Steve Joyner, PA-C Physician Assistant, Owner Greenville Health Care Center, Greenville, NC

How did you finance start up and how do you maintain your finances?

Start up financing included a line of credit at a bank on Bruno and Joyner’s signatures. They borrowed $90,000 using their life savings and homes as collateral. Joyner had a history with the bank from working with the NC COPA organization. The amount of funds secured was sufficient for start-up in 1989.

At first, both PAs had cuts in pay with salaries of $30,000 per year each. For six months, they had to continue putting money into the practice but in 1-2 years, they were making a good living. By 2002, gross income was $800,000 and each partner cleared $175,000 (including benefits) annually.

The practice was a partnership incorporated as Bru/Joy Management, Inc, a sub-chapter S Corporation.

In 1988, North Carolina did not allow Physician Assistants to own a practice; therefore, the Bru/Joy Medical Management Corporation was formed. Bru/Joy Management, Inc. contracted with Pitt Family Physicians to own a medical corporation named Greenville Health Care Center, PA with a stock value of $1 per share. Greenville Health Care Center, PA contracted with Pitt Family Physicians to provide medical director services for Pas at a set fee yearly. Bru/Joy Management, Inc. then contracted with Greenville health Care Center, PA to provide management, facilities and staff. This creative arrangement allowed Pitt Family Physicians to “buy” the practice for $1 per share while Bru/Joy Management, Inc retained the rights to sell the practice to another owner at any time for $1 per share providing Bru/Joy Management, Inc with total control of the medical practice by contract. Currently, North Carolina does allow PAs to own their own practice. The practice was sold in January 2002.