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Message
OT Veterinarians- Business Question
Posted on 8/30/17 at 8:07 pm
Posted on 8/30/17 at 8:07 pm
Have you ever heard of a Pro-Sal compensation system that requires you to work 4x your salary before the 18-25% production bonus kicks in? Minus low margin revenue, of course.
AVMA articles and other industry contacts have indicated this is not normal.
AVMA articles and other industry contacts have indicated this is not normal.
This post was edited on 8/30/17 at 8:26 pm
7
Posted on 8/30/17 at 8:12 pm to deeprig9
I'll get with some fellow Veterans and see if we can help ya out...
Posted on 8/30/17 at 8:42 pm to deeprig9
quote:
Have you ever heard of a Pro-Sal compensation system that requires you to work 4x your salary before the 18-25% production bonus kicks in? Minus low margin revenue
Yea, it checks out
Posted on 8/30/17 at 8:51 pm to eddieray
Actually it is expressed as:
PS= {[TR-LMR-4(S)]*0.2} + S
PS= {[TR-LMR-4(S)]*0.2} + S
This post was edited on 8/30/17 at 8:54 pm
Posted on 8/30/17 at 8:53 pm to deeprig9
I thought the point of going to school for that long was to work for yourself and make your own rules.
Glad I didn't do that crap.
Glad I didn't do that crap.
Posted on 8/30/17 at 9:00 pm to deeprig9
Your analysis is not correct. Pro Sal is a set base compensation (very competitive) + percentage of their production (professional services) above the set base. Not rocket science
This post was edited on 8/30/17 at 9:04 pm
Posted on 8/30/17 at 9:00 pm to kengel2
quote:
I thought the point of going to school for that long was to work for yourself and make your own rules.
Sure, after you pay off obscene amounts of student loans, then raise enough capital to buy a commercial building in a high-traffic commercial area, buy an X-ray machine, CT scanner, surgery equipment, MPI system, pharma inventory, etc etc etc, and be able to ride it out without an operating profit for a few years....
Yeah you can make your own rules and be a millionaire. It takes time to get there.
In the meantime, most vets work for other vets until they also get to that point.
I'm glad I could educate you today. It's been one of my highlights of the day.
Posted on 8/30/17 at 9:01 pm to deeprig9
I'm surprised one of the hundreds of veterinarians on this board hasn't already responded.
Posted on 8/30/17 at 9:02 pm to Uncle_Rico
quote:
Your analysis is not correct. Pro Sal is a set base compensation + a percentage of the their production (most likely professional services) above the set base. Not rocket science
The set base being 4x base compensation.. is that normal?
Posted on 8/30/17 at 9:10 pm to Uncle_Rico
Not sure what you're asking. If they're saying you don't get paid extra until you make 4x's your expected income? Yes, that's unreasonable.
Pro Sal is you get paid "x" amount base salary. If you make over that in professional services, we'll pay you 20-25% of that amount as a bonus.
Pro Sal is you get paid "x" amount base salary. If you make over that in professional services, we'll pay you 20-25% of that amount as a bonus.
Posted on 8/30/17 at 9:11 pm to Uncle_Rico
Uncle Rico.... let me give an example.
Base Salary $100k.
Professional Services performed= $600k.
This does not include low margin things like specialty food, heartworm pills, vaccines, etc. The Professional services are straight-up examination, procedure, and surgery numbers.
Should this Dr in this scenario, under a true ProSal system, be getting 20% of 500k or 20% of 200k?
Base Salary $100k.
Professional Services performed= $600k.
This does not include low margin things like specialty food, heartworm pills, vaccines, etc. The Professional services are straight-up examination, procedure, and surgery numbers.
Should this Dr in this scenario, under a true ProSal system, be getting 20% of 500k or 20% of 200k?
Posted on 8/30/17 at 9:14 pm to Uncle_Rico
quote:
Not sure what you're asking. If they're saying you don't get paid extra until you make 4x's your expected income? Yes, that's unreasonable.
Exactly. Thanks for your validation.
Now... let me ask you this... and any other OT Veterinarians...
This DR walked into this clinic, did not build the client base, basically walked into a great situation with high dollar high volume. Would that be a reasonable justification to short this DR in such a way to require 4x salary to hit production threshold? DR is still doing all the work..... just didn't "build it"....
Posted on 8/30/17 at 9:16 pm to deeprig9
Assuming you're a veterinarian:
A. Your profession is far more important to people and families than you'll ever know; and
B. How the hell do you guys make enough profit to live on, much less live well? I can't figure it out.
A. Your profession is far more important to people and families than you'll ever know; and
B. How the hell do you guys make enough profit to live on, much less live well? I can't figure it out.
Posted on 8/30/17 at 9:17 pm to deeprig9
In that scenario,your doctor should me me a resume ASAP.
Your doctor should be a business owner. That's impressive if he/she is not in a major city.
Your doctor should be a business owner. That's impressive if he/she is not in a major city.
Posted on 8/30/17 at 9:21 pm to TheCurmudgeon
quote:
Assuming you're a veterinarian:
I am not a veterinarian.
quote:
A. Your profession is far more important to people and families than you'll ever know; and
Thank you.
quote:
B. How the hell do you guys make enough profit to live on, much less live well? I can't figure it out.
It's like a Starbucks. Instead of 1000 people spending $4 a day, you have 10 people spending $400.
Posted on 8/30/17 at 9:25 pm to Uncle_Rico
quote:
That's impressive if he/she is not in a major city.
It's a high dollar part of ATL. Nobody does $600k in bumfrick, no matter how good you are.
This doctor will send you a resume' if you have a location in ATL.
Posted on 8/30/17 at 9:33 pm to Uncle_Rico
Rico is correct.
To be more specific:
Dr makes the base salary whatever it is for the month or quarter (however the bonus is calculated). If he produces 10,000 over that he isn't just cut a bonus check for 2,000. He sold 1200 in food and 800 in drug xyz( whatever drugs are too expensive to mark up and make production on). So, he has 10,000 over base production minus 2000 = 8000 * 0.2 = 1600 bonus check on top of the base salary check
To be more specific:
Dr makes the base salary whatever it is for the month or quarter (however the bonus is calculated). If he produces 10,000 over that he isn't just cut a bonus check for 2,000. He sold 1200 in food and 800 in drug xyz( whatever drugs are too expensive to mark up and make production on). So, he has 10,000 over base production minus 2000 = 8000 * 0.2 = 1600 bonus check on top of the base salary check
Posted on 8/30/17 at 9:37 pm to deeprig9
I'm in Texas. I assume this is your significant other? If those are true numbers, they have a bright future. They should make close to $150K bonus, so $250K salary. They would kill it as a business owner.
Posted on 8/30/17 at 10:03 pm to Uncle_Rico
Uncle Rico,
I appreciate your info, and I'm glad, honored, to be the person who finally dragged you out of lurk status.
Auburn DVM, thank you also. I appreciate the validation.
I appreciate your info, and I'm glad, honored, to be the person who finally dragged you out of lurk status.
Auburn DVM, thank you also. I appreciate the validation.
This post was edited on 8/30/17 at 10:04 pm
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