New Grad, Job compensation help!

[ChewyDrop]

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Hi Everyone,

I recently graduated from dental school and Im actively job searching. I am still confused about compensation. When the office ask me what I'm looking for in term of compensation I sound clueless and unsure. Do I say I want 135-145k annually? 550/day or 25-30% production, whichever is higher? What is the norm for new grads? Help! please and thank you!

 

[millrunner]

They are usually looking for a percentage, which might vary depending on where you’re located. This is based on either gross production (what they’re billing the patients), net production (minus lab fees), or collection (what the patients actually pay minus lab fees). Of course the percentage should be higher if it’s based on collection. A daily minimum is a good idea for new grads especially if the clinic isn’t too busy. Good luck on the job hunt!

 

[Dr.Curious]

If I were a new graduate, I would probably throw out:

1. a daily minimum guarantee of $500 (or higher)
2. no draw
3. 30% production (whichever is higher with the daily minimum)
4. W2
5. small non-compete radius
6. 30-60 day termination notice
7. lab fee - the lower the better

 

[ChewyDrop]

If I were a new graduate, I would probably throw out:

1. a daily minimum guarantee of $500 (or higher)
2. no draw
3. 30% production (whichever is higher with the daily minimum)
4. W2
5. small non-compete radius
6. 30-60 day termination notice
7. lab fee - the lower the better

can you explain points 2 and 4?

 

[allDAT]

Hygienists are getting paid 50-55 an hour. I’d raise the base for the DDS.

If I was a new graduate, I’d be looking for $600 a day as a daily minimum with 25-30% of adjusted production with no lab fee. W2.

I’d entertain $650 a day with 30-35% of adjusted production with a 30-35% (equal to your percent of adjusted production) as a lab fee as a 1099.

30-60 day notice.
Non compete depends on location and is easy to negotiate.

Never entertain a draw.

If you can avoid sign on bonuses you’re actually better off. Those can lock you into bad jobs. If they’re offering a sign on bonus, I’d prefer to not get that in exchange for a higher daily guarantee.

 

[Dr.Curious]

can you explain points 2 and 4?

Draw and W2

It seems like this page does a very good job explaining it all.

W2 is for an employee vs. 1099 is an independent contractor.

Hope you find a good job!

 

[Ali527]

Hi Everyone,

I recently graduated from dental school and Im actively job searching. I am still confused about compensation. When the office ask me what I'm looking for in term of compensation I sound clueless and unsure. Do I say I want 135-145k annually? 550/day or 25-30% production, whichever is higher? What is the norm for new grads? Help! please and thank you!

That's an average salary, I think... but it depends on the state you're planning to work in.

 

[PaliRN95]

Hygienists are getting paid 50-55 an hour. I’d raise the base for the DDS.

If I was a new graduate, I’d be looking for $600 a day as a daily minimum with 25-30% of adjusted production with no lab fee. W2.

I’d entertain $650 a day with 30-35% of adjusted production with a 30-35% (equal to your percent of adjusted production) as a lab fee as a 1099.

30-60 day notice.
Non compete depends on location and is easy to negotiate.

Never entertain a draw.

If you can avoid sign on bonuses you’re actually better off. Those can lock you into bad jobs. If they’re offering a sign on bonus, I’d prefer to not get that in exchange for a higher daily guarantee.

What is a draw?

 

[chiangmai2015]

Draw is when you don’t generate enough, you owe the company the difference. Let’s say your monthly draw is 100 apples, but you only produce 90 apples of work. The company pays you 100 apples. Now you owe the company 10 apples.
The next pay cycle, you only produce 80 apples, and the company pays you another 100 apples. Now you owe the company 30 apples (10 apples + 20 apples).
The next pay cycle, you produce 110 apples, and the company pays you another 100 apples. Now you still owe the company 20 apples (10 apples + 20 apples - 10 apples).
With draw, the company will never lose $.

Months later, let’s assume you owe the company 170 apples and want to terminate your contract. Then you need to pay back that much $ to the company.