In 2018, Wendy Hauser, DVM, and Joy Fuhrman, DVM, MBA, CPA, challenged the historic production-based compensation for DVMs. This discussion remains timely with the growing demand for veterinary care, increasing use of telemedicine and practices struggling to fill staff positions in the face of the pandemic.
The antidote for production-based pay is this: a hybrid program of sharing profits and growing associates. . . When employed veterinarians are encouraged to actively participate in crafting the hospital’s success, everyone benefits.” Drs. Hauser and Fuhrman
Source: Today’s Veterinary Business, October 2018. Link. Rather than incentivizing veterinarians on their production alone, employ both a collective hospital-based revenue growth component and a merit-based bonus structure that rewards doctors based on goals that encourage professional and practice development.
Also see: RACE-Approved CE Course, ASPCA® Pet Health Insurance, A prescription for change: Why consider an alternative to production-based pay? Link.
- Online continuing education course, for U.S. veterinarians and technicians only
- 1 hour RACE-Approved CE course
- Presented by Wendy Hauser, DVM and Joy Fuhrman, DVM, MBA, CPA