Contractors & Passive Income

Photo Credit to Lizi Azizli unsplash

Contractors of every magnitude work hard, but it is especially the case in healthcare. The demands are higher and it is assumed that you know what you are doing. The workloads are greater but that’s okay because you are compensated.  It is not to say that all contracting is the Gig economy, but if we look at the basics of the position, it is temporary, sometimes has benefits, and the pay flows with market demand. However, there comes a time when you need to look at the numbers and gain some passive income.

Passive income, as defined by Wikipedia, is income that requires minimal labor to earn and maintain. It is progressive passive income when the earner expends little effort to grow it. Let’s just call it “other ways your money is making you money”. It is not guaranteed income, so you need to take precautions to avoid taking a loss or wasting time.

We all watch the stock market. It can yield good passive income. If you like looking at numbers and researching corporations, you can do it on your phone. Different platforms and apps do a good job of getting you onboard and showing you how to invest.

Real estate is also a solid source of passive income. The barrier to entry can be expensive with a lot of red tape, but it is a tangible product. There are options to own and flip properties that you can manage for the long and short-term. It is not always easy as the market will see downturns; plus, real estate comes with the burden of high customer service. But the long term rewards are fruitful.

Starting or investing in a business is a learning process, but it has multiple benefits. Of note, 70 % of all small business do not make it, according to Fundera  It is a statistic you cannot avoid and one that has to be taken into account whenever you look at opening a business as an investment.  

As we look to generate smart money, we must look at alternate streams of income. If you decide to get involved in any level of passive income – whether from the financial markets, real estate, or corporations – seek out an expert. Get a good attorney, look to your CPA and financial advisor for good advice and take the time to learn about the opportunities at hand. 

By Dane Flanigan

Why Traveling Healthcare Providers Need a Solid CPA

I recently had a conversation with a respiratory therapist now traveling and looking forward to the work and rewards of being in other cities. Like many of our healthcare professionals, he was looking forward to the nightlife, seeing friends, and being part of the fight against COVID-19 at a new hospital. He had a few interesting questions about taxes and deductions that were way out of my realm.

Can you do your own taxes? Should you be doing your own taxes? We cannot all be good at everything. That would be a challenge. The United States tax code is one of the toughest codes in the American system, and it changes every year. Not to mention that each state has different laws that affect different industries, especially healthcare.

As a traveling healthcare provider, you should be working with a professional who knows the tax code and has the ability to research the specific code for each state you are working in. What if you mess up? What if you are placed in an incorrect bracket. What if you could take advantage of a provision meant to help you?

Oftentimes, we focus too much on the cost and not the benefit. We make excuses as to why we pass on a free consultation but then complain when we are penalized for an expensive mistake. Sometimes we don’t know unless we are taught to think differently.

Businesses rely on a series of professionals to guide their decision making. Not only do these specialists render advice and provide peace of mind, but they also open doors to new opportunities. They have connections, experience, and a better way of doing things. They main difference is that most medical professionals need to start thinking of themselves as business you.inc.

There are liabilities, contracts, and opportunities not be missed and money that should not be left at the door. As an independent contractor working in multiple locations, you may not know all of the laws but you are still responsible for certain tax breaks.

ultraHealth Agency is Helping in Texas

ultraHealth Agency is a medical staffing company based in California that is fighting the COVID pandemic in hospitals in Texas. The Texas rate is climbing primarily because of the Delta variant. Tasked with finding compassionate, credentialed health care providers, ultraHealth Agency looks to recruit some of the best the country has to offer both locally and those looking to travel.

The Texas Department of State Health is reporting 13,457 new confirmed cases (7-day avg) with 100 fatalities reported (7-day avg) and 12,402 current hospitalizations. With ICU rooms quickly becoming full, the healthcare community is starting to suffer from overwork. This is very reminiscent of the pandemic peak in 2020 when the colder climate dictated that more people would flow indoors and the “flu” season would be upon us.

Recent Texas Healthcare News

ultraHealth Agency is looking to place resident nurses and respiratory therapists for contract work. The skillset needed for these positions is at least two years of experience in a hospital in an intensive care unit and three years in the healthcare field.

In a statement by the CEO of ultraHealth Agency, Dane Flanigan, said, “There is a sense of urgency not only in Texas but also around the globe. We are here to help and become a part of the solution.” ultraHealth Agency is recruiting for several positions that can be found on their corporate website.

Olympics in a Pandemic

Olympic athletes and world competitors seek to take their talents to the highest stage and become a part of history. The pandemic that is ending has altered many lives. As the world heals, less than 10% of the globe is fully vaccinated.  Should we move forward with the Olympics next month?

The decision is not ours to make. It is up to the International Olympic Committee, the Japanese government and the athletes who are participating. Let us not forget the Japanese people who have financed, worked on, and promoted the games as well as the coaches and managers who have worked tirelessly to get the athletes up to par. It is an extremely hard decision, one with severe consequences – both good and bad. We are mistaken if we make generalities about other countries, communities, and people.

The distribution and administration of the COVID-19 vaccine on a worldwide scale has not been a simple process. It takes time and the vaccine has been out less than year. It will be a foreboding task for the world to receive the shots needed in both dense city populations and rural, wilderness, and farm communities. 

Then there are the economics and business factors surrounding the Olympics.  The money spent and to be gained do not supersede the importance of health, the infected, or the lives lost, but it is a component. Japan has spent billions on the Olympics with the goal of opening the country’s doors in 2020 and letting the world see the beauty and culture of the Japanese people. Money from ticket sales and sponsorships will pay for the infrastructure created for the event. It’s not going to happen as planned as Japan is not allowing visitors into the country, and the games will be kept to a 50% capacity.  

There are many issues to consider when assessing how large-scale events should be handled in this pandemic era. We hope for the best and that solid decisions are made with the safety precautions that keep everyone safe. We look forward to the competition as these world-class athletes are given an international stage to compete so that everyone can see the greatness they are trying to achieve.

Hiring in the Healthcare Field Today

Hiring in the Spring of 2021 is like no other season. The US economy is scaling up from the global pandemic. In the healthcare sector there has always been a noticeable shortage of qualified practitioners, and now it seems like the spotlight is on it.

 We have seen a traumatic year, busy clinical and administrative sectors as well as people wanting a different line of work or seeking a new challenge in their lives. There is no mistake; 2020 was a tumultuous year, and many of the same challenges have crept into 2021.

There have been millions of lives lost, an economic turnover, and psychological burnout.  As our hospital beds were filling up and people were suffering, our clinical workers took on some of the emotional charge. And it was not only in hospitals but nursing homes, hospices, and other care facilities as lives were lost, and the stressful conditions added to people feeling maxed out. These conditions affected administrative people as well; budgets were crunched, employees were laid off, and grieving families just wanted someone to talk to.

What we are seeing now is some people looking for a change. The heavy workload and long hours call for a different lifestyle or new position. With the last fourteen-months being “a steroid year of getting your ass kicked and then working a double,” as one RN in California stated it, the shift, for some, is to move out of hospitals to other healthcare environments. Some are leaving all together while others are moving into the administrative side.

On the other hand, there has also been an influx of people who want to move into the healthcare sector. People are heading back to school to study nursing. A few are looking to finish their degrees while others are joining the fight in helping others with the challenges that lie ahead.

Fear drives us while hope pushes us forward; and it is our goals and dreams that guide us into making the best decisions. With the change in the labor force, especially in healthcare, we hope that people can realize their motivations and continue to support others in the clinical space, even in the administrative, and with everyday life. It is not an easy job, but many things that have fulfilling outcomes seldom are.