COMPENSATION MODELS FOR VETERINARIANS
Research conducted by the American Animal Hospital Association (Compensation and Benefits, Ninth Edition – Published in 2020) REVEALS that a full-time-equivalent associate veterinarian’s average annual production of professional services totaled $499,915.
- 36% of full-time associate veterinarians were paid only a salary or hourly rate.
- 43% got salary or hourly compensation plus a percentage of production.
- 20% received only a percentage of production.
One size doesn’t fit all when it comes to paying veterinarians (10.28.20)
- “I think if you are in a culture where people are production driven, but not to the point of over-diagnosing or preventing other people from taking cases because they’ll lose production, it’s the best option because you’re rewarded for being talented or personable or working your butt off and seeing a client who wants a same-day appointment.”
It’s time to do away with production-based pay and all its ills (10.1.18)
- In years gone by, veterinarians consistently were ranked among the top most-trusted professionals. But public opinion is changing. Today, many consumers think veterinarians are “selling” more services to grow corporate bottom lines.
- Production-based pay is hurting hospital cultures. Competition between associates, favoritism and an “every man for himself” mindset are becoming pervasive.
HUMAN MEDICINE: NON-COMMISSIONED DOCTORS
Structured, salary-only compensation plan for physicians is a model for pay equity, Mayo Clinic study finds (12.27.19)
- “A structured compensation program has been used for physician salaries at Mayo Clinic for more than 40 years to remove financial incentives to do more than is necessary or less than desired for the patient.“
- “There are no incentives or bonus pay, and nonsalary compensation and benefits are consistent across Mayo Clinic locations and specialties.”