Modes of Practice

Question 1

Think about various modes of practice based on:

Answer 1

your goals/specialty interests, financial considerations, administrative abilities, risk tolerance

Question 2

What are modes of practice?

Answer 2

private, group, retail, OD/MD, military, public health, academic, interdisciplinary, corporate, consulting

Question 3

What mode of practice was historically dominate?

Answer 3

solo private practice

Question 4

What has been the shift of modes of practice in the past 3 decades?

Answer 4

more corporate-affiliated practices, more retail

Question 5

Why is selecting a mode important?

Answer 5

comfort level, specialty, job satisfaction, income

Question 6

What is the mean salary?

Answer 6

129,385

Question 7

What is the mean salary of an owner?

Answer 7

156,550

Question 8

What is the mean salary of a non-owner?

Answer 8

105,757

Question 9

Which region has the highest and lowest average net income?

Answer 9

highest south, lowest, northeast

Question 10

What do the region averages correspond to?

Answer 10

south has private practice, NE (and W) have more corporate

Question 11

What is the mean hourly wage?

Answer 11

$59

Question 12

Is state mean data acccurate?

Answer 12

meh, the county data is more specific

Question 13

What is core compensation?

Answer 13

base salary and bonuses, not all the benefits

Question 14

What are some employee benefits?

Answer 14

social security, disability, heath care, pension, time off, 401K

Question 15

In 2002 how many ODs were self employed?

Answer 15

1/3

Question 16

In 2005 how many ODs were primarily self employed

Answer 16

2/3

Question 17

What is the distribution of optometrist by primary practice type?

Answer 17

59% PP, 20% corporate, 14% multidisciplinary, 7% other

Question 18

What is private practice?

Answer 18

solo/group employment/associateship/partnership, full range of patient care

Question 19

Private practice advantages

Answer 19

emphasize specialty care, administrative authority, pride, residency training not require, higher gross and individual net incomes

Question 20

Private practice disadvantages

Answer 20

greater initial cost, greater risk, admin responsibilities (hiring/firing, insurance/3rd party negotiation, fiscal management, real estate)

Question 21

What is true of private practice?

Answer 21

active in community, build/develop patient base, essential contracting professionals (accountant, attorney), income dependent on willingness to work

Question 22

What do you have to do as an owner?

Answer 22

develop referral relationships, responsible for livelihood of your employees and yourself, clinical care, human resource management, community leader

Question 23

What are benefits of being an employed OD?

Answer 23

base salary guarantee, bonus/incentives, paid benefits

Question 24

To reiterate, what are paid benefits?

Answer 24

health/life insurance, sick leave, PTO/vacation, retirement contribution, licenses/memberships/dues, malpractice coverage

Question 25

What 3 basic things are in an employment contract?

Answer 25

severability, restrictive covenants, access to records

Question 26

What are components of an employed OD buying in to a practice?

Answer 26

valuation of practice, sweat equity, selling doctor’s role, financing

Question 27

What are the 9 components of a contract?

Answer 27

terms defined, employee relationship, compensation, leave/CE time, benefits, licensure/credentialing, liability insurance, after hours call, noncompete

Question 28

What is the terms defined part of a contract?

Answer 28

length, renewal, future employment