BizQuiz: Do you have a clue about doctor pay? (Answer 3b)
Taking the BizQuiz? This is the answer to question 3 from "Do you have a clue about doctor pay?"
3) B–Incorrect.
Skillful private eyes will uncover differing opinions on this subject, but I recommend that doctor production cover wages and retirement contributions.
Because different people use the term “compensation” to refer to different figures-wages only, the total compensation package paid to the doctor, the total hospital cost of employing the doctor, and so on-this topic is ripe for misunderstanding and confusion. In the percentage ranges discussed earlier in this article, I include wages and retirement contributions paid on behalf of the doctor (deferred compensation). Other benefits-which typically include CE, health insurance, liability insurance, and professional dues and licenses-are paid in addition to the production percentage. They often total another $8,000 to $12,000 worth of compensation.
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