Lab Director Compensation

[ScubaV]

I know this is no longer the golden age of getting showered in money for being a lab/medical director, but what do you think is fair compensation for assuming these duties?

Situation A - Non-hospital lab that runs a couple of tests. You're basically a living signature / fall guy.
Situation B - Lab director for a medium-large hospital campus. Responsible for full suite of testing, handling CAP inspections, interfacing with administration, etc.

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[deleted314957]

There is a HUGE difference between “fair” compensation and what the bloodsuckers will pay. You get what you negotiate. Some poor bastards get nada and the admin says all you get is the ap work. not quite legal but it happens. others in situation 2 can get $100k+.
It is ALL negotiable.

 

[gbwillner]

I've done a lot of A and some of B.

Let's talk about A because B usually comes with other responsibilities- like you are a physician in the organization, and comp will heavily rely on those other things.

There are a lot of variables at play, particularly what kind of service is being rendered, and with what quality. Things to consider:

1. Are the services rendered standard of care or investigational?
2. Do you actually have control of the lab services?
3. Does management respect physician oversight?
4. Is the company established or a start-up?
5. Is this a full-time gig?

I've seen/received offers from about $50k to $500K+ depending in the variables above. I would be very wary of labs that don't give you control of services or where management sees you as a signature. I would actually recommend you NOT take those as you may ruin your reputation.

 

[LADoc00]

I know this is no longer the golden age of getting showered in money for being a lab/medical director, but what do you think is fair compensation for assuming these duties?

Situation A - Non-hospital lab that runs a couple of tests. You're basically a living signature / fall guy.
Situation B - Lab director for a medium-large hospital campus. Responsible for full suite of testing, handling CAP inspections, interfacing with administration, etc.

Situation A: 3-5K a month
Situation B: 15K a month.

those are floors and NOT COLA adjusted for location.

Personally I have never ever seen lab director pay hit anything close to 500K a year. Not without substantial sign out responsibilities which is a totally different job.

 

[gbwillner]

Situation A: 3-5K a month
Situation B: 15K a month.

those are floors and NOT COLA adjusted for location.

Personally I have never ever seen lab director pay hit anything close to 500K a year. Not without substantial sign out responsibilities which is a totally different job.

At the higher range you are right, usually it is "Medical Director" and full-time. Also, some of that comp is almost always a hefty bonus or equity structure that is not guaranteed.

Like I said, lots of variables.

 

[ScubaV]

Situation A: 3-5K a month
Situation B: 15K a month.

those are floors and NOT COLA adjusted for location.

Personally I have never ever seen lab director pay hit anything close to 500K a year. Not without substantial sign out responsibilities which is a totally different job.

Ha! Way higher than what I'm seeing (think double those numbers for a whole year). Not surprised.

I've done a lot of A and some of B.

Let's talk about A because B usually comes with other responsibilities- like you are a physician in the organization, and comp will heavily rely on those other things.

There are a lot of variables at play, particularly what kind of service is being rendered, and with what quality. Things to consider:

1. Are the services rendered standard of care or investigational?
2. Do you actually have control of the lab services?
3. Does management respect physician oversight?
4. Is the company established or a start-up?
5. Is this a full-time gig?

I've seen/received offers from about $50k to $500K+ depending in the variables above. I would be very wary of labs that don't give you control of services or where management sees you as a signature. I would actually recommend you NOT take those as you may ruin your reputation.

Without giving too many details, this is all in the context of an employed situation rather than a truly independent gig, so really leverage is minimal other than just saying no. The expectation is to sign off on proficiency testing and ensure general competency for a place that has been essentially running itself for awhile. Time investment, compensation, and risk all appear to be low. Not sure if it's worth it, but I wanted some context.

 

[gbwillner]

Ha! Way higher than what I'm seeing (think double those numbers for a whole year). Not surprised.



Without giving too many details, this is all in the context of an employed situation rather than a truly independent gig, so really leverage is minimal other than just saying no. The expectation is to sign off on proficiency testing and ensure general competency for a place that has been essentially running itself for awhile. Time investment, compensation, and risk all appear to be low. Not sure if it's worth it, but I wanted some context.

If it's minimal effort I would say it may be worth it for nothing else than being director and adding that to your CV.

 

[futuredoc331]

Would someone who finishes two years of CP training before switching specialties be eligible for jobs like position A?

 

[gbwillner]

Would someone who finishes two years of CP training before switching specialties be eligible for jobs like position A?

Eligible? Some of these jobs are not good jobs, so sure. If you have a pulse and an MD, and willing to sign what's in front of you without question, there are opportunities.

 

[gbwillner]

If it's minimal effort I would say it may be worth it for nothing else than being director and adding that to your CV.

They look pretty believable to me. Mean PCP salary is like $250k. Mean Specialist salary is like $330.

One shocking thing to me is how low net worth is... suggesting younger docs are the ones doing the survey.