I've heard of Dentist regularly working 4 day weeks. I know it's not reasonable for dentists in private practice to do this. But can associates work 2 or 3 days a week?
What this comes down to is, as a boss, you can have 5 days of coverage for 210k, or you can have 5 days of coverage for 150k. Do you just want to throw 60k out the window? Probably not.
Hence why this sort of position likely won't be popping up everywhere unless it's a 1099 IC job that doesn't offer benefits.
That wasn't for the owner, that was for an associate. Most practice owners have more than one associate, so I was calculating the cost of their minions.The average owner in private practice pay is $210k?
I'm going by Merritt Hawkins average data, which has historically pegged total compensation at 25-30% over salary, with that additional percentage being comprised of various benefits, including malpractice, health insurance, Social Security contributions, etc. This actually excludes practice overhead costs, which would make a part-time employee even more inefficient. Of course, I'm just going by industry figures- some small employers will have greater or lesser compensation packages, depending on the robustness of the incentives they offer. One of the many majors I waffled on over the years was business, so I've got a decent understanding of incentive packages. For a full-benefit, high-earning employee, you're looking at a bare minimum of 20% over full-time equivalent salary in benefits.What kind of fixed cost benefits are being offered in these W2 jobs that amounts to 25% of income? I'm not sure I'm following this.
OP: in my region it's easier to find part time work than full time work. Dentistry is very part time friendly.
I don't get where the 210k is coming from?That wasn't for the owner, that was for an associate. Most practice owners have more than one associate, so I was calculating the cost of their minions.
That wasn't pay, that was cost to the employer. You clearly don't understand compensation versus salary. The amount your employer pays you isn't what you cost them. They also pay their portion of social security, your health insurance, your PTO, worker's compensation insurance, malpractice (if provided), 401k match, etc etc. All of this adds up to your total compensation, which is, on average, 30% greater than your base salary. The trouble with part-time employees is that many of these benefits don't scale very well for employees that don't work full time, nor do overhead costs.I don't get where the 210k is coming from?
That wasn't pay, that was cost to the employer. You clearly don't understand compensation versus salary. The amount your employer pays you isn't what you cost them. They also pay their portion of social security, your health insurance, your PTO, worker's compensation insurance, malpractice (if provided), 401k match, etc etc. All of this adds up to your total compensation, which is, on average, 30% greater than your base salary. The trouble with part-time employees is that many of these benefits don't scale very well for employees that don't work full time, nor do overhead costs.
So, doing the math, the average dental associate makes 140k in my region, and would have a total compensation of 182k. The 210k was an example and done with made up numbers and sloppy math I did in my head, not what they actually pay. It was meant to illustrate a concept. Now we'll do the actual numbers, because people around SDN seem to not be big on abstraction. 182k-140k=42k of relatively fixed, expected benefits for a dental associate. A half time associate with benefits would thus cost 140/2+42= 112k. But you need two of these associates to do the job of a full timer, so you'll need 112*2=224k worth of compensation to do what could have been done for 182k. Essentially, two part timers create 42k of inefficient utilization of capital in your practice. Does that make things easier to understand? This is the reason part time jobs rarely have benefits, as benefits don't scale with lower hours, and thus part time employees having them results in serious sapping of your profits.
You're overanalyzing this. It doesn't pencil out like that in private practice dentistry. The benefits are usually poor unless you work in the public sector.