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Clarifying Staff Costs
In the March 2006 issue of Physicians Practice, in the "Dodging Bullets" article, consultant Elizabeth Woodcock made the statement that staff payroll should be between 18 percent and 22 percent of total revenue. Does staff payroll include the office manager's salary, or are we talking about support staff only? Second, does "revenue" refer to gross or net?
Question: In the March 2006 issue of Physicians Practice, in the "Dodging Bullets" article, consultant Elizabeth Woodcock made the statement that staff payroll should be between 18 percent and 22 percent of total revenue. Does staff payroll include the office manager's salary, or are we talking about support staff only? Second, does "revenue" refer to gross or net?
Answer: That range does include the office manager's salary, and the reference is to net revenue - what you actually brought in the door, not what you billed out.
Of course, the exact percentage would vary by specialty. The medical Group Management Association publishes survey data that breaks this down and gives details for your specialty (www.mgma.com).
Asset Protection and Financial Planning
December 6th 2021Asset protection attorney and regular Physicians Practice contributor Ike Devji and Anthony Williams, an investment advisor representative and the founder and president of Mosaic Financial Associates, discuss the impact of COVID-19 on high-earner assets and financial planning, impending tax changes, common asset protection and wealth preservation mistakes high earners make, and more.
Reducing burnout with medical scribes
November 29th 2021Physicians Practice® spoke with Fernando Mendoza, MD, FAAP, FACEP, the founder and CEO of Scrivas, LLC, about the rising rates of reported burnout among physicians and how medical scribes might be able to alleviate some pressures from physicians.
