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How To Estimate Staffing, Payroll, And Benefit Costs

When you open a new medical practice, some of the biggest costs you’ll incur include hiring staff, choosing benefits, and investing in a payroll company.

It’s important to have an accurate picture of the amount of each expense so you can budget the other areas of your business.

First, determine exactly what type of staff you’re going to need and how many people you want to hire.

Calculate the number of in-house positions vs outsourced positions, as well as administrative staff vs medical staff.

For outsourced positions, contact 3-5 companies and obtain quotes for their services. For in-house positions, check a website like Payscale.com to determine the current competitive salary for each position in your market.

Next, decide which benefits you’d like to offer any full or part time employees you plan to hire. Keep in mind that investing in great benefits increases employee retention, which in turn reduces your hiring costs long-term.

Once you know what you want to offer, including medical, dental, and vacation benefits, reach out to 3-5 local and national benefits providers and obtain a quote from each.

Finally, you must estimate the cost of payroll. Many smaller practices will not need an in-house payroll professional and can instead outsource to a payroll company.

Payroll companies charge anywhere from $25 to $200 per month or more, depending on your number of employees and pay frequency. Contact 3-5 payroll companies and provide staffing information to get the most accurate quote.

To learn more about medical billing, insurance, coding, outsourcing, and everything you need to establish a successful healthcare practice, follow all of Sherlock Doc’s adventures on the DoctorsBusinessNetwork.com or Doctors Business Channel on YouTube!.

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What is Money Factoring?

How can your medical practice stay afloat when it takes 30, 60, even 120 days for your customers to pay? The truth is that until you’re running an established practice, it’s very difficult to maintain a positive cash flow. One way around this problem is a process called money factoring. Money factoring allows you

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