An increasing number of hospitals and health systems nationwide are contracting with physician service groups to provide coverage for their emergency departments versus employing physicians on their own. When these groups are contracted, the physicians often work as independent contractors.

As independent contractors, physicians take complete control over their finances and benefits. For example, independent contractors’ control the level of retirement funding contributed to their account, insurance deductibles and costs, life insurance plans, continuing medical education, among other benefits. Independent contractors pay for only what is needed and or wanted without worrying about the effect others have on their plans. Plans can be purchased using pre-tax dollars and 100 percent of health insurance premiums are tax deductible.

Explore more information here or on the IRS website.