View Full Version : Starting salary & comp
08-06-2007, 02:00 PM
Am considering changing paths over to lab sales and in addition to researching potential employers, I'd like to know what to expect for starting compensation for lab reps: is it salary plus commission? What is starting salary? How is commission paid: a percentage from dollar one of new business? Do you have to meet a minimum to earn commission? Any pay on maintaining current business? Any help is appreciated.
08-07-2007, 04:46 PM
Although you will see various opinions on this page, the lab business is challenging. Medical Devices generally pay higher than lab, however certain lab markets have incrediable potential. There are different sales positions with different salary ranges and comp plans. ie: Labcorp has Account managers who retain existing business and upsell additional testing within existing accounts (Key Account Executive or KAE) and reps who go after new accounts (SME) in the primary care market. THere are also Speciality reps who sell the Dianon lab (esoteric testing) and hospital reps. The SME generally has a lower base salary, but bigger commission potential. The SDE has a higher base but less commission potential. The KAE works on a salary plus bonus potential. LabCorp has historically had problems determining commissions and bonuses. Last year many KAEs had to pay back overpayments and SMEs waited months for commission checks. Despite the challenges, the job can be alot of fun. If you are coming from pharma , you will experience culture shock - no office giveaways, limited lunch budget, no training department, stone age information technology - even a DOS based laboratory information system from the 1980's, however you will enjoy being able to close an account and see the revenue from your efforts.! If you are coming from Medical Devices you will enjoy the shorter selling cyle, but will be challenged by how slow LabCorp generates contracts - and you have to have a signed contract for everything! A top SME can make $200,000 and a top KAE about $120,000 - however the average is about half of that. Good luck!
08-07-2007, 06:32 PM
You really need to view some of the communications on other threads. Lab is very challenging and the companies are not that supportive. Good luck
08-10-2007, 10:31 PM
You can do very well in the lab business - there are a good number of lab reps pulling down $15-20K per month in commissions. Not always consistent - but the opportunity is indeed there.
One thing that will always benefit you working in the lab business is the depth of knowledge you can attain about Healthcare in one place - very transferable to almost anything you want to do in healthcare later on.
You will (if you apply yourself by learning on your own) gain experience in IT, billing, medical politics, managed care, the business of running a physician practice, lab medicine and basics of medicine in general, what drives docs, group practices, and how to sell a service well - something very hard to do.
You can make alot of money - but it is indeed a challenge. It also is an addictive industry to many - as evidenced by the large number of folks who stay in the field most of their professional lives.
And as with most places like this, don't believe everything you read.
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