The Power of Self-Employment: A Doctor's Journey to Micro-Incorporation
Oct 22, 2024
After nearly a decade as a W-2 employee, Dr. James “Matt” Matson (pseudonym) found himself at a crossroads. Working in internal medicine at a prestigious academic hospital, he had established a stable career, earning the respect of his peers and achieving financial security. Yet, something was missing—autonomy. He longed for more flexibility to shape his practice and time to prioritize family life. After reading my best selling book Doctor Incorporated: Stop the Insanity of Traditional Employment and Preserve Your Professional Autonomy, Dr. Matson felt inspired to make a significant change. He was ready to stop the insanity of traditional employment and chart a new path through self-employment as the owner of a micro-corporation.
The Call for Change
Dr. Matson had built a solid career at an academic institution in the Midwest, where he split his time between clinical practice and teaching. His wife, also a nurse practitioner, had a stable career of her own, and together they were raising their young child. However, with a second child on the way and the family planning to relocate to the scenic landscapes of the East Coast, Dr. Matson knew it was time to reconsider his career model.
Moving to the East wasn’t just about proximity to family or a change of scenery; it was an opportunity for Dr. Matson to rethink how he wanted to practice medicine. With his wife planning to become more involved in her parent’s small farm, Dr. Matson envisioned a professional life that would allow him to serve patients while maintaining a strong family presence. He wanted a model that gave him the flexibility to practice on his terms, while still ensuring financial security for his growing family.
The idea of forming a micro-corporation began to take root, especially after reading Doctor Incorporated, which outlined the ways in which physicians could reclaim autonomy by transitioning away from traditional employment. Dr. Matson realized that self-employment through a micro-corporation wasn’t just a way to maintain his professional identity—it was a path to greater fulfillment and work-life balance.
Crafting a New Career: The Micro-Corporation Model
By mid-2025, Dr. Matson plans to launch a mobile, home-based primary care practice designed for frail, multi-morbid patients in his new community. Inspired by the lean, scalable nature of micro-corporations, Dr. Matson saw an opportunity to build a unique practice that fit the needs of both his patients and his family. His vision: a practice without walls, bringing care directly to patients who need it most.
To ensure he started off on the right foot, Dr. Matson took several key steps toward setting up his micro-corporation:
1. Business Structure
The first decision was determining the legal structure of his business. After consulting with me at SimpliMD, he decided on forming a Professional Limited Liability Company (PLLC). This structure would not only provide legal protections but also offer tax advantages, allowing him to maximize deductions and keep more of his earnings within the business through it’s tax efficiency.
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2. Building a Team
Dr. Matson understood that while he was highly skilled in medicine, he needed a team of experts to help him navigate the complexities of business ownership. Through my SimpliMD guide services we began creating his professional team with a lawyer and CPA who specialized in physician micro-corporations. With their help, he will follow a tax strategy playbook that will allow him to reduce his effective tax rate and better structure his income. Additionally, Dr. Matson already had a wealth manager to guide him through the financial transition from salaried employee to business owner.
3. Job Stacking for Stability
To ease the financial transition, Dr. Matson decided he will likely pursue a part-time W-2 employment at a local hospital while building his mobile practice. This job stacking approach allowed him to maintain some financial stability while gradually shifting into full self-employment. He will also explore other 1099 contractor opportunities, such as telehealth, locums, and medical directorship work, to diversify his income streams and provide flexibility during the transition period of slowly building his mobile practice.
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Planning for Success: The Importance of a Business Plan
Before diving into this new chapter of his career, Dr. Matson recognized the importance of having a clear, detailed business plan. Fortunately, SimpliMD offered a Professional Micro-Corporation Business Plan Template for only $99, which became an invaluable tool in outlining his goals, projections, and operational strategies.
The plan helped him map out his revenue model, including the costs of starting his mobile practice—such as health insurance, technology, and marketing expenses. He also created patient acquisition goals and revenue milestones, all while balancing work-life integration.
A Micro-Corporation Business Plan Template to Get Started
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Dr. Matson found this template essential for understanding how to budget, forecast income, and identify potential challenges. His plan outlined the first 12-18 months of his transition, with a strategy that allowed for flexibility and growth. This tool was one of the pivotal steps in his journey toward independent practice ownership.
Overcoming the Challenges of Transition
Like many physicians contemplating self-employment, Dr. Matson faced some initial fears: What if his practice didn’t succeed? How would he manage the business aspects of running his own corporation?
But through SimpliMD’s consultative services, he learned that the risk was minimal. The demand for medical professional services, especially mobile care for underserved populations, was higher than ever. By setting up a micro-corporation, he could take advantage of tax deductions, reduce his effective tax rate, and reinvest into his business—all while enjoying the flexibility he craved.
SimpliMD’s guide services reassured Dr. Matson that, with the right professional team and support system, his micro-corporation could thrive. He also gained confidence by continually educating himself, reading blogs and resources through SimpliMD, and listening to financial experts in the physician community.
Dr. Matson also took advantage of SimpliMD’s Personalized Micro-Business Consult for only $99, which included a one-hour deep dive into his business model, a review of his legal and tax setup, and guidance on further scaling his practice. This consult opened doors for Dr. Matson, connecting him with a network of lawyers and CPAs who specialized in physician micro-corporations and offered invaluable advice.
Unlock Your Future with SimpliMD: Personalized Micro-Business Consult for Only $99 Get a one-year SimpliMD membership (a $2,500 value) filled with tools, resources, and business products designed to help physicians like you build successful micro-corporations. Book your consult today and take control of your professional autonomy.
Charting the Path Forward
As Dr. Matson prepares for his transition in mid-2025, he feels more empowered than ever. With a clear vision for his business, a plan to stack multiple income streams, and a professional support team behind him, he’s ready to stop the insanity of traditional employment.
His advice to other physicians? Take the leap. Whether you’re seeking more flexibility, tired of bureaucracy, or looking for financial independence, forming a micro-corporation can offer you the autonomy you crave. The tools and resources are out there—you just need to take the first step.
Learn How to Create Your Micro-Corporation: Join Our Course. Ready to design your own practice without walls? Enroll in SimpliMD’s Creating A Practice Without Walls course today and learn the step-by-step process of forming a micro-corporation that gives you agency in the marketplace.
Dr. Matson’s story isn’t just about creating a business—it’s about reclaiming control over his life. His journey shows that the transition to self-employment doesn’t have to be a risky venture; with the right plan and support, it can be a well-calculated move that transforms your career.
