www.eyecarebusiness.com

Download Report

Transcript www.eyecarebusiness.com

Optometrist
Salary Study
2010
Table of Contents
Methodology
2
Key Findings
3
Profile of Practice
5
Salary/Revenue and Expectations
13
Respondent Profile
22
Appendix A: Current Income By Selected Segments
29
Appendix B: Questionnaire
35
1
Methodology
 Subscribers of Optometric Management and/or Eyecare Business
were surveyed via online questionnaire
 All respondents classified themselves as optometrists
 Field dates: March 24-31, 2010
 All respondents who completed the survey were entered into a
drawing for $200 in American Express gift checks
2
Key Findings
 Subscribers cited a median gross income of $137,500. Most subscribers
reported that their salaries increased or stayed the same in 2009 vs. 2008,
and that momentum is expected to continue.
 About half of subscribers said their salary increased in 2009 compared to 2008, while about one in five
cited a decline.
 Similarly, nearly half anticipate that their salary will increase compared to 2009, while four in ten think it
will stay the same and about one in ten anticipate a decline.
14%
12%
Current Gross Income
Level of Subscribers
15%
21%
Less than $75, 000
$125, 000-$249, 999
21%
17%
$75, 000-$99, 999
$250, 000-$499, 999
$100, 000-$124, 999
$500, 000 or more
Q.10: Which bracket below indicates your current gross income level?
Base: Total respondents answering respective question (n=322)
3
Key Findings (Cont’d)
 Subscribers are highly optimistic regarding gross revenue of their practice
 More than half of subscribers anticipate that their practice’s gross revenues will increase
compared to 2009.
 Subscribers who own the practice where they are employed are more optimistic than those who do not
own the practice.
 In addition, subscribers who cite lower gross revenues (under $500,000) are most likely to say they
anticipate revenues will increase
 The economy plays a role among subscribers who anticipate an increase in revenue as well
as those who anticipate a decline.
 Those who anticipate an increase in their practice’s gross revenues attribute it primarily to an increase
in patients as well as an economic rebound. Subscribers who anticipate a decline cite the economy
and changes related to insurance coverage.
12%
Total Revenue of Largest
Practice Location
16%
17%
29%
15%
Revenue of Largest Practice Location:
Median: $875,000
11%
Under $300,000
$300,000-499,999
$500,000-749,999
$750,000<1 million
$1 million<3million
$3 million or more
Q.13: What is the approximate total revenue of your LARGEST practice location?
Base: Total respondents answering respective question (n=258)
4
Practice
Profile
5
Description of Practice
About half of subscribers are either in solo or group practice.
% of Subscribers
24
Solo practice
23
Group practice
14
Independent affiliated with retail corp.
11
Employee of independent O.D.
10
Employee of Independent M.D.
8
Employee of retail chain
7
Other
Educator/Researcher
1
Student
*
Military
*
*=Less than .5%
Q.1: Which of the following best describes your practice format?
Base: Total respondents answering respective question (n=322)
6
Ownership of Practice
Subscribers are equally split with regards to ownership of the
practice where they are employed.
% of Subscribers
Do not
own
51%
Own
49%
Q.2: Do you own the practice where you work?
Base: Total respondents answering respective question (n=322)
7
Years in Practice
Nearly half of respondents have been in practice for less than 10 years.
% of Subscribers
12%
15%
48%
Less than 10 years
11-20 years
21-30 years
25%
More than 30 years
Average = 14 years
Q.3: How many years have you been in practice?
Base: Total respondents answering respective question (n=321)
8
Number of Practice Locations
Most subscribers (58%), practice out of just one location, while
one-quarter practice out of two.
% of Subscribers
7%
11%
24%
58%
One
Two
Three
Four or more
Average = 1.8 locations
Q.4: Out of how many locations do you practice?
Base: Total respondents answering respective question (n=320)
9
Number of Employees Personally Overseeing
More than two-thirds of respondents (70%) are responsible for overseeing
employees where they work. More than four in ten oversee one to five
employees.
% of Subscribers
30%
44%
1-5 employees
6-10 employees
3%
11-20 employees
8%
More than 20 employees
14%
None
Average (among those who oversee 1+) = 6 employees
Q.5: How many employees do you personally oversee?
Base: Total respondents answering respective question (n=321)
10
Types of Drugs Recommended/Prescribed
Virtually all respondents said they prescribe prescription medications to
their patients. They are equally likely to say that they ever prescribe OTC
medications.
% of Subscribers
OTC Medications
Prescription
Medications
99%
96%
Q.6: Do you EVER prescribe prescription medications to your patients?
Q.7: Do you EVER recommend OTC medications to your patients?
Base: Total respondents answering respective question (n=318)
11
Patient Load of Largest Practice Location
Two-thirds of subscribers (68%) report that they personally see at least
40 patients over the course of a typical week and more than four in ten
(41%) see more than 60.
% of Subscribers
10%
41%
22%
27%
1-20
21-40
41-60
More than 60
Q.17: Still thinking of your LARGEST practice location, how many patients
do you personally see in a typical week?
