One of my friends is a comprehensive ophthalmologist and was interesting in hiring an optometrist to run his saturday clinic etc.. What would be a good percentage of collections for him to offer. He asked me to run by the board if you all think there would be any optometrist in general would be interested in doing something like this? I guess if things got going the OD could expand to during the week etc...
question for a friend
- Thread starter thiaeyemd
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Varies by region but a decent way to do it is:
- Base minimum rate for the day
- Establish a reachable threshold
- Increase the % above that threshold
ie: $400 minimum for the day, 30% of collected fees of 1st $2500. 50% after that
There should be a base rate plus incentive.
Incentive can be based on monies attributed to their work or amount of exams. Monies attributed to work should include a portion of surgical fees if a referral is made. This is basically part-commission. From personal experience, commission is timely to calculate for accounting and so it's easier and less time-consuming to base pay on number of patient encounters.
For example, in the West, the base rate is usually around $400 per day in a 9-5 work day for 0-12 exams per day not counting cl or other minor post-surgical checks. Increase to 450.00 per day for 13-16 exams. $500 dollars per day 17 exams or above because at that you're compensating for stress pay.
You can hire them payroll based or as a private contractor.
Also, put everything in writing!
Incentive can be based on monies attributed to their work or amount of exams. Monies attributed to work should include a portion of surgical fees if a referral is made. This is basically part-commission. From personal experience, commission is timely to calculate for accounting and so it's easier and less time-consuming to base pay on number of patient encounters.
For example, in the West, the base rate is usually around $400 per day in a 9-5 work day for 0-12 exams per day not counting cl or other minor post-surgical checks. Increase to 450.00 per day for 13-16 exams. $500 dollars per day 17 exams or above because at that you're compensating for stress pay.
You can hire them payroll based or as a private contractor.
Also, put everything in writing!
I don't think for his own practice, with his own practice he would do this but how is giving a portion of the surgical fee for a referral not a direct Stark Law violation...and why would he give a bonus to someone for referring surgery from his own practice to him?
Thanks for the other info on the salary and bonus etc..
Thanks for the other info on the salary and bonus etc..
While all these pay scenerios look good on paper (weighed heavily for the OD), the reality is that your friend could hire an OD for a straight days pay of $200-$300 and work him like a slave-dog.
The OD will be incredibly happy just to have a job and will get a thrill telling his friends he is a "real" doc because he works in an ophthalmologist's office.
With 4-6 more ODs schools coming on line, we will have probably a 200% surplus of ODs in the next 5-10 years. All OMDs and established ODs will be able to pick and choose any OD they want for probably $150/day.
All sad but true.😳
The OD will be incredibly happy just to have a job and will get a thrill telling his friends he is a "real" doc because he works in an ophthalmologist's office.
With 4-6 more ODs schools coming on line, we will have probably a 200% surplus of ODs in the next 5-10 years. All OMDs and established ODs will be able to pick and choose any OD they want for probably $150/day.
All sad but true.😳
Then what (in your opinion) is the best practice situation for an Optometrist to make a good living in 5 years?
Short answer- Go back to dental school.
Long answer- Most new ODs will be piecing together work from various part-time gigs.
* Maybe a few days listening to the bleeps of 20 cash registers filling in at a Walmart for $200/day.
* A day in the closet of private optical at $30 per 5 patients.
* A half day at Sam's Club where he can roam around tasting samples in between the 2 morning patients.
* Another day in a private practice while the owner OD goes fishing.
* All day Saturday at Sears optical or America's Best pushing cheap products.
Sunday, he spends all day going over his bills wondering how he can pay his school loans back and hoping one day to be able to trade in his 1993 Toyota.
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I am a piecing together part time jobs but definitely am making at least 400 a day.. in commercial, too. Don't even worry about the other schools coming out and optometrists working for 200 a day because NO ONE would take that.
Go with the 400 base pay, plus incentives. If he has an optical, do it based on optical sales. If not, do it based on exams like 20DOC20 mentioned. These are not absolutely unattainable. Do not reduce yourself to anything lower than that.
Go with the 400 base pay, plus incentives. If he has an optical, do it based on optical sales. If not, do it based on exams like 20DOC20 mentioned. These are not absolutely unattainable. Do not reduce yourself to anything lower than that.
In this profession, no one does himself a favor by lowballing their Independent Contractor fee. You demand high fees. Minimum $400 per day. Don't take anything less than that under any circumstance. If you demand high fees, other OD's have more respect for you. If you give other OD's a chance to sc*ew you, they will. Stand your ground.
I discovered that the hard way. I used to be soft-hearted and ask for only $250 to $300 per day and got treated like a dog. When I started demanding $400 per day minimum, I actually got treated with noticeably more respect.
So, don't be afraid. Demand to get paid because it's hard enough just to do the job. To do it without adequate compensation is simply out of the question.
I've turned OD's down who whine about paying out an IC fee of $350 per day. It's not worth it to me to work for a cheap OD. They're awful. Those types will find a way to sc*ew you out of bonuses, etc. In those cases, I've held out for more and found jobs where I work equally hard for $425 per day in a better work environment.
I discovered that the hard way. I used to be soft-hearted and ask for only $250 to $300 per day and got treated like a dog. When I started demanding $400 per day minimum, I actually got treated with noticeably more respect.
So, don't be afraid. Demand to get paid because it's hard enough just to do the job. To do it without adequate compensation is simply out of the question.
I've turned OD's down who whine about paying out an IC fee of $350 per day. It's not worth it to me to work for a cheap OD. They're awful. Those types will find a way to sc*ew you out of bonuses, etc. In those cases, I've held out for more and found jobs where I work equally hard for $425 per day in a better work environment.
