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Hey everyone,
Really need some help/advice here. We are a small ophthalmology/optometry group employed by large physician group, which includes most specialities. Compensation is strictly wRVU based and has been this way for over 20 years. Conversion Factors are determined by comp committee yearly and is set at 50th percentile of MGMA averaged for over 3 years. All good and dandy. Works great for most specialities (our heme/onc, GI, cards make bank. I mean BANK). Does not work out same way for ophthalmology. Problem is MGMA data is not very accurate for our specialty. There are very few groups reporting ophtho compensation to MGMA because very few ophthos work on wRVUs. We believe data is skewed toward lower end of the spectrum and does not represent FMV for our area. Plus, significant $$$ with private practice ophthalmology comes from optical sales (it can be as high as 40-50%). Our optical sales brought in several million dollars last year and our group gladly keeps all that. Our current CF is the lowest of all surgical specialities, and only higher then Peds.
We have been back and forth with the group for many years and they are finally listening. We are at a stage where the group wants us to produce some concrete numbers is regards to why we feel our compensation does not represent FMV. Does anyone have any idea where to look for such data? Someone mentioned Contract Diagnostics in another thread. Could they help to compile such info? Other then asking my private practice ophtho buddy for his tax returns I don't have any other ideas where to obtain such info. TIA.
Really need some help/advice here. We are a small ophthalmology/optometry group employed by large physician group, which includes most specialities. Compensation is strictly wRVU based and has been this way for over 20 years. Conversion Factors are determined by comp committee yearly and is set at 50th percentile of MGMA averaged for over 3 years. All good and dandy. Works great for most specialities (our heme/onc, GI, cards make bank. I mean BANK). Does not work out same way for ophthalmology. Problem is MGMA data is not very accurate for our specialty. There are very few groups reporting ophtho compensation to MGMA because very few ophthos work on wRVUs. We believe data is skewed toward lower end of the spectrum and does not represent FMV for our area. Plus, significant $$$ with private practice ophthalmology comes from optical sales (it can be as high as 40-50%). Our optical sales brought in several million dollars last year and our group gladly keeps all that. Our current CF is the lowest of all surgical specialities, and only higher then Peds.
We have been back and forth with the group for many years and they are finally listening. We are at a stage where the group wants us to produce some concrete numbers is regards to why we feel our compensation does not represent FMV. Does anyone have any idea where to look for such data? Someone mentioned Contract Diagnostics in another thread. Could they help to compile such info? Other then asking my private practice ophtho buddy for his tax returns I don't have any other ideas where to obtain such info. TIA.
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