wishing to open a micropractice

[Guest guest]

Hello everyone.

I am new to this group. Nevertheless I audaciously ask for your help with an upcoming employment decision.

I graduated from residency in 2008, at age 47. I am single, and had (and still do) a lot of debt and no assets. After the (very fun) 2008 IMP Camp experience, I decided I was not in a good position to open a micropractice, despite feeling inspired about it. It was very disappointing.

Then to my surprise, during interviews with a hospital in Vermont, I was offered an income guarantee of 160-180K annually for 2-3 years, as loans forgivable by work (year for year). I couldn't believe my good fortune, and the notion of a small solo practice reared up its exciting head again. However, I then crunched numbers using a business plan model from IMP Camp (thanks Dr Brady) and found that annual expenses exceeded income, even when cutting out loan repayment and retirement savings.

For anyone with patience, a strong constitution, and fondness for Microsoft Excel, I've attached the workbook with my financial projections. I wonder whether I have missed something major which might magically make this work. I projected income and expenses for a "no-employee" model and for a "3-employee" model.

Thank you very much!

McClure

P.O. Box 979

Rangeley, ME 04970

207/215-3421

lolo.mcclure@...

1 of 1 File(s)

FinancialProjections2010.xls