Is it worth it to be independent?

WyomingRN · Mar 23, 2004

Let see: If you charge $60 and hour and work 50 hr a week, that is $3000 per week. Now if you work 52 week in a year then you would make $156,000 in a year. Now what kind of insurance you have is up to you. If you get insurance from NSO, it is only a few hundred a year; but then you could choose the most expensive company on the market - it is up to you.

Now you can also work out of your home as most independent contractors do; but then you could go down and rent the most expensive office building you can find and spent $60,000 a year on business rent.

My point is that being independent is not as much about money as it is about being in control of you life and career.

I choose to limit myself to 10-12 days a month, so no, I am not going to make $150,000. But having more time at home with my family means more to me than the money.

If you want to make $150,000 a year, become a physician.

Silverhawk · Mar 14, 2005

Let see: If you charge $60 and hour and work 50 hr a week, that is $3000 per week. Now if you work 52 week in a year then you would make $156,000 in a year. Now what kind of insurance you have is up to you. If you get insurance from NSO, it is only a few hundred a year; but then you could choose the most expensive company on the market - it is up to you.
Now you can also work out of your home as most independent contractors do; but then you could go down and rent the most expensive office building you can find and spent $60,000 a year on business rent.
My point is that being independent is not as much about money as it is about being in control of you life and career.

I choose to limit myself to 10-12 days a month, so no, I am not going to make $150,000. But having more time at home with my family means more to me than the money.

If you want to make $150,000 a year, become a physician.

What is does NSO stand for? Where are they What are they?

NedRN · May 1, 2005

What is does NSO stand for? Where are they What are they?

NSO stands for Nurses Service Organisation. They provide professional Liability Insurance for around $90 a year. Their sister company, HPSO or Health Providers Service Organisation, provides company insurance. In addition to professional insurance, the added general liability that facilities want to see will run under $300 a year total for a sole practitioner.

http://www.nso.com/

http://www.hpso.com/

And heck yes, it is worth being independent. No matter what you might do as an employee, your employer is making a profit on you. That means that if you go into business for yourself, you will be able to pay all the expenses and taxes your employer is paying for you now, plus your usual pay, plus that profit margin. You will also be much more able to control your costs, arrange your own benefit package, take advantage of favorable business tax laws, perhaps be able to charge more than your employer was able to for your services - either because you can now charge what you are worth or can better target your client or better able to negotiate (the list can go on and on).

More control over your life and earnings and professional practice is the bottom line. Downside is much more stuff to do besides your actual service, from marketing to billing to taxes. Much of it you can offload to other professionals but you will still need some business sense. On the other hand, I've seen lots of successful businessmen without a lick of sense!

You may not make $150,000 a year, but you should be able to make significantly more than you do now and depending on if this is your life, with more satisfaction as well.

NedRN · May 17, 2005

Newsflash on HPSO rates. They tripled in February for independents and agencies from $100 to $300 a year for liability. (Regular employee nurses remain at $89 a year). Add around a $150 for general liability and you are now looking at between $450 and $500 a year for the insurance hospitals want to see.

islandbsn · Jun 8, 2005

Let see: If you charge $60 and hour and work 50 hr a week, that is $3000 per week. Now if you work 52 week in a year then you would make $156,000 in a year. Now what kind of insurance you have is up to you. If you get insurance from NSO, it is only a few hundred a year; but then you could choose the most expensive company on the market - it is up to you.
Now you can also work out of your home as most independent contractors do; but then you could go down and rent the most expensive office building you can find and spent $60,000 a year on business rent.
My point is that being independent is not as much about money as it is about being in control of you life and career.

I choose to limit myself to 10-12 days a month, so no, I am not going to make $150,000. But having more time at home with my family means more to me than the money.

If you want to make $150,000 a year, become a physician.

wyomingRN

I am curious as to the process of becoming an independent contractor. Can you specify what the procedure is to get started. I currently hold a license for the state of FL and the USVI. I live in the USVI now and the pay is $16 - $25 /hr ($25 with a local agency there's only one). I would like tomaybe take on private patients or contract myself out to the hospitals (St Croix & St Thomas) but not thru and agency as they seem to be making more money off of us than we are. Any help will be greatly appreciated. Thanks in advance.

islandbsn

sweetc · Jul 9, 2005

wyomingRN
I am curious as to the process of becoming an independent contractor. Can you specify what the procedure is to get started. I currently hold a license for the state of FL and the USVI. I live in the USVI now and the pay is $16 - $25 /hr ($25 with a local agency there's only one). I would like tomaybe take on private patients or contract myself out to the hospitals (St Croix & St Thomas) but not thru and agency as they seem to be making more money off of us than we are. Any help will be greatly appreciated. Thanks in advance.
islandbsn

Did you ever find anything out about your question? I am wondering the same exact

thing. I do agency nursing now and am moving 30 miles from where I am, to a more rural area. Even from where I am the closest place I have been working is 1 1/2 hours away. I just had a newborn and am very insterested in independent contracting myself for home health or hospital jobs. I've even thought about the legal nurse consultant adds I've been seeing in Nursing Spectrum. I just have no idea how any of the independent contracting works or how I would get started. I don't know what kind of knowledge base I need to have or how to go about this at all. I see lots of packages you can buy to tell you how to get started, but am not sure if they are rip offs. I basically just would like advice on what I seriously need to do to get where I want to be. Any advice is much appreciated and thank you for your time.

sweetc · Jul 9, 2005

I am wondering the same exact

thing. I do agency nursing now and am moving 30 miles from where I am, to a more rural area. Even from where I am the closest place I have been working is 1 1/2 hours away. I just had a newborn and am very insterested in independent contracting myself for home health or hospital jobs. I've even thought about the legal nurse consultant adds I've been seeing in Nursing Spectrum. I just have no idea how any of the independent contracting works or how I would get started. I don't know what kind of knowledge base I need to have or how to go about this at all. I see lots of packages you can buy to tell you how to get started, but am not sure if they are rip offs. I basically just would like advice on what I seriously need to do to get where I want to be. Any advice is much appreciated and thank you for your time.

suzanne4, RN · Jul 10, 2005

Just do a search on this site, there are already many threads addressing these same questions. :)

islandbsn · Jul 11, 2005

Did you ever find anything out about your question? I am wondering the same exact
thing. I do agency nursing now and am moving 30 miles from where I am, to a more rural area. Even from where I am the closest place I have been working is 1 1/2 hours away. I just had a newborn and am very insterested in independent contracting myself for home health or hospital jobs. I've even thought about the legal nurse consultant adds I've been seeing in Nursing Spectrum. I just have no idea how any of the independent contracting works or how I would get started. I don't know what kind of knowledge base I need to have or how to go about this at all. I see lots of packages you can buy to tell you how to get started, but am not sure if they are rip offs. I basically just would like advice on what I seriously need to do to get where I want to be. Any advice is much appreciated and thank you for your time.

sweetc, unfortunately i have not found out any more info on this subject. evryone says to check out other threads but i have found nothing i wish someone would just post the info we are requesting like a step by step manual. in the mean time good luck.

islandbsn · Jul 11, 2005

Just do a search on this site, there are already many threads addressing these same questions. :)

suzanne4, if you know the name of a thread or a step by step way for us to follow please post asap times are getting tough out here :crying2: thanks

suzanne4, RN · Jul 11, 2005

Each state has different requirements os there cannot be step 1, then step 2 for everyone. You also need to speak with your accountant and find out what is most advantageous for you. Again this will differ with each individual.

And the threads are there, I posted them myself at another time.