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I wonder if your contract with your CMH and time/life permits for the gradual start of your pp so that it’s not such an abrupt change in salary.
Some factors to consider:
- are you planning to be self pay entirely or accept insurance?
- if insurance consider time to get paneled and credentialed. Also associated fees
-consider reimbursement lag times for insurance. It can take 2-3 months from the time you submit to the time the insurance company cuts the check.
-consider if you’ll be doing your own billing versus if you’ll have a company. Pros and cons both way. A company will do all the chasing and follow up. They’ll also be knowledgeable about the process. If you plan to do your own billing, plan for mistakes and inefficiencies along the way.
-factor in no shows, policies for patients that don’t pay, and your own time off/emergency needs. PP of course won’t cover these in the same way CMH does
-in terms of how much you should have saved, I think that depends on a number of factors:
-personal risk tolerance
-if others count on your income
-if you have family that can float you if needed
-health considerations
-if you plan to start pp prior to leaving full time CMH
my personal risk threshold would be minimum 3 months savings to cover my mandatory bills
Check out the abundance practice website/podcast. There’s a ton of great info there about PP and making the jump. Hope it helps!