2015 Medical & Dental Survey Executive Parkway Suite 110 Eugene, Oregon P: F: kernuttstokes.

Transcription

1 2015 Medical & Dental Survey 1600 Executive Parkway Suite 110 Eugene, Oregon P: F: kernuttstokes.com

2 A letter from your Kernutt Stokes Healthcare & Employee Benefit Specialists Enclosed are the results of our 2015 Medical/Dental Survey. The survey respondents included a diverse group of practices throughout southern Willamette Valley. We trust this information will be useful to you in making strategic decisions for your practice. In an effort to present the information in a manner that can be easily interpreted and utilized, we have provided the following: A description of the survey respondents, including practice size and type. A summary of data for areas, including salary ranges and averages for various positions. Graphic representations of each question posed within the original survey. The industry reports referenced throughout the survey results were provided by First Research, a division of Hoover s Inc. We hope you find this information valuable and we appreciate your participation in our survey. If you have any questions regarding the information presented, please feel free to contact our office at Sincerely, Kernutt Stokes John Mlynczyk, CPA Partner B. Dean Huber, CPA, CPC Partner 2

3 Table of Contents Description of Medical Survey Respondents... 4 Medical Benefits Health, Dental and Life Insurance... 5 Retirement Plans... 6 Vacation and Time Off... 7 Medical Compensation... 8 Description of Dental Survey Respondents... 9 Dental Benefits Health, Dental and Life Insurance Retirement Plans Vacation and Time Off Dental Compensation

4 Description of Medical Survey Respondents According to industry reports, there are about 220,000 physician offices in the U.S. with combined annual revenue of about $20 billion. About 75% of all physician offices are small with fewer than 10 employees, including doctors, while only 1,900 offices have more than 100 employees. The images below illustrate 2015 survey respondent demographics. This year s dominate practice profile includes specialty practices with 2-5 physicians and 16+ total staff members. According to industry reports, many practices are under pressure to control health costs and are joining Group Practice Associations (GPAs) and Independent Practice Associations (IPAs). Some existing associations are looking to convert to Accountable Care Organizations (ACOs) under the new health reform laws. Number of Physicians Number of Individuals One Number of Full-Time Equivalent n-physician Staff Number of Full-Time Equivalent Administrative & Clerical Staff All of this years survey respondents reported not being a part of a larger organization. 4

5 Medical Benefits Health, Dental and Life Insurance Industry reports reveal that because workers in the healthcare field are very knowledge about medical insurance plans, practitioners usually offer excellent fringe benefits. According to the 2015 survey data, 100% of practices offer health insurance coverage. All respondents pay for the entire individual expense. Half of this year s survey respondents offer dental insurance coverage with 50% covering 50% of the individual expense. In addition, 50% of respondents offer life insurance coverage to their employees. Those that offer this coverage pay for the entire expense. All respondents reported that they do not offer short-term and long-term disability to their employees. Health Insurance All survey respondents offer health insurance coverage. In addition, 100% pay for the entire individual expense. Dental Insurance Do you offer dental insurance coverage to your employees? Individual Percentage Paid by Company 100% 1-24% Life Insurance Do you offer life insurance coverage to your employees? 5 5 Short-term 5 Disability

6 Medical Benefits Retirement Plans According to this year s survey respondents, 75% offer retirement plans to their employees. The majority of the respondents offer a profit sharing plan (80%) and are allowed to select their own investments (75%). Do you offer a 401(k) plan to your employees? Type of 401(k) Benefits Offered Profit sharing 8 Match 2 ne Do you offer a defined benefit plan? If you offer employees a retirement plan, are they allowed to select their own investments? 20% 4 response response 4 Number of Days Received Per Year 6

7 Medical Benefits Vacation and Time Off 4 Number of Days Received Per Year Vacation Range Average Under 1 year N/A* years N/A* years N/A* years N/A* 20 Sick Time Range Average Under 1 year N/A* years N/A* years N/A* years N/A* 8 Combined Range Average Under 1 year years years years *Indicates only one company listed time off for this amount. Holidays Observed What benefits do you offer your part-time employees? New Year s Day Good Friday Memorial Day 4th of July Labor Day Veterans Day Thanksgiving Day after Thanksgiving Christmas Eve Christmas Day New Year s Eve Other Health Insurance Dental Insurance Short-term disability NO PT Employees Life Insurance Pro-rated Vacation Long-Term Disability Benefits Offered Response Do you offer health benefit plans to your employees? Do you offer the following health benefit plans? Flexible Spending Account (Section 125/Cafeteria Plan) Medical Reimbursement Plan response Individual Deductible Amount Deductible Contributed by Practice Family Deductible Amount 5 Deductible Contributed by Practice

