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Determine Employee Benefits

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When recruiting top talent for your medical practice, it’s important to determine which benefits you will offer your employees. Some benefits are required by law for certain types of medical practices in certain states. Others are optional but may help you attract the industry’s best and brightest to your practice. Still other types of benefits provide lucrative tax rebates and incentives. Required benefits include time off for jury duty, voting, performing military service, and worker’s compensation. Optional benefits include paid holidays, sick days, retirement plans, life insurance, and even medical benefits in many states.

While optional benefits are more expensive, offering them to your employees has many benefits:

  • The contributions made to employee benefit plans may be tax deductible.
  • You can secure more affordable benefits for yourself and your family by offering them to your employees as well.
  • Many employees may accept reduced salaries when offered a great benefits package.
  • Benefits improve company culture and worker morale, leading to decreased turnover and increased employee loyalty.

Make sure that the benefits you decide to offer are within your budget, competitive with other medical practices of a similar size, and beneficial to your employees and your business long-term.

To learn more about practice setup, finance, billing, insurance, coding, outsourcing…everything a health care provider need to succeed, join DoctorsBusinessNetwork.com or visit Doctors Business Channel on YouTube!

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