As graduation approaches, my mind is a whirlwind of questions, concerns, and hopes. I'm ready to practice?mostly. Yet there's one topic that leaves me wary: salary. While production-based compensation and traditional salary historically have been the only two options, they each have room for improvement. But there's a third choice: the ProSal formula, developed by Hospital Management Editor Mark Opperman, CVPM. To understand why I think ProSal is right for me and other new associates, consider these pros and cons.
I'm a bovine practitioner looking into ProSal compensation for my associates. I'm concerned with the percentage used to calculate the portion of the salary above the base. What percentage profit should a practice owner expect to make off of his associates?
I'm a full-time veterinarian, and my employer pays for my health insurance, which costs about $4,000 a year. I recently got married, and my husband's insurance is better. If I join my husband's policy, should I get that $4,000 benefit somewhere else in my package? Is it fair to ask my boss to add it to my salary or to add more paid vacation days in equivalent to the benefit money?
My partner and I recently learned that we're paying associates more than other practitioners in our area do. How should we get our compensation more in line with prevailing wages—with a salary freeze or a pay cut?
I want to hire a veterinarian who's board-certified in internal medicine. How should I compensate this person? Should I pay based on production or a split rate, or should I rent space to the practitioner? If I pay based on production, would the percent be different than with a non-board-certified veterinarian?
If you're thinking of pulling up the stakes and moving to another practice in another state, do some number crunching first. Yes, the salary offered looks great, but have you considered how much more you'll have to earn to live the life you want in that city?