Behind the Scenes at HealthShield Credentialing

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June 22, 2022

HealthShield Credentialing

HealthShield Credentialing is designed by a CRNA for fellow healthcare workers who are working for themselves.

Welcome to HealthShield Credentialing! After deciding to take the plunge into full-time 1099 work, I went from working for a CRNA-owned company to finding my own local contracts, to selling my house and traveling to different states. With each step into the 1099 workforce, I’ve found there was so much that I didn’t know – and more than that, that I didn’t know where to look for answers. Credentialing was a pain point for me, along with all the things I didn’t realize my W2 job did (health insurance, malpractice insurance, 401K, etc.). The process quickly became overwhelming.

I tried to sift through all the Facebook forums and go by word-of-mouth, but we’ve all been there – everyone has a different opinion or a different “guy.” Through trial and error, I found my people. Along the way I met Kiki and we wanted to build HealthShield as a one-stop shop to make things easier and more efficient for 1099 workers. We wanted the resources, forums, and private message capabilities to connect you to the people with the right information, access, and opportunities.

The resource page of our site is meant to be a CRNA hub of support, information, and direct contacts. We wanted to list CRNA-owned CE and job companies to support our profession and our CRNA colleagues. We’ve provided direct contacts to trusted sources in our legal and insurance needs section. Our hope is that our members will refer us and others to quality people that they’ve found to help the people coming behind them.

We’re always learning, too! The information hub will provide information on topics that everyone wants to know about as another resource of information to help fill in the gaps that we have after learning anesthesia, but not business.

We’re eager to hear what you think about this site and what it offers. Drop us a note at [email protected] to tell us what you think!

STEPS TO FOLLOW TO BUILD A 1099 BUSINESS:

Protect yourself and your assets by performing your contract work under the umbrella of a business entity. Think about what you’d like your proposed business to be named!
- Visit your Secretary of State website to see if your chosen name is available
- Check with your state’s Board of Nursing for state specific requirements
File applicable business set-up paperwork

The S-Corp Edge: How you structure your 1099 CRNA business will have far-reaching consequences, whether it is a sole proprietorship, a limited liability corporation (LLC), or an S corporation (S-corp).
An S-corp may offer several advantages over other business structures when it comes to taxation. In this structure, a business owner is called a shareholder, and the business owner is recognized by the IRS as an employee of the business. What this means is that the business owner must pay themselves a salary through the corporation. The S-corp pays their payroll taxes, which can in turn be deducted as a business expense. Income tax is paid through its owners’ tax returns based on their percentage of ownership. Moreover, any remaining profits have a lower tax rate than regular income. An S-corp may also allow 1099 CRNAs to avoid a higher tax level that other self-employed contractors pay for Medicare and Social Security.
A CRNA may structure their company as an S-corp serving as the sole owner, with their business income, tax deductions, and losses passing through to the owner, as opposed to being taxed at a corporate level – a potentially smart move for maximizing financial security in the future.

- Register for an EIN
Open a business checking account and credit card
Keep track of all your business expenses as these could save you money come tax time!
- Have an envelope for receipts or a folder on your computer where you scan these into
Be sure not to co-mingle your business and personal finances!
Remember, as a freelance CRNA, if you don’t work, you don’t get paid!
- Do you have at least six months savings should your contract abruptly stop?
Think about replacing your current benefits
- Health Insurance
- Health Savings Account/Dependent Savings Account
- Retirement Savings Account
- Life Insurance
- Disability Insurance
Procure malpractice insurance
Look for jobs!
Apply for state licenses where you want to work
- Each state needs a different CRNA license (and RN if they are not a compact state). Keep this in mind as some BONs can take 3-6 months to license a provider.
Have an employment attorney review your contract
Have your contract written to your business and deposit all earnings into your business checking
Keep A Schedule

As a W-2 employee, your taxable income and amounts taken out for taxes appeared on your W-2 form at the end of every year, without you having to calculate them. But when a firm pays more than $600 for services from an independent contractor, that income must be reported to the IRS.
What many 1099 CRNAs don’t realize is that they must pay taxes on their income as they earn it. Paying your quarterly estimated income taxes will be a new part of running your business successfully.
It doesn’t sound so difficult—keeping track of paying estimated income tax only happens four times a year. But the reality is a late payment can result in penalties and fines from the IRS. Keeping a schedule to help you stay on top of your quarterly estimated tax payments, and paying adequately to avoid underpayment, is imperative in avoiding penalties in the future. Not to mention providing peace of mind!

Make sure you have a trusted team of accounting and/or financial professionals who have experience with freelance CRNAs to guide you through this process!

CPAs
Financial Planners
Bookkeepers

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5 Responses

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