Interview with Dr. Tod Stillson – Part 2 – 375
In this podcast episode, Dr. Tod Stillson explains more about the benefits of a professional corporation and the steps to take in forming one.
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This week we build upon our previous discussion where he introduced the concept of employment light and shared his journey from traditional employment to independent contracting.
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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:
- Legal fees become a business expense (pre-tax dollars)
- Healthcare-specific attorneys can negotiate better contract terms
- Non-compete clauses and other contract elements become negotiable
- 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:
- “Job stacking” – strategically combining part-time positions
- Direct primary care models
- Telehealth and “practice without walls” concepts
- 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:
- Part 1 of this conversation can be found at Now Every Doctor Can Win As a Micro-Corporation
- Dr. Tod Stillson’s Website SimpliMD.com
- Free Subscription: Subscribe to the SimpliMD Blog.
- Dr. Tod Stillson’s Book: Doctor Incorporated: Stop the Insanity of Traditional Employment and Preserve Your Professional Autonomy
- Employment Lite: Check out our Employment Lite landing page on why this hybrid model of employment and private practice is so appealing to many doctors.
- Free E-Books: Choose from a large menu of free E-Books that support your micro-business journey as a self-employed doctor.
- Professional Business Network: Our vetted and preferred network of small business professionals and resources that will support your professional micro-corporation journey.
- How to Save Healthcare, Satisfy Patients, and Fix Physician Burnout – 256
- Check out the 2024 Nonclinical Career Summit to learn about MORE unconventional career options.
Paid Resources from SimpliMD:
- $199 Course: Creating A Practice Without Walls.
- $99 Consultation: 1:1 Micro-Business Consultation.
- $500 Micro-Corporation Start: A Business Consultation + Connection to Legal Professionals to Start Your Professional Micro-Corporation.
- $99 ($10 for residents) SimpliMD Membership: Join our community of self-employed doctors and receive exclusive perks for members only
- $2000 SimpliMD Coaching: 1:1 holistic coaching with a small business focus.
Podcast Editing & Production Services are provided by Oscar Hamilton
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Disclaimers:
Many of the links that I refer you to, and that you’ll find in the show notes, are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you, that I have personally used or am very familiar with.
The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.
The information presented on this blog and related podcast is for entertainment and/or informational purposes only. I do not provide medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career.
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