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Do you compensate your managing partner?

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  • Do you compensate your managing partner?

    How many of you compensate the managing physician partner? If you would not mind sharing how much , I would appreciate it.

    As alluded to in one of my other posts , we are transitioning to a slow down phase in the founding partner, who acts as the managing partner as well, and trying to figure out reasonable compensation into that phase. Lots of fun negotiating ...

  • #2
    It would be difficult to put a specific price on things due to the wide variances in practices in scale and operations. For a large practice it would be a tidy sum, but theyd have real responsibilities and held to some kind of performance standard. I mean I see RNs making 100-150k for surgery center management, and a whole practice is worth a lot more, its revenue stream can be crushed with poor managerial skills.

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    • #3
      We reimburse admin time at an hourly rate which is pegged to the calculated hourly rate averaged from clinical billing/collection of all the providers.  This seems to work out ok. Obviously, the directors are never (truly) off-duty--we don't track time like attorneys!--but at least their time at meetings/office is covered.  As a higher-than-average biller, I take a bit of a pay cut to go to a meeting as opposed to providing patient care; on the other hand, it seems so easy in comparison.  Part of why this model works is that most in our group would rather poke out their own eyeballs than talk to administrators, so they are happy to pay those that don't mind.

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      • #4




        We reimburse admin time at an hourly rate which is pegged to the calculated hourly rate averaged from clinical billing/collection of all the providers.  This seems to work out ok. Obviously, the directors are never (truly) off-duty–we don’t track time like attorneys!–but at least their time at meetings/office is covered.  As a higher-than-average biller, I take a bit of a pay cut to go to a meeting as opposed to providing patient care; on the other hand, it seems so easy in comparison.  Part of why this model works is that most in our group would rather poke out their own eyeballs than talk to administrators, so they are happy to pay those that don’t mind.
        Click to expand...


        Thank you - it's a reasonable methodology. However, for a highly compensated subspecialty surgeon the hourly rate is very high and thus even a few hours a week puts the figure over $100K and our partner claims over 8 hours per week is "needed", which starts to make me nauseous.

        It's obviously very dependent on the practice, the specialty, the group size and the complexity of the situation at hand.

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        • #5
          If you think $100K is too much, why don't you do it for that?

          The price is what the market sets it at. If nobody is willing to do it for $20K, you'll need to pay more.
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

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          • #6
            100k? RNs managing tiny places and small ORs make more than that.

            I think probably you should try it out yourself for a while and see what it takes and then assess the price you'd be willing to do it for. Obviously depends on the extent of your particular practice, but this could/should be a full time + job.

            I certainly wouldnt do it for that, not by half.

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            • #7
              I received a stipend of $24,000 per year, plus extra time for meetings and such, to manage our practice.

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              • #8




                100k? RNs managing tiny places and small ORs make more than that.

                I think probably you should try it out yourself for a while and see what it takes and then assess the price you’d be willing to do it for. Obviously depends on the extent of your particular practice, but this could/should be a full time + job.

                I certainly wouldnt do it for that, not by half.
                Click to expand...


                Ah, just to clarify- we have a full time office administrator. The managing partner really oversees the manager, deals with contract negotiations, etc..it's a few hours per week.

                 

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                • #9







                  100k? RNs managing tiny places and small ORs make more than that.

                  I think probably you should try it out yourself for a while and see what it takes and then assess the price you’d be willing to do it for. Obviously depends on the extent of your particular practice, but this could/should be a full time + job.

                  I certainly wouldnt do it for that, not by half.
                  Click to expand…


                  Ah, just to clarify- we have a full time office administrator. The managing partner really oversees the manager, deals with contract negotiations, etc..it’s a few hours per week.

                   
                  Click to expand...


                  Thats definitely different than someone literally running the whole practice and being totally involved in every part of the day to day. Eight hours/wk would probably be pretty consistent with your set up.

                  Agree that if no one wants to do it, it may get spendy fast. What duties do they do and is there a cheaper yet still getting it done option? Why does the manager need a manager. Maybe there can be a different set up that accomplishes the same goal. Can these items be aggregated and followed at monthly/quarterly meetings, etc...

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                  • #10




                    We reimburse admin time at an hourly rate which is pegged to the calculated hourly rate averaged from clinical billing/collection of all the providers.  This seems to work out ok. Obviously, the directors are never (truly) off-duty–we don’t track time like attorneys!–but at least their time at meetings/office is covered.  As a higher-than-average biller, I take a bit of a pay cut to go to a meeting as opposed to providing patient care; on the other hand, it seems so easy in comparison.  Part of why this model works is that most in our group would rather poke out their own eyeballs than talk to administrators, so they are happy to pay those that don’t mind.
                    Click to expand...


                    G - How big is your group and do you also have a full time office administrator?

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                    • #11


                      What duties do they do and is there a cheaper yet still getting it done option? Why does the manager need a manager.
                      Click to expand...


                      Therein lies the issue: We are dealing with the founding member of the group, and no doubt there is some degree of justification of need. It is rather unclear how much and what exactly he needs to do, at least to the other partners. As far as me taking it over goes - it may be headed that way very quickly as negotiations have been rather prickly.

                      Partnerships are so much fun...

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                      • #12
                        When I was in a big OB/GYN group of 13 docs the managing partner took no weekday call.  He did rotate on weekend call.  Less call was the compensation.

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                        • #13
                          Sadly that would be me. We are hospital employed and although a stipend is paid, since we are rvu based it probably costs me conservatively $60k per year for the privilege.

                          I take full call share and there are no perks. Unless you count listening to everyone's problems a perk.

                          Hopefully they fix this problem.

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                          • #14
                            I know we spend over $100K combined for the managing partner and the medical director. We've got a goofy system where it is a combination of a flat stipend and a number of shifts. Kind of disguises how much it is exactly which is probably bad.
                            Helping those who wear the white coat get a fair shake on Wall Street since 2011

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                            • #15
                              50-60 docs.  We have a full time office manager and I think we're up to 3 office assistants.  Our "managing partner" works as much clinical time as I do, of course he's a bit more driven than me.  FWIW we are pretty liberal with reimbursing administrative time for everybody (meetings, special tasks, etc).  Even as a highly billing subspecialist surgeon, could you still come up with an hourly?  i.e. you might be paid $5k for a 1 hr procedure, but once you factor in pre-op, rounding, post-op, etc, and factor this for your entire practice, is there an hourly rate?  Or just divide your 1099/W-2 by how many hours you worked last year.  If you can monetize/value your time, it might be easier to split up the responsibilities between partners so that everybody feels like they are contributing/not getting screwed.  Also, is that $100k per YEAR for a day each week?  If so, that sounds reasonable as others have mentioned.  If that 100k is for 200-400 hrs of work, your nausea might be replaced with giddiness.  Most in our group are happy to open their wallets so that they never have to chat with a hospital CEO, meet a bureaucrat on the sepsis committee, or negotiate contracts with an insurance agent.

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