Base: Total respondents answering respective question (n=321)
12
Salary/Revenue
and Expectations
13
Current Gross Income Level
The majority of subscribers (71%) reported current gross income
levels of less than $250,000.
% of Subscribers
14% 12%
15%
21%
Less than $75, 000
$125, 000-$249, 999
Summary
Less than $100,000
33%
$100,000-$249,999
38%
$250,000-$499,999
15%
$500,000 or more
14%
21%
17%
$75, 000-$99, 999
$250, 000-$499, 999
$100, 000-$124, 999
$500, 000 or more
Q.10: Which bracket below indicates your current gross income level?
Base: Total respondents answering respective question (n=322)
14
Change in Salary in 2009 vs. 2008
Half of subscribers (48%) say their salary in 2009 increased compared to
2008. About one in five (21%) reported a decline.
% of Subscribers
48%
Increased
31%
Stayed the same
Decreased
Net Difference:
Increased – Decreased=
27%
21%
Q.11: Compared to 2008, your salary in 2009:
Base: Total respondents answering respective question (n=314)
15
Anticipated Salary in 2010 vs. 2009
Similarly, nearly half of subscribers (47%) anticipate that their salary will
increase compared to 2009. Only about one in ten (13%) expect their
salary to decline.
% of Subscribers
47%
Increase
40%
Stay the same
Decrease
Net Difference:
Increase – Decrease=
34%
13%
Q.12: Compared to 2009, do you expect your salary this year will:
Base: Total respondents answering respective question (n=321)
16
Total Revenue of Largest Practice Location
Reported revenues of largest practice location vary considerably.
% of Subscribers
16%
Under $300,000
$300,000$499,999
$500,000$749,999
17%
Under $500,000
33%
$500,000-$999,999
26%
$1 million or more
41%
11%
$750,000 but less
than $1 million
15%
$1 million but less
than $3 million
$3 million or
more
Summary
29%
12%
Q.13: What is the approximate total revenue of your LARGEST practice location?
Base: Total respondents answering respective question (n=258)
Note: 20% of respondents were unable to answer. They are excluded from the base.
17
Anticipated Gross Revenues: 2010 vs. 2009
More than half of subscribers (54%) anticipate that their practice’s gross revenues
will increase compared to 2009. One third (32%) expect revenues to stay the same
while only about one in ten (14%) expect their revenues to decline.
% of Subscribers
54%
Increase
32%
Stay the same
Decrease
Net Difference:
Increase – Decrease=
40%
14%
Q.14: Compared to 2009, I expect my practice’s gross revenues will:
Base: Total respondents answering respective question (n=318)
18
Reasons for Anticipated Change in Gross Revenues:
2010 vs. 2009 (unaided)
Subscribers who anticipate an increase in their practice’s gross revenues this year attribute it
primarily to an increase in patients and the economic rebound. On the other hand,
subscribers who anticipate a decline cite the economy and changes/losses in insurance
coverage
Factors Will Contribute to Anticipated
Increase (unaided)
New patients/increasing
patient base
13%
Economic rebound
11%
New clinic/location/still in
growth mode
10%
More marketing
4%
Added a doctor
4%
More patients with
insurance
3%
Factors Will Contribute to
Anticipated Decrease (unaided)
Job losses/economy
52%
Changes/losses in
insurance coverage
23%
Base: Anticipate a decrease in
practice’s gross revenue (n=44)
NOTE: Only major mentions are
shown
Base: Anticipate an increase in
practice’s gross revenue (n=171)
NOTE: Only major mentions are shown
Q.15: What factors, if any, will contribute to the anticipated increase or
decrease in your practice’s gross revenues?
19
Anticipated Gross Revenues in 2010 vs. 2009:
By Ownership/Non Ownership of Practice
Subscribers who own the practice where they are employed are more optimistic
about anticipated gross revenues than subscribers who do not own the practice.
Own Practice Where Employed (A)
60%
Increase
28%
Stay the same
Decrease
Net Difference:
Increase – Decrease
12%
B
Do Not Own Practice Where Employed (B)
37%
Stay the same
Decrease
+48%B
47%
Increase
16%
+31%
Note: Letters indicate statistically significant differences at the 90% confidence level
Q.14: Compared to 2009, I expect my practice’s gross revenues will:
20
Anticipated Gross Revenues in 2010 vs. 2009:
By Practice’s Gross Revenue
Subscribers who report the lowest gross revenue are more optimistic
about their practice’s gross revenues than other subscribers.
Under $500,000 (A)
$500,000-$999,999 (B)
62%
12%
$1 million or more (C)
57%
54%
12%
Inc rease
14%
Stay the same
Dec rease
26%
Net
Difference:
Increase –
Decrease
+36%B
34%
+20%
29%
+28%
Note: Letters indicate statistically significant differences at the 90% confidence level
Q.14: Compared to 2009, I expect my practice’s gross revenues will:
21
Respondent
Profile
22
Fringe Benefits Currently Receive
Nearly three-quarters of subscribers say they currently receive medical
insurance while about two-thirds receive paid vacation/holiday.
