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Employee Benefits
Regarding employee benefits, you can do whatever you like (within reason and the law). It is not a requirement to offer benefits, but it can be a great way to show your employees how much you appreciate them. You may also want to consider speaking with your accountant regarding financial strategies for your particular situation. Great staff creates a great clinic.
Things to consider:
- Retirement savings
- Talk to your accountant. Options will depend on your tax structure. Also very strict rules on what can be offered to some but not all employees. What you can do for yourself without involving the same for employees. Definitely use your accountant’s expertise here.
- Health insurance
- You can sign up for traditional PPO small business health insurance at any time. Find a local broker to learn about more options.
- Consider giving a set cash amount per pay period, month, or year that your employee can put toward their insurance/healthcare. Seek accountant advice again. Some things are taxed vs tax deductible, etc.
- Health cost-sharing options such as Sedera or Samaritan ministries. There are many options – google.
- Dental/Vision insurance
- You can offer the actual insurance, or consider bartering with a local dentist and optometrist to provide annual screening or other discounts for your employees. This could be an opportunity to encourage the other party to consider a membership option. For example, ask if they would consider X dollars for two teeth cleanings, fluoride, and X-rays per year or some other package. Teach these professionals what you do. They may be interested in the model as well.
- Other insurance
- Disability, life, etc.
- Profit-sharing
- Variety of ways you could do this. Consider a bonus if it helps sign up new patients. Or a bonus for every 100 patients enrolled. Get creative. Your staff is a very important part of the business and its growth – help them feel valued as such.
- Vacation
- You are not required to provide paid vacation time, but it’s a perk to consider.
- Most full-time employees will expect 1-2wk/yr of paid vacation
- You do not have to provide PAID vacation, holiday, or sick leave
- Days off
- You must give time off to serve on a jury and perform military service. You may have to give time off to vote (state by state requirement)
- Consider calling them “Earned Time Off” or “Personal Days” as your staff may have children and need to take time off for them, not just their own sick days.
- Flexibility
- Many DPC docs love the flexibility that this model provides them in terms of their work schedule. Your staff can also benefit. They can still answer the phone from home when they have to leave early to pick up a sick kid. Again, get creative and find ways to allow your staff to have some flexibility too. But don’t let your staff abuse this.
- You must:
- Give time off to vote (state by state), serve on a jury, and perform military service.
- Comply with workers’ comp (see your state laws)
- Withhold FICA taxes (see your accountant for specifics)
- Pay state and federal unemployment taxes
- Company with Federal Family and Medical Leave (FMLA)
- Contribute to any other state programs such as short-term disability (talk to your accountant)
A final concept on benefits to consider: Within the laws of your state and rules you have to follow based on your location, recognize that each employee or group of employees may not need or want the SAME benefit. For example, one employee may be a divorced mom that has health coverage from her ex but be more interested in a few more paid days off in case of a child’s illness. Another employee may have military benefits and prefer a little more in their paycheck or a bonus of some kind. Another employee may thrive from some recognition like a special birthday gift or award. Ultimately don’t assume you know what they want or need. They very well may prefer some benefit that you wouldn't consider beneficial or preferred yourself. If you give them health insurance that costs $400 per month and what they would prefer is 5 more paid days off per year which would cost you $800 per year … you cost yourself a lot more for a benefit they appreciate a lot less.
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Employee Benefits
Regarding employee benefits, you can do whatever you like (within reason and the law). It is not a requirement to offer benefits, but it can be a great way to show your employees how much you appreciate them. You may also want to consider speaking with your accountant regarding financial strategies for your particular situation. Great staff creates a great clinic.
Things to consider:
- Retirement savings
- Talk to your accountant. Options will depend on your tax structure. Also very strict rules on what can be offered to some but not all employees. What you can do for yourself without involving the same for employees. Definitely use your accountant’s expertise here.
- Health insurance
- You can sign up for traditional PPO small business health insurance at any time. Find a local broker to learn about more options.
- Consider giving a set cash amount per pay period, month, or year that your employee can put toward their insurance/healthcare. Seek accountant advice again. Some things are taxed vs tax deductible, etc.
- Health cost-sharing options such as Sedera or Samaritan ministries. There are many options – google.
- Dental/Vision insurance
- You can offer the actual insurance, or consider bartering with a local dentist and optometrist to provide annual screening or other discounts for your employees. This could be an opportunity to encourage the other party to consider a membership option. For example, ask if they would consider X dollars for two teeth cleanings, fluoride, and X-rays per year or some other package. Teach these professionals what you do. They may be interested in the model as well.
- Other insurance
- Disability, life, etc.
- Profit-sharing
- Variety of ways you could do this. Consider a bonus if it helps sign up new patients. Or a bonus for every 100 patients enrolled. Get creative. Your staff is a very important part of the business and its growth – help them feel valued as such.
- Vacation
- You are not required to provide paid vacation time, but it’s a perk to consider.
- Most full-time employees will expect 1-2wk/yr of paid vacation
- You do not have to provide PAID vacation, holiday, or sick leave
- Days off
- You must give time off to serve on a jury and perform military service. You may have to give time off to vote (state by state requirement)
- Consider calling them “Earned Time Off” or “Personal Days” as your staff may have children and need to take time off for them, not just their own sick days.
- Flexibility
- Many DPC docs love the flexibility that this model provides them in terms of their work schedule. Your staff can also benefit. They can still answer the phone from home when they have to leave early to pick up a sick kid. Again, get creative and find ways to allow your staff to have some flexibility too. But don’t let your staff abuse this.
- You must:
- Give time off to vote (state by state), serve on a jury, and perform military service.
- Comply with workers’ comp (see your state laws)
- Withhold FICA taxes (see your accountant for specifics)
- Pay state and federal unemployment taxes
- Company with Federal Family and Medical Leave (FMLA)
- Contribute to any other state programs such as short-term disability (talk to your accountant)
A final concept on benefits to consider: Within the laws of your state and rules you have to follow based on your location, recognize that each employee or group of employees may not need or want the SAME benefit. For example, one employee may be a divorced mom that has health coverage from her ex but be more interested in a few more paid days off in case of a child’s illness. Another employee may have military benefits and prefer a little more in their paycheck or a bonus of some kind. Another employee may thrive from some recognition like a special birthday gift or award. Ultimately don’t assume you know what they want or need. They very well may prefer some benefit that you wouldn't consider beneficial or preferred yourself. If you give them health insurance that costs $400 per month and what they would prefer is 5 more paid days off per year which would cost you $800 per year … you cost yourself a lot more for a benefit they appreciate a lot less.