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The dentist and physician offices industry handles the diagnosing and treatment of various injuries and illnesses, with dentists focusing primarily on the teeth, gums, and other parts of the mouth. Both professions require years of schooling, training, and certain licenses to practice medicine.<pThe employment rate of dentists and physicians is expected to rise 3% and 4%, respectively, within the next eight years. Considering the experience and time required to become either, companies will have to offer comprehensive benefits packages to beat out the competition and draw the best talent to their door.
High education and training costs to become medical professionals are incurred and usually result in above average income. To supplement that, employers often need a short and/or long term disability plan that pays above rates, which is usually $15K or higher, and is typically not standard and will take specialized resources such as incredible benefits packages. Competitive benefit packages can help to attract talented employees, lower turnover rates, and lower major healthcare utilization and therefore could see lower than average rates on a PM/PM basis. Additionally, student loan repayment, flexible work schedules are attractive and more creative mechanisms like FSAs, HSAs and similar products are likely to be used.
There are about 517,000 dentist and physician offices nationwide, employing over 4.2 million professionals. On average, each business is small, with only 8 staff members. This is a female-dominated industry, with only 22% of employees identifying as male, and the average employee age is 43 years old.
37% of these employers offer short-term disability coverage, and 39% offer long-term disability insurance. The national average is 42% and 34%, respectively.
60% offer access to a life insurance plan. Comparatively, the national average is 56%.
As a whole, employers in the dental and physician office industry provide all-inclusive employee benefits packages that are above the national industry standard. However, it is important to mention that there are some improvements that can be made when it comes to providing more disability coverage options. But generally speaking, employers in this industry understand the importance of giving comprehensive benefits to meet their employee’s needs.
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