
Advantages to W2
– Don’t have to worry about business side of things (taxes)
Independent Contractor Advantages:
– more control, flexibility, more money potentially, autonomy
Disadvantages of 1099:
– stressful, deal with all business aspects
Responsibilities for 1099:
– Liability insurance and health insurance
– Responsible for employee portion of Social Security and Medicare
– Disability insurance, Unemployment insurance
– Money to plan for sick days
– Determine money to put away for taxes/business/personal (**Good rule: at least 30% of what you bring home for taxes – don’t know what tax bracket you are going to be put into at the end of the year)
Tips for 1099:
– Get a business attorney – someone who does small business
– Do your research!
– Do you plan to incorporate? Keep your business and personal separate so both are protected
– Find an accountant for help managing taxes (who also does small business)
Types of Corporations:
PC – Professional Corporation (available only to certain professions – you apply for this through the state that licenses you)
S – Corp – Requires annual board meeting, documentation of minutes
LLC – Limited Liability Corporation – similar to PC, less complex, less paperwork (combines the best features of your PC and S-corp)
**Business attorney can help you make a good choice for you
– You can do this yourself if you are business savvy!
– Lots of info online
CRNA only practice:
– Depending on size of practice could cover call, weekends, holidays
– Responsible for pre-op medical reviews, review anesthetic plan, see if they need to be cleared for surgery by other health care provides
– Post-op: follow ups, if they are going home – make sure they have appropriate instructions to go home; post-operative teaching, managing post-op phones, in house post-op visits, make sure patients are pleased with anesthetics
– Critical access hospitals are able to reimbursed for medicare part A – CRNAs providing anesthesia services in a rural critical access hospital
– A signature by a physician is required by federal government for reimbursement; this signature does not mean that physicians are legally liable for anything that the anesthetists does
– Independent practitioners are liable for whatever they do. If a surgeon dictates how he/she wishes you to administer the anesthesia, he/she may be liable for those decisions.