med/pharm/physio/dent/ private practice salary info (1 Viewer)

[extensorindicis]

Found some info regarding private practice incomes for most of the health professions if anyone is interested.

Guess it will make it easier for some prospective students to make up their mind about which course they want to do.

Click here http://www.ebc.com.au/product/product.asp?loc=4.24

Anyway:

Physio:

Indicator Average Low High
Total Income $273,274 $161,820 $368,833
Drugs/Supplies/Consumables/ Lab Fees 3.24% 1.42% 5.2%
Interest, Bank Charges etc 2.01% 0.68% 2.97%
Rent of Premises# 9.21% 5.43% 13.15%
Lease, depreciation etc 2.18% 0.76% 5.30%
Wages and Salaries (staff only, not principals) 26.22% 11.89% 39.05%
Staff On Costs 2.92% 0.38% 5.65%
Net Profit (bps*) 42.06% 27.53% 54.50%
Percentage of Fees Rendered to Account 37% 9% 75%
Average Consultation Length (minutes) 31 25 31
Average Number of Consultations per Physiotherapist per Week 60 37 71
Opening Hours per Day 9.33 8.00 11.00
Opening Days per Week 5.12 5.00 5.50

Which is net income of $115 000 on average you own the practice.

 

[extensorindicis]

bump

can we make this a sticky?

 

[ninjapuppet]

Thanks extensorindicis! you are a champion.

that post is very valuable!

My Dentist cousin runs a small practice and confirmed that the dental stats pretty much hit the nail on the head!

although i have to add, that the stats for the General practitioners have to be viewed carefully! it says that the average GP practice pulls in $822k with half of that being profit of about 400k

you have to remind yourself that these are stats for the practice! most GP practices are increasingly becoming large medical centres, and are owned in partnership with a group of many doctors.

The AMCL benchmark showed that for 2005-2006 financial year, 75% of GPs, lodged between 180-220k for their personal tax return. i think that gives a clearer picture, since most the majority of GPs dont end up OWNING large medical centres.

private practice GPs working for other people, generally earn about 60-80% of billings. these billings are easily found on the medicare/ workcover websites.

on the other hand, hospital wages are fairly easily found on the corresonding government websites.

 

[Paradox1345]

wow thanks. What about optom?

 

[extensorindicis]

optom wasn't in the stats, buti read somewhere that if ur working for a franchise like opsm or specsavers or similiar its around 85k.

if ur owning a private practice prob similiar to physio

 

[extensorindicis]

bump

 

[housah0lic]

sa-weeeeeet

 

[farmer123]

wow all of those medical proffesions had impressive private practice sallaries. in your opinion would a physio be confident in private practice upon graduation? or how many years in a hospital would be the norm?

 

[extensorindicis]

hey well after graduation you can open one up but not many dont because you need to have a few years under your belt at diagnosing where you can ask for help if needed, and financially you need to save up to get loans to buy a practice or open one up. So after a few years in hospitals physios do open one up or work for physios in private practice - which you can obviously do straight out of uni if you want.

personally i'd like to work in hosp for 3 years and then branch out part time into private practice whilst keeping the hospital job. Then eventually once your in demand leave the hospital. Thats the plan

Note its the net income thats earned by the owner so not the gross income. So multiply the net profit % by the total income

 

[dux&src]

sa-weeeeeet

I know hey!