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Episode 34: How Much Should You Pay Your Staff?

The Private Medical Practice Academy

Episode 34: How Much Should You Pay Your Staff?

May 18, 2021

Episode 34: How Much Should You Pay Your Staff?

Trying to figure out how much to pay your employees can be a very daunting task. On one hand, you want to pay enough to get the best possible talent. On the other hand, you don't want to overpay. In this episode, I’ll walk through how to figure out what salary to offer.

Establish a salary range 
Salary.com will give you  salary ranges  by position and geography.  

Decide the top amount you'd be willing to pay. The next step is to figure out the least you'll pay.  You need to decide where that person falls on the spectrum with regard to your pre-determined salary range.

Decide How You'll Pay Your Employees

There are basically two types of employees: salaried and  hourly.

  • Your office manager and other high level staff are typically salaried
  • Front office staff, medical assistants and any billing staff are typically paid hourly

Bonuses 
Bonuses should be considered as part of your employees’ compensation packages. One major advantage of offering bonuses is that they give you, the employer, flexibility.

There are  three major categories: p

  1.  Performance Bonuses
  2.  Non-performance based bonuses
  3. Non-monetary bonuses

The takeaway messages are that you want to define a clear salary range with a set upper and lower limit for each position. Match jobs whose value comes with hours to hourly pay and jobs whose value comes in insight or skill to salaried pay. Use bonuses to align everyone around your business’ goals.

For a full searchable copy of the transcript, https://www.thepracticebuildingmd.com/podcast

Join my FB group, The Private Medical Practice Academy to be part of a community interested in starting, running and growing their private medical practices and leveraging them into multiple revenue streams.

If you'd like to hear more tips on how to start, run and grow your practice and related medical businesses, please sign up for my newsletter at https://www.thepracticebuildingmd.com.   

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