Quote:
Originally Posted by Patapouf26
You'll forgive me for saying that there are not many risks for an independent contractor such as a medical doctor - In NB anyways. I mean this in a business sense.
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Maybe not in the sense of most small businesses, but there are still certain risks that can afflict all of us, including (but not limited to):
1) - Illness - Physicians get no sick days. If we don't work, we don't get paid
2) - Disability - If your illness (or injury) is sufficient that you can no longer practice, there is no Occupational Health or Workplace safety backing you up. Unless you have taken out disability insurance (very expensive but almost all physicians do so), you are truly out of luck. It's the welfare rolls for you!!
3) - Lawsuit - Malpractice suits in Canada are rare (a pleasant side effect of universal medicare), but if successful, can still have significant impacts upon you. Everyone carries malpractice insurance by the way - it's generally a requirement for hospital affiliation.
4) - Retirement planning - We get no pension;none. We have to save everything for our own retirement, which explains the outrage over the Trudeau/Morneau tax plan. They have gone partway in resolving this issue, but it's still not enough. In order to be able to maintain a semblance of our lifestyle in retirement, they should really double what they are proposing......
There are other risks we face too, but I get what you mean - you're talking mostly about business bankruptcy due to changing market trends, increasing competition, economic collapse, poor accounting etc. These are things that are not really a concern for physicians. There's always work to do as long as you are able to do it.