Sample Contract
Continue Reading | Comments Off on Sample Contract
Program Partnership Contracts
For a successful collaboration to occur, in-depth discussions need to take place. Some of the questions to be addressed are:
- Has each party clearly defined their roles and responsibilities and determined how compensation is to be calculated? Good contracts make good partnerships.
- Do the personalities of the group match up well? Does each individual show a willingness to discuss and compromise to some degree if needed?
- Are there “deal breakers” that each party would not be willing to accept, either before the program begins or after it is in place.
- Is each side willing to “give and take” not only as the program is initiated but as demand increases? Partnerships are sometimes difficult and each person involved needs to understand that some decisions that may not be ideal for one party may be for the greater good of the program.
- What is the structure of the new program? Is it a true partnership or a contracted labor agreement, possibly with bonuses included for patient goals met?
- What are the expectations (in detail) from each partner?
- Is there an exit strategy for both parties if the collaboration does not work out well?
- How will disputes be resolved and for how long is the agreement in place?
Continue Reading | Comments Off on Program Partnership Contracts
Business Expenses
Insurance Premiums
– professional liability
– disability
– health
– auto
– other
Communication and Interconnectedness
– phone
– internet
– fax
– cell
Continue Reading | Comments Off on Business Expenses
The Value of Time
• Spent performing activities
• Spent traveling to and from location
• Spent with continuing education, training and professional growth.
• Allocated to administrative activities (billing, scheduling, misc. like buying supplies, promoting the business, etc)
• Vacation – time off
Continue Reading | Comments Off on The Value of Time
Earnings
Pay
Dietitians and Nutritionists
Source: U.S. Bureau of Labor Statistics, Occupational Employment Statistics
The median annual wage for dietitians and nutritionists was $55,240 in May 2012. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $34,500, and the top 10 percent earned more than $77,590.
According to the Academy of Nutrition and Dietetics, the median annual wage for Registered Dietitian Nutritionists (RDNs) was $60,000 in 2013.
Most dietitians and nutritionists worked full time in 2012, although about 1 out of 5 worked part time. Self-employed dietitians have more flexibility in setting their schedules. They may work evenings and weekends so that they can meet with clients.
Dietitian Dollar Signs
Here’s a surprising factoid unique to dietetics: Did you know that the range of RD salaries is so wide that the top 10% of RDs earn more than twice as much per hour as those in the bottom 10%? With such a wide range of pay, what makes the difference between being on the bottom and the top of the paying field? The 2007 ADA compensation survey points out a few factors that appear to sway income.
More…
| Outpatient care centers | $52,120 |
| General medical and surgical hospitals | 51,390 |
| Nursing care facilities | 51,110 |
| Local government | 47,390 |
| Special food services | 45,410 |
According to the American Dietetic Association, median annual wages for registered dietitians in 2007 varied by practice area as follows: $60,008 in consultation and business; $64,002 in food and nutrition management; $66,061 in education and research; $52,000 in clinical nutrition/ambulatory care; $53,997 in clinical nutrition/long-term care; $48,006 in community nutrition; and $48,984 in clinical nutrition/acute care. Salaries also vary by years in practice, education level, and geographic region.
What would keep you from earning $100,000 – $150,000? There are no limits!
Continue Reading | Comments Off on Earnings
The Proposal
• Effort on return – bigger contracts require more thorough planning and forethought.
• Plan the routine and estimate time realistically.
• Cost out prep, travel, activity time.
• Figure less than optimum efficiency.
Continue Reading | Comments Off on The Proposal
Determining a Fee
Some Things to Consider:
Cost vs. Value
Time…
- Spent performing activities
- Spent traveling to and from location
- Spent with continuing education, training and professional growth.
- Allocated to administrative activities (billing, scheduling, misc. like buying supplies, promoting the business, etc)
- Vacation – time off
Specialty, Effort, Circumstances…
- Less desirable work costs more (QI, tedious regulation compliance).
- In a bind (s/p regulatory non-compliance).
- Personal preference.
- Number of hours contracted (fewer hours more cost, more hours less cost per hour)
- Advanced training and certification or expertise more cost.
- More travel more cost (fog, auto expense, fatigue, etc).
How to Determine a Fee
Rule-of-Thirds: A fair rate may be triple the standard hourly wage for the work you do. One third goes for the hourly rate, one third earmarked for expenses and one third covers administrative costs. Find out more
Contracting for Nutrition Counseling
Some contractors work on a set hourly fee for nutrition counseling. Whether they see four patients per hour or one patient in eight hours they still get paid the same. If a contractor is reimbursed for each patient they see, a different reimbursement structure should be in place. There should be a minimum amount paid to the contractor for each nutrition consult, whether initial or follow-up.
For those interested in doing counseling in their own office or other setting, a fee for service should be fair to both the contractor and the contracting referral agency.
Any amount paid to a contracting agency from the insurance company or private pay should not exceed 30% more than what the independent contractor makes in reimbursement. The contractor should make no less than 70% of the total amount.
Example: If the agency receives $140 for an initial evaluation from insurance, then the contractor would be reimbursed $98.
A 30% markup should be more than adequate to cover any expenses incurred on the agency and still provide for sufficient profit.
Continue Reading | Comments Off on Determining a Fee
Contractor Benefits and Perks
• No set time or day
• Flexible schedule
• Schedule around vacation or leisure time
• Work from home
• Security-multiple eggs in multiple baskets
Continue Reading | Comments Off on Contractor Benefits and Perks
Benefit to the Contracting Agency
• Expert help
• Task focus
• No long-term commitment
• Minimal training or orientation
• Flexible assistance
• Set fee – no perks
• Extended assistance
Continue Reading | Comments Off on Benefit to the Contracting Agency