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[quote=Anonymous][quote=Anonymous]I sometimes hear that physicians have (in general) a very poor grasp of finance and business because their training is so focused. I have often thought it overblow, but OP is certainly playing to type.

Typical charge-out rate in the trades is around 2 to 2.5x nominal wage. So if he's charging you $116/hr he is probably really making about $50 to 60/hr. On that $116 he is charging you, he has to pay for all his tools, truck, overhead, BOTH sides of SS taxes (remember as a W2 employee you only ever see half of that deducted from your check). He also has to pay worker's compensation insurance, general liability insurance, sometimes has to bond for projects, and have commercial auto insurance.

He also is not having anyone kick in 50-80% on his health insurance, it is 100% his baby.

For him to take home $120k/year he probably needs to be charging you more than he is, frankly.[/quote]

+1. I haven’t had any MD charge me under $200 an hour in the last 25 years. OP is actually charging patients the fee he lists — or more— per $15 or 20 minutes and earning at least 3x his take home. The rest goes to overhead, staff, malpractice insurance, staff, profit if he is with a big chain, etc.

And yet OP appears to be comparing his take home with the plumbers hourly rate.  Before the plumbers pays for tools, insurance, possibly an office, staff, a van and mileage, insurance, profit for his employer or his FICA if self employed, etc.

OP is comparing apples and oranges.  It would be more accurate to say Op bills out to patients at $500 and hour vs the plumber billing out at $126 or whatever the exact number is.  OR that OP’s take home is $260,000 while the plumbers, after expenses, is probably around $100k. [/quote]

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