8 Medical Compensation According to the Bureau of Labor Statistics, the average hourly wages of employees in United States medical offices increased from $27.68 in 2013 to $29.01 in The average medical wage has further increased to $29.53 in May The survey respondents reported average wages of $ All survey respondents reported their criteria for increasing employee salaries is cost of living. Half of respondents also consider merit based when it comes to increases. In addition, 50% of the respondents distribute annual holiday bonuses. Does your practice offer a bonus program? Basis for Bonuses What is the basis for salary increases for your employees? Based on profitability Merit based 5 Based on individual performance Annual holiday bonus 5 Cost of living 10 response Automatic annual Full-time and Part-time Wages Average Range Office Manager FT Hourly Rate $31.85 $23.96 $46.09 Years Experience Practice Administrator FT Hourly Rate $41.50 N/A* Years Experience 35.0 N/A* Business Manager FT Hourly Rate $26.25 N/A* Years Experience 23.0 N/A* Front Office Supervisor FT Hourly Rate $17.50 N/A* Years Experience 13.0 N/A* Bookkeeper(s) FT Hourly Rate $27.79 $26.30 $29.28 Years Experience Transcription FT Hourly Rate $18.32 $26.30 $29.28 PT Hourly Rate $13.00 N/A* Years Experience Credits and Collections/Billing Supervisor /Insurance Clerk/Insurance Biller FT Hourly Rate $22.18 $19.95 $24.20 Years Experience Insurance/Accounts Receivable Specialist FT Hourly Rate $16.33 $15.00 $17.65 Years Experience Medical Record/File Clerk FT Hourly Rate $14.66 $11.00 $16.73 Years Experience Administrative Assistant/Receptionist FT Hourly Rate $15.09 $14.08 $16.80 Years Experience Other Office Clerks FT Hourly Rate $16.62 N/A* Years Experience 1.0 N/A* Referral Coordinator FT Hourly Rate $16.35 $14.14 $18.00 Years Experience Certified Medical Assistant, M.A. FT Hourly Rate $18.05 $15.16 $19.92 Years Experience Physician's Assistant, P.A. FT Hourly Rate $74.60 N/A* Years Experience 4.5 N/A* Write-ins Average Range Ultrasound Tech FT Hourly Rate $38.60 N/A* PT Hourly Rate $34.00 N/A* Years Experience 6.0 N/A* Registered Nurse, R.N. FT Hourly Rate $28.25 $26.00 $30.50 Years Experience Licensed Practical Nurse, LPN FT Hourly Rate $18.50 N/A* Years Experience 3.5 N/A* n-certified Medical Office Assistant, MOA FT Hourly Rate $17.51 N/A* Years Experience 1.0 N/A* Scheduler FT Hourly Rate $18.27 $15.61 $23.00 Years Experience IT Coordinator FT Hourly Rate $17.50 N/A* Years Experience 15.0 N/A* Sterile Tech PT Hourly Rate $19.00 N/A* Opthalmic Technician FT Hourly Rate $20.28 N/A* Years Experience 11.5 N/A* Esthetician PT Hourly Rate $21.50 N/A* Years Experience 15.0 N/A* *Indicates only one company listed wages for this position. 8

9 Description of Dental Survey Respondents According to national industry reports, demand for dental services is driven largely by demographics. Children ages five to 19 and audits over the age of 55 require the most dental work. According to industry reports, roughly 130,000 dentist offices and clinics operate in the United States, most of which are comprised of sole practitioners, but group practices are growing. The 2015 survey respondents echoed this by responding with 60% operating with one practitioner. According to industry reports, there are fewer incoming dentists, leading to a projected shortage. This decline in practitioners is giving dental hygienists increased responsibility in their roles and, therefore, performing more tasks without dentist supervision. Based on this year s survey respondents, 40% reported having more than one hygienist in their office. Number of Dentists Number of Hygieni 4 Sole Practitioner umber of Dentists Number of Hygienists 4 Sole Practitioner hygienists 1 hygienist ne 2 9

10 Dental Benefits Health, Dental and Life Insurance According to the 2015 survey data, 60% of dental practices offer health insurance with 33% paying for the entire individual expense. Based on this year s results, 40% reported providing dental insurance coverage to their employees. Those that offered dental insurance pay for all individual expenses. Only 20% offer life insurance. Very few survey respondents offer short-term (40%) and long-term (20%) disability coverage. Health Insurance Do you offer health insurance coverage to your employees? Individual Percentage Paid by Company 100% 50 75% 0-24% % 33.0% 34.0% Dental Insurance Do you offer dental insurance coverage to your employees? 2 4 Response 4 Life Insurance and Disability Coverage Do you offer life insurance coverage to your employees? Do you offer short-term disability to your employees? Do you offer long-term disability to your employees? % 2 0% % 2 100%

