BizQuiz: Do you have a clue about doctor pay?
Owners and associates want to know the truth, but often each side is mired in mystery.
Dr. Green’s in the exam room with the otoscope. So what’s he earning? Mrs. Peacock’s in the reception area purchasing heartworm preventive. So which associate gets the production? Misconceptions and partial truths abound when it comes to compensation. Now, owners and associates, I know you’re not intentionally trying to deceive each other. But sometimes your interpretations of something you heard or read about compensation are unclear, leading to misunderstandings, hurt feelings, and conflict. So what’s fact and what’s fiction? Here are the top five mysteries about compensation exposed and solved. This is based on an article by Denise Tumblin, CPA, a Veterinary Economics Editorial Advisory Board member and the president of Wutchiett Tumblin and Associates.
1) Should doctors be paid 25 percent of their individual production?