Contract work
Is anyone familiar with working on contract or hire someone as a contract CDI? What is a fair hourly wage for contract work in relation to an hourly wage of a hospital employee?
For example, if you currently are paid/pay an employee $X/hour as a benefitted hospital employee. What your you expect to make/pay for the same work to be done as a contractor (no benefits, employee is responsible for all SS tax, training costs, etc)?
Sorry if this is confusing, I'm hoping someone has some experience with this....
Thanks,
Katy Good
For example, if you currently are paid/pay an employee $X/hour as a benefitted hospital employee. What your you expect to make/pay for the same work to be done as a contractor (no benefits, employee is responsible for all SS tax, training costs, etc)?
Sorry if this is confusing, I'm hoping someone has some experience with this....
Thanks,
Katy Good
Comments
I do work PRN as an ED RN (no benefits, etc. -- at a hospital unaffiliated with my home system; both for fun & keeping skills as well as the extra money being helpful). I'd have to say that my hourly rate is probably 50% more working PRN than if I was to work as an hourly hospital employee at that same facility.
Anyone who might have experience working as a traveling nurse might be able to give a general idea to your question.
Don
won't state the firm for privacy issues (I was a mgr), but I can tell
you the contracted amount then was $135 per hour for consulting
services. Bear in mind the employee did NOT receive this rate as
this was the rate for the firm. The firm bore other costs such as
Social Security, Health Insurance and so on. I imagine the rate in
California is now higher.
Paul Evans, RHIA, CCS, CCS-P, CCDS
Supervisor, Clinical Documentation Integrity, Quality Department
California Pacific Medical Center
2351 Clay #243
San Francisco, CA 94115
Cell: 415.637.9002
Fax: 415.600.1325
Ofc: 415.600.3739
evanspx@sutterhealth.org
Vicki S. Davis, RN CDS
Clinical Documentation Improvement Manager
Health Information Management Department
Alamance Regional Medical Center
Office (336) 586-3765
Ascom Mobile (336) 586-4191
Fax (336) 538-7428
vdavis2@armc.com
"The difference between the right word and the almost right word is the difference between lightning and the lightning bug."- Samuel "Mark Twain" Clemens
our salaries here are well over $100,000 - BUT, this is not that much
considering the cost of living. I could take a pay cut of 40% and
live just as well in many states.
I would work as an independent contractor if I could garner 'about 50%'
more than my staff salary at an hourly rate - must consider other
factors, like Social Security and payroll taxes, etc. Just my gestalt.
Paul Evans, RHIA, CCS, CCS-P, CCDS
Supervisor, Clinical Documentation Integrity, Quality Department
California Pacific Medical Center
2351 Clay #243
San Francisco, CA 94115
Cell: 415.637.9002
Fax: 415.600.1325
Ofc: 415.600.3739
evanspx@sutterhealth.org
http://www.bankrate.com/calculators/savings/moving-cost-of-living-calculator.aspx
Compared to other places, DC is pretty expensive, San Francisco is only about 9.3% higher in cost of living. (I thought it would be something like 25%)
When moving from one area to another, sending in a cost of living estimate to your potential employer is helpful during salary negotiations.
Mark
Mark N. Dominesey, RN, BSN, MBA, CCDS, CDIP
Sr. Clinical Documentation Improvement Specialist
Sibley Memorial Hospital
Information Technology
5255 Loughboro Rd NW
Washington DC, 20016-2695
W: 202.660.6782
F: 202.537.4477
http://www.sibley.org
employers in high-cost areas are well aware of the financial picture for
the 'workers' - but, many still do not pay wages compensating for the
higher cost-of-living. I love living in California, but the financial
price is high, indeed.
Paul
Paul Evans, RHIA, CCS, CCS-P, CCDS
Supervisor, Clinical Documentation Integrity, Quality Department
California Pacific Medical Center
2351 Clay #243
San Francisco, CA 94115
Cell: 415.637.9002
Fax: 415.600.1325
Ofc: 415.600.3739
evanspx@sutterhealth.org
which they live for CDI work, staff job. Or areas they have heard good
things? Couple of things would be pay and environment. I know some
coders and some doctors will always struggle,but would really like to
find area where leadership sees cdi as a asset to their system and not
as an enemy of the coding department. Where there is a a semi-cohesive
team approach. Is everywhere VERY political and difficult to work
toward finding THE BEST CORRECT/SUPPORTED coding?
Ann
So in other words, I would ask for at least 25-35% above what the salary would be if a full time employee.
Check with you CPA about being a contractor... self-employed etc. There are potential serious tax implications but if you plan correctly, I am sure it can be wonderful!
Good Luck!
c
Carla D. Fowler, RN MBA
Director,Case Management/CDI
Colquitt Regional Medical Center
229-891-9363
Donna Kent, RN, BSN, CCDS
Manager, Clinical Documentation Integrity Program
Clinical Quality and Accreditation
Torrance Memorial Medical Center
ph.:310 784-6884 fax:310 784-6899
donna.kent@tmmc.com