11 Dental Benefits Retirement Plans Beyond health insurance coverage, some respondents also offer additional benefits to their employees. According to this year s survey respondents, 60% reported they offer retirement plans to their employees with 40% offering a profit sharing program. Do you offer a 401(k) plan to your employees? Do you offer the following pension plans? 4 Profit sharing 4 Match 2 6 ne Do you offer a defined benefit plan? If you offer employees a retirement plan, are they allowed to select their own investments? 4 4 N/A

12 Dental Benefits Vacation and Time Off The most common benefit offered to part-time employees is pro-rated vacation with a response rate of 40%. What benefits do you offer your part-time employees? Do you offer health benefits to your employees? Health Insurance Dental Insurance 2 Short-term disability PT employees Life Insurance Pro-rated vacation 4 Long-term disability Benefits offered All survey respondents reported they offer a uniform allowance for non-physican staff. Do you offer the following health benefits? Holidays Observed Flexible Spending Account (Section 125/Cafeteria Plan) Medical Reimbursement Plan Indevidual Deductible Amount Deductible Contributed by Practice Family Deductible Amount Benefits New Year s Day Good Friday Memorial Day 4th of July Labor Day Veterans Day Thanksgiving Day after Thanksgiving Christmas Eve Christmas Day New Year s Eve Other Response Number of Days Received Per Year Vacation Range Average Under 1 year years years years Sick Time Range Average Under 1 year years years years

13 Dental Compensation According to the Bureau of Labor Statistics, the average hourly wage of employees in United States dental offices increased from in 2013 to $23.24 in Most recently, earnings increased to $23.64 in May The survey respondents reported average wages of $ The majority of 2015 survey respondents stated their employees salary increase are based primarily on the practice s profitability. In addition, all survey respondents give salary increases based on merit with 40% consider cost of living. Does your practice offer a bonus program? Basis for Bonuses 4 Based on profitability 6 Based on individual performance 2 Annual holiday bonus 4 6 N/A Response What is the basis for salary increases for your employees? Merit based 10 Cost of living 4 Automatic annual

14 Dental Compensation Number of Hygienists Number of Dental Assistants 3 hygienists 2 4 assistants 33.3% 2 hygienists 1 hygienist 4 3 assistants 2 assistants 1 assistant 66.7% 2 2 Average Wages Average Wages Hygienist FT Hourly Rate $37.75 PT Hourly Rate $36.33 Years Experience 13.7 Dental Assistant FT Hourly Rate $19.15 PT Hourly Rate $18.17 Years Experience 8.8 Employment Type of Hygienists Employment Type of Dental Assistants 57.1% Full-time Part-time 20% Full-time Part-time 42.9% 80% 14

15 Dental Compensation Full-time and Part-time Wages Hygienists and Dental Assistants Write-ins Average Range Average Range Hygenienist 1 FT Hourly Rate $38.67 $37.00 $40.00 Years Experience Hygenienist 2 FT Hourly Rate $35.00 N/A* PT Hourly Rate $37.00 $36.00 $38.00 Years Experience Hygenienist 3 PT Hourly Rate $35.00 N/A* Dental Assistant 1 FT Hourly Rate $21.25 $16.00 $25.00 Years Experience 23.0 N/A* Dental Assistant 2 FT Hourly Rate $18.44 $17.00 $20.00 PT Hourly Rate $16.50 N/A* Years Experience Dental Assistant 3 FT Hourly Rate $17.33 $16.00 $18.00 Years Experience Dental Assistant 4 FT Hourly Rate $19.00 N/A* PT Hourly Rate $15.00 N/A* Years Experience *Indicates only one company listed wages for this position. Office Manager FT Hourly Rate $24.98 $14.42 $33.00 Years Experience Practice Administrator FT Hourly Rate $33.00 N/A* Business Manager Years Experience 2.0 N/A* FT Hourly Rate $24.00 N/A* Years Experience 20.0 N/A* Phone/Appointment Operator FT Hourly Rate $15.16 N/A* Receptionist Insurance Clerk Years Experience 1.5 N/A* FT Hourly Rate $18.17 $16.50 $21.50 Years Experience FT Hourly Rate $15.50 N/A* Years Experience 1.5 N/A* Medical Record/File Clerk PT Hourly Rate $13.75 N/A* Years Experience 1.0 N/A* Checkout Coordinator FT Hourly Rate $16.92 N/A* Sterilization Tech Years Experience 2.0 N/A* FT Hourly Rate $25.77 N/A* PT Hourly Rate $10.50 N/A* Years Experience

16 1600 Executive Parkway Suite 110 Eugene, Oregon P: F: kernuttstokes.com 16