BizQuiz: Are you educating your veterinary team? (Answer 8A)

There’s no doubt that veterinarians and their teams want to be paid fairly and receive the perks that make their job meaningful and worthwhile. But a practice has to balance the needs of the business against the desire of its employees, and often that means it has to make some tough calls. When money’s tight, the issue is even trickier.

Take this quiz, based on the article “What’s fair compensation?” by Denise Tumblin, CPA, and other resources to see how well you understand the ins and outs of veterinary compensation—and whether your own practice measures up.

1. What percentage of total practice revenue do staff expenses—including wages, retirement contributions, and payroll taxes—normally take up in Well-Managed Practices?

A: 18 percent

B: 25 percent

C: 33 percent

2. Which of the following is not a common method of compensation for full-time associate veterinarians?

A: Straight salary

B: Straight production

C: Production with a guaranteed base salary

D: Hourly wages

3. What’s the average starting salary for an associate at a Well-Managed Practice?

A: $55,000

B: $60,000

C: $71,000

4. Which of the following is not usually included in a split production rate when determining associate pay?

A: Medical services

B: Retail OTC products

C: Pharmacy items

D: Therapeutic diets

5. Which of the following do most associates at Well-Managed Practices consider more important than high pay for their job satisfaction?

A: Good working environment

B: Appreciation of work done

C: Job security

D: All of the above

6. What is the average percentage of employee health insurance costs paid by Well-Managed Practices?

A: 52 percent

B: 62 percent

C: 72 percent

D: 82 percent

7. Which of the following is a benefit a practice can offer employees that doesn’t increase its hard costs?

A: Additional vacation days

B: Flexible scheduling options

C: Let employees bring pets to work

D: All of the above

Interested in more data on compensation and other practice finance measures? Click here.