The post is part 7 of our series on what separates thriving dental practices from the rest. If you missed any previous part of this series, you can access it here.
Best Practice #7: Four Reasons Smart Dental Practices Outsource Their Payroll
If you are still processing payroll internally, it’s time to seriously consider turning it over to a third-party payroll service. It just makes good business sense no matter how many employees you have.
Why consider outsourcing your payroll? Here are a few key reasons:
1. It allows you to stay focused on your business – scheduling, treating, and billing patients. Manual payroll processing is time intensive and error prone, and it adds little-to-know value to your core business of serving patients. This time can be reallocated to more value-add activities.
2. It saves you money. Sure, you will pay a small fee each month for the services of a payroll company, but this pales in comparison to the time you or your staff will gain – time that can be spent on more revenue and collection-focused activities.
3. It can keep you out of hot water. Payroll is about more than ensuring money is transferred and that employees receive their checks – it’s also about taxation and State and Federal regulations. As the owner of the practice, you are legally responsible for any misrepresentation or a failure to accurately report employment taxes to government agencies. It pays to have an expert that you can hold accountable for handling these tasks.
4. It offers a higher level of security. Even with trusted employees, there is always the possibility of fraud… and payroll is a logical place for such activities to occur. Outsourcing payroll allows you to store confidential employee data securely and off-site, often with continual and multiple backups.
So, this post wraps up our the 7 Best Practices we’ve found that separate healthy and growing dental practices from the rest. Of course, there are many other elements to financially optimizing a practice, but these tips are a great start. Again, if you missed any part of the series, you can access the content here.
If you’d like to dig into any of these topics on more detail, we’re here for you.
STAC Bizness Solutions specializes in dental practice bookkeeping and payroll Services in The Woodlands, TX including dentists, orthodontists, oral surgeons and other medical professionals.
We specialize in helping you expertly manage your bookkeeping, payroll, and controller tasks so you can focus on your top priority, your patients!
If you’re looking to increase both the revenues and profitability of your dental practice, don’t hesitate to reach out at 844-424-9637.
If you’d like to receive the full series with all seven best practices in one whitepaper, just complete the short form below.
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7 Key Financial Practices That Separate Thriving, Growing Practices From The Rest.
There’s no denying it. Creating a thriving practice is about much more than practicing medicine!
Topping the list of “other” priorities is your practice’s financial management. In this short guide, the experts at STAC Bizness Solutions outline 7 financial best practices that differentiate struggling practices from those which are highly profitable and experiencing healthy levels of growth.