Modes of Practice Flashcards
Think about various modes of practice based on:
your goals/specialty interests, financial considerations, administrative abilities, risk tolerance
What are modes of practice?
private, group, retail, OD/MD, military, public health, academic, interdisciplinary, corporate, consulting
What mode of practice was historically dominate?
solo private practice
What has been the shift of modes of practice in the past 3 decades?
more corporate-affiliated practices, more retail
Why is selecting a mode important?
comfort level, specialty, job satisfaction, income
What is the mean salary?
129,385
What is the mean salary of an owner?
156,550
What is the mean salary of a non-owner?
105,757
Which region has the highest and lowest average net income?
highest south, lowest, northeast
What do the region averages correspond to?
south has private practice, NE (and W) have more corporate
What is the mean hourly wage?
$59
Is state mean data acccurate?
meh, the county data is more specific
What is core compensation?
base salary and bonuses, not all the benefits
What are some employee benefits?
social security, disability, heath care, pension, time off, 401K
In 2002 how many ODs were self employed?
1/3
In 2005 how many ODs were primarily self employed
2/3
What is the distribution of optometrist by primary practice type?
59% PP, 20% corporate, 14% multidisciplinary, 7% other
What is private practice?
solo/group employment/associateship/partnership, full range of patient care
Private practice advantages
emphasize specialty care, administrative authority, pride, residency training not require, higher gross and individual net incomes
Private practice disadvantages
greater initial cost, greater risk, admin responsibilities (hiring/firing, insurance/3rd party negotiation, fiscal management, real estate)
What is true of private practice?
active in community, build/develop patient base, essential contracting professionals (accountant, attorney), income dependent on willingness to work
What do you have to do as an owner?
develop referral relationships, responsible for livelihood of your employees and yourself, clinical care, human resource management, community leader
What are benefits of being an employed OD?
base salary guarantee, bonus/incentives, paid benefits
To reiterate, what are paid benefits?
health/life insurance, sick leave, PTO/vacation, retirement contribution, licenses/memberships/dues, malpractice coverage
What 3 basic things are in an employment contract?
severability, restrictive covenants, access to records
What are components of an employed OD buying in to a practice?
valuation of practice, sweat equity, selling doctor’s role, financing
What are the 9 components of a contract?
terms defined, employee relationship, compensation, leave/CE time, benefits, licensure/credentialing, liability insurance, after hours call, noncompete
What is the terms defined part of a contract?
length, renewal, future employment
