- Industry News
- Access and Reimbursement
- Law & Malpractice
- Coding & Documentation
- Practice Management
- Finance
- Technology
- Patient Engagement & Communications
- Billing & Collections
- Staffing & Salary
No Requirement to Offer Benefits
I am thinking about opening my own practice. If I have only three or four employees, am I legally required to set up a retirement plan for them? Also, in the same situation, do I need to provide them with a health insurance plan, or could I pay them a higher salary and have them get their own health benefits?
Question: I am thinking about opening my own practice. If I have only three or four employees, am I legally required to set up a retirement plan for them? Also, in the same situation, do I need to provide them with a health insurance plan, or could I pay them a higher salary and have them get their own health benefits?
Answer: State rules may vary a bit, but generally, no, you are not required to offer health benefits or a retirement plan. Of course, you might have a hard time recruiting if everyone else in your area offers these benefits.
Some physicians use a PEO - professional employer organization - to manage such issues. A PEO will find, retain, and manage your staff, and because they have lots of employees in addition to yours, they can get good rates on benefits. Of course you have to pay them, but it might be worth it. Just Google “PEO” in your part of the world. Also, note that I recently wrote a Bigger Picture column on some pros and cons of PEOs; read “No More HR Headaches” for more tips.
Asset Protection and Financial Planning
December 6th 2021Asset protection attorney and regular Physicians Practice contributor Ike Devji and Anthony Williams, an investment advisor representative and the founder and president of Mosaic Financial Associates, discuss the impact of COVID-19 on high-earner assets and financial planning, impending tax changes, common asset protection and wealth preservation mistakes high earners make, and more.
Reducing burnout with medical scribes
November 29th 2021Physicians Practice® spoke with Fernando Mendoza, MD, FAAP, FACEP, the founder and CEO of Scrivas, LLC, about the rising rates of reported burnout among physicians and how medical scribes might be able to alleviate some pressures from physicians.
