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Therapy For Your Money
Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.
Therapy For Your Money
Episode 6: Compensation Models for Group Practices
Payroll is typically your biggest expense in a group practice. Think about your future before making decisions that have a long term impact.
Today's episode focuses on compensation models for group practices. How much is required to hire and retain employees? Every practice should be profitable.
Click here to download our handout for this episode!
Episode Highlights
- Contractors vs. Employees: What is the difference?
- Contractors: Set core hours, not supervised, self-employed, pay for own insurance
- Employees: Employer sets hours, supervised, costs more but more profit
- Compensation Structures:
- Commission: Percentage of fee collected
- Flat Fee Per Session: Specific amount for each session, including note time
- Hourly Rate: Paid at least minimum wage per hour
- Base Plus Commission: Earn regular payment and additional percentage
- Salary: Increased risk for practice owner to guarantee pay
- Reverse Contractor: Collects funds and pays practice owner flat fee/percentage
- Most Popular Benefits:
- Paid time off (PTO)
- Sick leave
- Health insurance
- 401(K)
Links and Resources: