Dr. Sievers' RHHC Medical Practice - Operations & Website

New Posts

FightTheOstrich said:
I wonder if TS was purposely limiting her hours? If she was planning an escape from her marriage limiting her income makes sense.

Just adding to Zuri's breakdown... Didn't the office also employ a receptionist? I'm assuming that TS's "nurse" was actually a medical assistant since that's the norm these days for IM/FP offices. So her wage may have been less than $20/HR. We can't forget about the cost of health insurance, TS's school loans, business expenses (medical and office supplies, utilities, etc...).
Click to expand...

Yes, Dr. Sievers had a receptionist.
 
Zuri said:
Jumping off your post:

I am thinking of this possible scenario for her wages and expenses.
$450x28=$12,600.00/ week; $50,400/month gross. Minus: $20,000 IRS (assuming 39% tax bracket)= $30,400. Assuming She had to pay Rent with CAM fee at $20/sq.ft(guessing) X 1000 sq.ft (guessing)= $20,000. Now down to $10,400. Staff: RN at $20.00/hr x 30=$600/week or $2400/month. Net: $8,000 month., assuming she didn't pay any other employee or MS.

Even if her rent was less, and she made $10K a month, that is $120K/year. That is not a huge amount of income for an MD. If she drove a Mercedes ML 350, Her car payment was a fair chunk of change too. She didn't appear to live an over the top lifestyle, which must have really irked MS. I get the impression he liked the high life.

Total speculation, but you can see how fast things add up. BTW, I am not an accountant or very good at math lol.
Click to expand...

There was no nurse in the office...unless you are talking about MS.
 
Zuri said:
You are so right! In my state, the malpractice insurance rate for a General Practitioner that has never been sued is $25,000/year. I was pretty shocked at the high amount of Life Insurance she carried, but figured she had it so she could borrow against it for business reasons.
Click to expand...

I've not seen all details of LI policies on Dr TS, but IIRC (sorry no link), they were all term LI policies, meaning there would be no cash value to borrow against or to take a withdrawal from.

Doc's re Dr TS's traditional IRA in variable annuity funds show value as $123,*advertiser censored*.+ in summer 2013.* Maybe MS or TS? thought value is avail there, in case of $ emergency... to borrow from?

Sorry, per IRC/IRS regs** an IRA-holder taking a loan from IRA or using IRA as collateral or security for a loan loses tax deferral benefit of IRA (oversimplified). So that's a no-no, from standpoint of Dr TS-a/c holder, as well as custodian for a/c (or lender, pretty much any lender, if fed or st-regulated or licensed in any way shape or form) which might be asked to consider IRA as collateral for a loan.

Before age 591/2, Dr TS could have withdrawn $ from IRA but then would have been obligated to pay fed inc taxes on it & also a 10% penalty on amt withdrawn.***

W little financial info released so far, it's difficult or impossible to see the whole $ pic or know what Dr TS & MS were thinking about their $ situation.

^ JM2cts, could be wrong.

________________________________________________
* Bates ~#3979, image of $123,*advertiser censored*.+ check transferring her IRA balance from old to new custodian.

** "1. Can a loan be taken from an IRA? Loans are not permitted from IRAs or from IRA-based plans..." [Diff for some other types of qualified retirement plans]
"2. What happens if a loan is taken from an IRA?
If the owner of an IRA borrows from the IRA, the IRA is no longer an IRA, and the value of the entire IRA is included in the owner’s income...
If the owner of an IRA pledges part of the IRA as collateral, the part of the IRA that is pledged is treated as distributed..."
^ from https://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-Loans

*** "Additional 10% tax. The additional tax on early distributions is 10% of the amount of the early distribution that you must include in your gross income. This tax is in addition to any regular income tax resulting from including the distribution in income." [yes, some exceptions]
^ www.irs.gov/pub/irs-pdf/p590b.pdf
 
Zuri said:
Jumping off your post:

I am thinking of this possible scenario for her wages and expenses.
$450x28=$12,600.00/ week; $50,400/month gross. Minus: $20,000 IRS (assuming 39% tax bracket)= $30,400. Assuming She had to pay Rent with CAM fee at $20/sq.ft(guessing) X 1000 sq.ft (guessing)= $20,000. Now down to $10,400. Staff: RN at $20.00/hr x 30=$600/week or $2400/month. Net: $8,000 month., assuming she didn't pay any other employee or MS.

Even if her rent was less, and she made $10K a month, that is $120K/year. That is not a huge amount of income for an MD. If she drove a Mercedes ML 350, Her car payment was a fair chunk of change too. She didn't appear to live an over the top lifestyle, which must have really irked MS. I get the impression he liked the high life.

Total speculation, but you can see how fast things add up. BTW, I am not an accountant or very good at math lol.
Click to expand...
Hey there ZURI, don't sell yourself short! You did a wonderful job with the numbers. But, 28 x $450 is way too high...that would only be assuming everyone showed up for their appointments and weren't using the $100 OFF COUPONS she gave out during her seminars. (It is in one of her videos). Besides the income taxes, self-employment tax (15% of earnings) which was on the first $113,700 for 2013 would have added an addition $15,781 tax liability. And, we can't forget that besides payroll, the employer is also responsible for 7.5% (approx) on the wages paid to employees (approx $3,000) for an employee earning $40K and (approx 2K) for another being paid $26K per year....Oh geez... let's not forget the cost of worker's comp!
It is very expensive to be self-employed and have even a couple of employees. A good rule of thumb for anyone considering being self-employed and wondering if they can handle it:
Week 1's income has to cover your rent & utilities
Week 2's income has to cover your payroll
Week 3's income has to cover your tax liability, insurance, inventory (cost of goods) & repairs.
Week 4's Is what is left over for you! And, if you can't live on it...then you need to reconsider your business plan, cut your expenses, and try to earn more income.
So, even though you say you are not good at math....you pretty much came to the correct conclusion. Of course there are ways to cut your overhead. Work from home, share office space, look for a less costly location, etc. There are a lot of "Mommies"/spouses out there who are the best bookkeepers I have ever seen in my life! They are organized and keep track of every expense and constantly look for ways to save.
Optimism is a virtue....but reality (the true cost of starting a new practice) is a bear!
 
I think ? that 450k a year quote came from a LI policy that MS had on himself. IIRC at that time, TS was still practicing Internal Medicine. It was before TS took at pay cut and opened up her own practice. (?)
Their 11 yr. old daughter was not quite 2 at that time

ETA ~
BATES 3822
Jackson National Life Insurance Company
Confidential Financial Statement
MARK D SIEVERS
Purpose of Insurance – Purpose of Current Application
MY WIFE IS A DOCTOR & MAKES ROUGHLY 450,000 ANNUALLY. IF I DIED, SHE WOULD HAVE TO BE THE PRIMARY CAREGIVER FOR OUR 21 MONTH DAUGHTER.

Annual Income
-------------Salary / Unearned Income
This Year $ 50,000 / 37,000
Last Year $ 50,000 / 17,000 (? – poor image quality)

* credit goes to KateB for finding it, and SeesSeas for posting it
 
I was a patient of Dr. Sievers for 5 plus years. She was an amazing doctor. I will be hard pressed to find anyone who will come close to her again. To answer the question re: lab and mammograms
etc....She would refer me to the lab downstairs in the building or to another lab. She did not do mammograms in her office.
 
FelicityLemon said:
I wonder about that figure. Also, somewhere iirc, it was stated that she didn't work 40 hrs at the practice. We know she did all kinds of things without pay, because of her convictions and beliefs.
The net/take home pay would be much less than that after all the business overhead, salaries, taxes, etc. in addition to all the household bills she was paying, student loans, etc.

The cost of business wouldn't continue if the business stopped (as it would naturally) with her death, so he wouldn't need to replace that part of her income. There would be necessary costs of closing out the business, but that's it - it wouldn't continue on for decades.

I wonder if some point their tax returns will be made available because of the investigation - that would certainly be part of the case against him, but does anyone here know? That would be interesting to see how he handled that. Shenanigans other than non-payment of income taxes? It would be interesting to compare to mortgage application, life insurance policies.

Looking forward to the next docdump same as everybody :)
Click to expand...

The $11,000 a week is for 28 hours a week of billable time. Her overhead would be the rental of her space, taxes and one employee in addition to the office manager?

Did she have a nurse as SH is not a nurse?

Then there is the money from supplements and infomercials.

Unless a doctor comes from a super wealthy family, doctors I know pay on their student loans until retirement but somehow manage to have a nice income.

There is something desperately wrong with their finances and I cannot believe that TS did not know it??

Still, we see she went on trip with him, left the girls with him, had him handle the schooling, so she had a lot of trust in him
 
Based on the info we've read. TS employed SH and a receptionist. I'm guessing LS paid for whatever space she used. So am I correct in thinking that 4 women worked out of the office, 2 as employees, with MS popping in?
 
human said:
The $11,000 a week is for 28 hours a week of billable time. Her overhead would be the rental of her space, taxes and one employee in addition to the office manager?

Did she have a nurse as SH is not a nurse?

Then there is the money from supplements and infomercials.

Unless a doctor comes from a super wealthy family, doctors I know pay on their student loans until retirement but somehow manage to have a nice income.

There is something desperately wrong with their finances and I cannot believe that TS did not know it??

Still, we see she went on trip with him, left the girls with him, had him handle the schooling, so she had a lot of trust in him
Click to expand...

I do not know where it is , but here fee schedule was listed on here somewhere.

And was the rental of her space $3000 something a month? I do not recall as I skimmed it.

As far as tax rates, there are so many deductions available that I would be beyond shocked if she paid 39% tax rate.

Are there some kind of loan forgiveness options for doctors?
 
human said:
I do not know where it is , but here fee schedule was listed on here somewhere.

And was the rental of her space $3000 something a month? I do not recall as I skimmed it.

As far as tax rates, there are so many deductions available that I would be beyond shocked if she paid 39% tax rate.

Are there some kind of loan forgiveness options for doctors?
Click to expand...

Here are the fees, human:

https://drive.google.com/file/d/0B3g3DEap84xwa1R4bEVNTFVZNk0/view?usp=sharing

From her website:

http://www.drteresasievers.com/new-patient.php

-Nin
 
IQuestion said:
Hey there ZURI, don't sell yourself short! You did a wonderful job with the numbers. But, 28 x $450 is way too high...that would only be assuming everyone showed up for their appointments and weren't using the $100 OFF COUPONS she gave out during her seminars. (It is in one of her videos). Besides the income taxes, self-employment tax (15% of earnings) which was on the first $113,700 for 2013 would have added an addition $15,781 tax liability. And, we can't forget that besides payroll, the employer is also responsible for 7.5% (approx) on the wages paid to employees (approx $3,000) for an employee earning $40K and (approx 2K) for another being paid $26K per year....Oh geez... let's not forget the cost of worker's comp!
It is very expensive to be self-employed and have even a couple of employees. A good rule of thumb for anyone considering being self-employed and wondering if they can handle it:
Week 1's income has to cover your rent & utilities
Week 2's income has to cover your payroll
Week 3's income has to cover your tax liability, insurance, inventory (cost of goods) & repairs.
Week 4's Is what is left over for you! And, if you can't live on it...then you need to reconsider your business plan, cut your expenses, and try to earn more income.
So, even though you say you are not good at math....you pretty much came to the correct conclusion. Of course there are ways to cut your overhead. Work from home, share office space, look for a less costly location, etc. There are a lot of "Mommies"/spouses out there who are the best bookkeepers I have ever seen in my life! They are organized and keep track of every expense and constantly look for ways to save.
Optimism is a virtue....but reality (the true cost of starting a new practice) is a bear!
Click to expand...

According to the corporations division of Florida. TS and MS had a corporation registered called "Sievers & Company PLLC". A PLLC is a professional limited liability company. All fees paid to TS would in-fact be paid to the company. MS is listed as the Manager of the company and MS is also listed as the registered agent. The company was originally incorporated in 2005 with TS as the responsible party. MS was changed to the Manager and registered agent in 2009...No further mention of TS from that date.

As a PLLC all expenses would be offset against revenue before paying any taxes. The PLLC is its own legal entity and pays its own taxes at different rates to personal rates. The PLLC may have paid TS and MS a salary but that would be up to the PLLC to decide.
 
human said:
The $11,000 a week is for 28 hours a week of billable time. Her overhead would be the rental of her space, taxes and one employee in addition to the office manager?

Did she have a nurse as SH is not a nurse?

Then there is the money from supplements and infomercials.

Unless a doctor comes from a super wealthy family, doctors I know pay on their student loans until retirement but somehow manage to have a nice income.

There is something desperately wrong with their finances and I cannot believe that TS did not know it??

Still, we see she went on trip with him, left the girls with him, had him handle the schooling, so she had a lot of trust in him
Click to expand...

Erg: add MS "salary" of $50k?

*cough* :puke:
 
fldigger said:
According to the corporations division of Florida. TS and MS had a corporation registered called "Sievers & Company PLLC". A PLLC is a professional limited liability company. All fees paid to TS would in-fact be paid to the company. MS is listed as the Manager of the company and MS is also listed as the registered agent. The company was originally incorporated in 2005 with TS as the responsible party. MS was changed to the Manager and registered agent in 2009...No further mention of TS from that date.

As a PLLC all expenses would be offset against revenue before paying any taxes. The PLLC is its own legal entity and pays its own taxes at different rates to personal rates. The PLLC may have paid TS and MS a salary but that would be up to the PLLC to decide.
Click to expand...

Aha, maybe that is the unearned income referenced.
 
FightTheOstrich said:
Can you breakdown the employees in the office and the role each played, please???
Click to expand...

For several years, with 2-3 appointments per year, I only saw three employees: Dr. Sievers, a receptionist, and her nurse/assistant Sandra. It was not until after the murder that I learned of LS working in the office. I was never referred to her. I had spoken on the phone with Mark only once concerning a billing issue.
 
Southwflorida said:
For several years, with 2-3 appointments per year, I only saw three employees: Dr. Sievers, a receptionist, and her nurse/assistant Sandra. It was not until after the murder that I learned of LS working in the office. I was never referred to her. I had spoken on the phone with Mark only once concerning a billing issue.
Click to expand...

Was Mark rude or abrasive? Or polite?
 
No it's not said:
Here are the fees, human:

https://drive.google.com/file/d/0B3g3DEap84xwa1R4bEVNTFVZNk0/view?usp=sharing

From her website:

http://www.drteresasievers.com/new-patient.php

-Nin
Click to expand...

All I can say is that I never paid these advertised rates. I never paid over $150 after the initial visit. All labs were paid by my insurance company directly to the lab company, not Dr. Sievers. Granite Labs and Radiology Regional were both located on the first floor of her office building. I did buy supplements from Dr. Sievers or the website using the registration information she provided.
 
Southwflorida said:
For several years, with 2-3 appointments per year, I only saw three employees: Dr. Sievers, a receptionist, and her nurse/assistant Sandra. It was not until after the murder that I learned of LS working in the office. I was never referred to her. I had spoken on the phone with Mark only once concerning a billing issue.
Click to expand...

Thank you!!!

Have you received your medical records from MS yet, if you don't mind me asking?
 
human said:
The $11,000 a week is for 28 hours a week of billable time. Her overhead would be the rental of her space, taxes and one employee in addition to the office manager?

Did she have a nurse as SH is not a nurse?

Then there is the money from supplements and infomercials.

Unless a doctor comes from a super wealthy family, doctors I know pay on their student loans until retirement but somehow manage to have a nice income.

There is something desperately wrong with their finances and I cannot believe that TS did not know it??

Still, we see she went on trip with him, left the girls with him, had him handle the schooling, so she had a lot of trust in him
Click to expand...

BBM I agree. I am in the minority here, but I believe that TS had to have known about their finances. I wonder if there was something else besides their finances that was wrong. The house was a mess. Can't put my finger on it, but looking at the pictures it seemed that it was some kind of temporary home. MOO
 
You must log in or register to reply here.

DNASolves

Who is Escambia County John Doe (1989)?

Members online

... and 69 more.
Total: 3,927 (members: 70, guests: 3,857)

Online statistics

Members online
70
Guests online
3,857
Total visitors
3,927
Totals may include hidden visitors.

Forum statistics

Threads
592,490
Messages
17,969,748
Members
228,789
Latest member
Soccergirl500
Back
Top