Recently I have been having several conversations with both associates and principals all with the same theme, MONEY.
The associates have been asking questions such as,
“How do I set my fees?”
“How much should I be earning?”
The Principals have been asking,
“How and what should I pay my associates?”
The first question I asked in each situation is what is the hourly rate of the surgery?
Unfortunately, neither the associates or more concerningly the principals could not answer the question. On digging deeper none of the principals that had asked for my help, had any form or costings or budget projections for the practice.
If the principals of the practices the associates were working had the numbers they had not shared them with the associates.
Without the numbers, pricing and remuneration is all guesswork, and in my experiences, over 10 years of doing this, most practices guess wrong.
Consequently, their pricing strucure and renumeration packages are wrong.
The most important thing you could do today is to create an accurate budget projection for the next three years and calculate your surgery costs.
If you don’t know how to do this, call us on 07989 757 884
If you have an accurate budget, and surgery costings and you still don’t know how to set your fees or appropriately remunerate yourself and your associates and other team members, e mail me Jane@IODB.co.uk as we will show you how.