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Structuring Compensation Packages
Striking a balance between what is fair compensation for employees but also for the practice is a constant challenge. Compounding the problem is that most veterinarians are fairly non-confrontational and hesitant to negotiate about money, either for themselves or for their practices. As a result, we find instances where doctors and staff are both significantly over- and underpaid for their services, and benefit packages that vary widely from practice to practice.
Because we work with many hospitals and have helped both employers and employees negotiate compensation issues, we can help you understand trends in the profession, design packages that help motivate behavior consistent with your core values, deal with the income and payroll tax rules surrounding compensation and benefits, and keep the practice’s bottom line healthy. Along the way, we can help you answer these questions:
- What are the pros and cons of paying doctors straight salary, straight production, or a pro-sal combination of both? Should all your doctors be paid under the same method?
- Should long-term team members continue to get raises even though they are doing the same job as when they started?
- What’s the “normal” percentage of production that specialists are paid in today’s environment?
- How are practices dealing with health insurance and retirement plan costs?
- Is there a bonus system that allows receptionists, technician/nurses and assistants to share in the practice’s growth and success?
- How do you get from your current compensation system to one that is fairer to all parties?
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