How much income I made April 2017 working per diem
I know it appears to have been a busy month but I worked less than the average doc works in a week. In this post, I will talk about each income stream, the tax implications, and my hourly wage.
So many gigs!
Sure, it seems as though I am working for 6 different companies. But I don’t look at it that way.
As the CEO, CFO and CMO of Dr. Mo, I am responsible for diversifying, making sure I am getting the best remuneration for my time and to ensure future sustainability.
Currently, I cannot automate my work. If I stop working, no more income will come in. This is the part that I am focusing most on, automating the income, decoupled from my input.
- Kaiser Permanente – urgent care & telemedicine
- American Well – telemedicine
- Just Answer – medical professional consulting
- Medical Marijuana Clinic – reviewing medical charts
- Remedy Medical – telemedicine
- HealthTap – telemedicine
I am doing mostly telemedicine with them but also picking up shifts in the urgent care in person. I enjoy the in-person urgent care more than the telemedicine.
I pick up 2-4 hour shifts when doing KP telemedicine. I am able to call most/all patients in 25-50% of the time. Which means, my $100/hour wage bumps up to $200-300/hour.
We have 2 urgent cares really far away, not locations which I can get to on my little folding bike. However, a buddy of mine likes picking up shifts there because they pay more for docs willing to go all the way there.
Not only is the income higher in those locations, but my buddy and I pick up the shifts at night so when we are done seeing patients we get to leave. Which often means that we get an extra hour of pay.
I also get 4 hours a month of admin pay. I attend the meetings and put in some effort arranging speakers and doing some other work. Realistically, I am putting in 5 hours a month for this admin role, paid at $100/hour – let’s call it $80/hour.
The income with KP is a W2. I considered petitioning the IRS to have them change it to a 1099 income but decided against it – don’t bite the hand that feeds you.
I get no work benefits since I am per diem.
However, I also have purchased my own KP health insurance. I can order my own tests and manage my own health by being in the per diem pool. There are some major savings by having my foot in this door.
Frankly, I’m just being lazy with these guys, they are great!
They pay a 1099 and $50 per patient visit. I just haven’t put in the adequate effort to see patients on their platform.
I have to be in a quiet environment because they are all video or telephone visits and patients don’t like it if I’m doing the work from a coffee shop. So, that’s my excuse.
I actually am starting to enjoy them much more than before. In the past, I got frustrated with all the difficult patients whom I had the displeasure of dealing with.
I have reworked my flow. I log on more frequently, snag a few of the easy cases and I don’t care as much about how many ‘stars’ I get. The work seems easier and I’m making more money.
***(I am answering some questions while typing out this post)***
I probably only did 30 minutes worth of work for JA in April which makes it a very nice income.
I am starting to get referral money as well for referring doctors to their service, though I don’t care much for that – just a nice byproduct.
Medical Marijuana Clinic
I am really starting to like this work. $50/patient and they are scheduling me for 4 patients an hour.
They send me the charts ahead of time to review which means I already know what I am going to write to the Oregon Medical Board regarding the patient’s MM status.
Therefore, I can see 8-10 patient in an hour. They are trying to accommodate that and have even hired an extra front desk person to help with the potentially higher flow.
The limiting factor is that there aren’t enough patients. There are 2 other docs who also see MM patients but I think their flow process is a bit slower.
Boy, what do I say about these guys… love their business model, love their dedication to the concept but the work can be erratic and the workflow is incredibly tedious.
Ordering medications and filling out paperwork for patients can take a long time.
Still, I only work maybe 5 hours a month for these guys. In this past month I probably only worked 2 hours just because they are advertising a little less to work on the app.
I earn a set $1,700 every 2 weeks, after taxes. I get no benefits and it is a W2 income.
This weekend they will be proposing a more permanent gig to me. I am very curious to see what it will entail.
Oh, HealthTap. What a disaster of a company. I’m telling ya, it’s so easy to get fooled with all the fancy layouts of a website. Lesson learned.
It’s been 2 weeks that I contacted them about wanting to remove myself from their website and still, no reply.
They took my $3,600 and left me hanging. I hope nobody else falls for their scam but thankfully it was a cheap lesson to learn.
My hourly wage
When I was working full-time, my hourly wage was closer to $130/hour of gross wages. I believe it was $93/hour after taxes – I did the math in one of my posts.
This month, April 2017, my wage after tax has been $303/hour.
I continue to do more of the work I like, working fewer hours per week, while getting a higher hourly wage for it.
I am not sure how much more work I will do which is why I haven’t committed to any tax planning.
If I decide to keep doing work at this rate, approximately 20 hours a month, then I will open an Individual 401k.
It would be nice to stash this money away in tax-deferred accounts. However, I’m not very desperate to do so.
Having money in taxable accounts has its own advantages, too.
***(I’ve made $85 on JA in the time it took me to write this post)***