% of Subscribers
73%
Medical insurance
65%
Paid vacation
63%
Paid holiday
Pension plan/company matching %
of 401k plan
59%
55%
Bonus
48%
Sick leave
39%
Life insurance
33%
Dental insurance
Reimbursement for medical
expenses (flexible spending
account)
Tuition reimbursement
Average1 = 3.1 weeks
27%
20%
1
Based on those who receive any paid vacation
Q.19: Which of the following fringe benefits do you currently receive?
Base: Total respondents answering respective question (n=217)
23
Biggest Inspiration for Pursuing a Career in Optometry
The leading inspiration for pursuing a career in optometry was a
desire to help people improve vision.
% of Subscribers
Desire to help
people improve
vision
41%
Earning potential
and benefits
17%
Job requirements
alinged with my
skill set
17%
Job stability
Family member in
vision care
Other
10%
9%
8%
Q.22: What was your biggest inspiration for pursuing a career in optometry?
Base: Total respondents answering respective question (n=316)
24
Member of National or Regional Optometry Associations
The majority of subscribers (70%) belong to any national or regional
optometry association. The most commonly cited association was the AOA.
% of Subscribers
30%
71% of those who belong to
an association are members
of the AOA
70%
Yes
No
Q.8: Do you belong to any national or regional optometry associations?
Base: Total respondents answering respective question (n=321)
25
Additional Degrees
The vast majority of subscribers said they do not hold any additional
degrees.
% of Subscribers
Additional Degrees Held
10%
46%
MS
21%
MA
18%
BA
14%
JD
11%
MBA
7%
Base: Hold an additional
degree (n=28)
Note: Only major mentions
are shown
90%
Hold any additional degrees
BS
Do not hold any additional degrees
Q.18: Do you hold any additional degrees?
Base: Total respondents answering respective question (n=265)
26
Respondent Age and Gender
% of Subscribers
Age
Gender
1%
7%
16%
18%
41%
59%
36%
22%
20-30
31-40
41-50
51-60
61-70
More than 70
Q.20: Please indicate your age range: (n=322)
Q.21: Please indicate your gender: (n=318)
Base: Total respondents answering respective question
Male
Female
27
Region of the Country
% of Subscribers
20%
East North Central
18%
Pacific
New England
11%
West South Central
11%
10%
Middle Atlantic
9%
West North Central
8%
South Atlantic
Mountain
East South Central
7%
6%
Q.9: In what region of the country do you practice?
Base: Total respondents answering respective question (n=321)
28
Appendix A:
Current Income By Selected Segments
29
Current Gross Income Level By Gender
Total
Male
Female
%
%
%
Less than $100,000
33
24
47
$100,000-$249,999
38
36
41
$250,000-$499,000
15
19
8
$500,000 or more
14
21
4
137,500
175,000
112,500
Median ($)
Q.10: Which bracket below indicates your current gross income level?
30
Current Gross Income Level By Region
Total
East
North
Central
East South
Central
Middle
Atlantic
%
%
%
Less than $100,000
33
27
$100,000-$249,999
38
$250,000-$499,000
$500,000 or more
Median ($)
Pacific
South
Atlantic
West
North
Central
West South
Central
%
%
%
%
%
36
32
40
42
29
30
38
30
41
30
31
39
28
5
12
17
11
18
8
14
25
13
11
12
17
16
12
19
18
17
112.5
137.5
112.5
137.5
112.5
112.5
112.5
137.5
225.0
Mountain
New
England
%
%
21
38
44
63
15
16
14
137.5
Q.10: Which bracket below indicates your current gross income level?
31
Current Gross Income Level By Patient Load
Patients Personally See in a Typical Week
Total
1-20
21-40
41-60
More than 60
%
%
%
%
%
Less than $100,000
33
59
48
38
15
$100,000-$249,999
38
34
38
33
42
$250,000-$499,000
15
7
7
15
21
$500,000 or more
14
0
7
14
22
137,500
87,500
112,500
112,500
225,000
Median ($)
Q.10: Which bracket below indicates your current gross income level?
32
Current Gross Income Level By Practice Format
Practice Format
Total
Solo
Group
Other
%
%
%
%
Less than $100,000
33
25
20
43
$100,000-$249,999
38
27
28
46
$250,000-$499,000
15
25
21
7
$500,000 or more
14
23
31
4
137,500
225,000
275,000
112,500
Median ($)
Q.10: Which bracket below indicates your current gross income level?
33
Current Gross Income Level By Revenue of
Largest Practice Location
Revenue of Largest Practice Location
Total
Under
$500,000
$500,000$999,999
1 million but less
than 3 million
3 million or more
%
%
%
%
%
Less than $100,000
33
33
21
16
35
$100,000-$249,999
38
39
38
36
53
$250,000-$499,000
15
24
12
22
6
$500,000 or more
14
4
29
26
16
137,500
137,500
175,000
225,000
112,500
Median ($)
Q.10: Which bracket below indicates your current gross income level?
34
Appendix B: Questionnaire
35
Click on the link below to view the questionnaire:
36