|
 In
this issue, we’ll discuss the many various practice options.
You may have considered working for someone else before you open
your own practice. This is called “associating.”
Why might you consider associating? You
might consider it an option:
• To gain experience in a specific
technique by working under the direction of a senior doctor.
• To save up funds and gain experience
in order to have a better chance at getting a startup loan.
• To learn about the operation of
a business and to observe how a well-run practice functions, from
the front office to patient care, and all aspects of the practice.
It’s important to understand that
associating is an employment relationship; that is, you are an
employee of the other doctor. This means:
• You must adhere to the policies
of the hiring doctor’s practice.
• You must use chiropractic techniques,
patient protocols, and note-taking procedures that are prescribed
by the doctor.
• You will most likely be required
to work certain hours, and you may also be required to do marketing
activities such as patient screenings at malls or attending other
events on behalf of the practice.
• You must participate with the
practice management company the office utilizes, going to seminars
and conferences (usually at the expense of the hiring doctor).
• You should receive benefits (health
insurance, time off, employer contributions to FICA (Social Security)
and Medicare, the same as the other employees in the practice.
• You may or may not have to pay
your own malpractice insurance.
• You cannot take patients away
from the practice when you leave.
Associate doctors usually receive base
pay plus an incentive bonus for additional patients cared for
or brought into the practice. The base pay can range from nothing
(that is, paid on a straight percentage) to about $57,000 annually
(according to Chiropractic Economics 9th Annual Salary and Expense
Survey).
So, why would you work for someone else
when you could start your own practice? For the reasons above,
many new graduates choose to associate. As long as you know all
the facts, it may be the right solution for you, at least temporarily.
| Recognizing that there
is no such thing as a “typical” associate contract,
here’s what you might expect for monthly income and
expenses with such a relationship: |
| Monthly income (base) |
$2,000 |
| Plus, 35% of gross collections
for last month over $10,000 for your work ($11,000 = $1,000
x 0.35): |
$350 |
| Total monthly pay: |
$2,350 |
| Less: |
|
| |
Withholding: |
$75 |
| |
Social Security/Medicare: |
$188 |
| |
Malpractice Insurance: |
$100 |
| Total: |
$1,912 |
| That’s what you
have to live on. And that’s assuming you don’t
have to pay a portion of the health insurance premium, which
most employees in small businesses do. It also doesn’t
include expenses for continuing education and repayment of
your student loans. |
Back
|
