How well do you pay your staff? Studies have shown that job satisfaction is key to keeping staff in your optometry practice, but money is a close second. Successful optometrists who are also the CEOs of their practice know the importance of compensating staff fairly and equitably for their market while continuing to be a profitable practice.
The averages below are national averages of hourly rates that can assist you in analyzing how well you pay your staff and show you if increases are appropriate. It is also important to remember that smaller practices tend to pay 10 percent less. Based on MBA Key Metrics for 2015, these are the averages for each respective position:
|
Position
|
Average hourly rate 2015
|
|
Office Manager
|
$24.56
|
|
Optometric Assistant
|
$14.53
|
|
Contact Lens Technician
|
$16.20
|
|
Optician
|
$19.50
|
|
Receptionist
|
$14.44
|
|
Bookkeeper
|
$18.91
|
|
Insurance Administrator
|
$16.67
|
Of course, each practice may have its own variables. For instance, our practice is a large practice, so with the amount of production any mistakes in filing insurance can be exponentially costly to the bottom line. Therefore, we believe that an insurance administrator is extremely important for accurate billing and claims and feel that the above compensation guidelines are low in the area of insurance administrator. Each optometry practice will vary, but use this as guide to evaluate the competitiveness of your compensation.
