October 24, 2018

Buried under a mountain of work? Payroll services to the rescue!

As the business of dentistry gets even more complicated, it’s vital that office staff members be up to speed. The problem is, however, that many dental offices are just keeping their heads above water. The good news is that practices have many options. For instance, an effective outside billing service or professional management firm may help increase the practice’s collections and reduce its accounts receivable. This blog offers valuable advice to office managers who need help.  Fortunately, there’s a way to keep things in order: Outsource needed tasks.

Picking the right partner

It’s not wise to make the outsourcing decision willy-nilly. It requires performing a cost-benefit analysis. For some tasks, the direct cost of outsourcing will be clearly less than that of performing the task in-house. But, for other tasks, the direct cost may be close to — or even exceed — that of performing the activity in-house. The question then is whether outsourcing those tasks will improve results that positively affect the practice’s bottom line, reduce indirect costs or provide other valuable benefits.

Cash that your practice generates from more effective billing and follow-up may easily exceed the incremental direct cost increase of an outside billing service.

In other situations, factors such as tax consequences, savings in capital expenditures or other financial trade-offs may make a significant difference. For instance, the cost of an outside billing service may be expensed on your practice’s income statement, but the cost of a computerized billing system acquisition is generally a capital expense that the practice may have to depreciate over an extended period of time.

Determining the feasibility of going “outside”

Regardless of the task, your practice is considering outsourcing, there are certain factors that will help you determine the initial feasibility. First, look at the size of your practice and the level of internal expertise that’s needed to perform the task. Second, take into account your dentists’ interest and commitment to participating in management decisions and oversight of the task. And third, consider the availability of expert external sources that can perform the task well and at a competitive rate. Make sure you consider all three of these factors in relation to your practice.

How outsourcing works

Outsourcing offers several primary benefits: improved results from a company specializing in a particular activity, a potential for reduced costs, and the elimination of responsibilities and hassles for dentists and administrators.  Two tasks that can usually be outsourced so smoothly that it’s virtually seamless are payroll and billing. Outsourcing these functions is incredibly cost effective.

The Benefits of Engage Advisors Payroll Services

You’ve got so much to worry about running your dental practice, adding in payroll processing, keeping track of all those taxes, the data-entry, it’s all exhausting.  You deserve less stress. You deserve peace of mind with online payroll done accurately and easily each month. Hours worked are entered and payroll calculations are done instantly.  Free direct deposit makes issues with payroll and check writing a thing of the past. Payroll taxes are calculated and reminders are sent to the practice of what is owed. Unlike other third-party payroll services, you get to keep the taxes until they are actually due!

Running online payroll only takes a few minutes and the data syncs seamlessly with your Quickbooks. This cloud-based solution allows you anytime, anywhere access.  Plus, you’ll have the team at Engage Advisors working for you each month to ensure the process works seamlessly for your practice.

You don’t need the stress or the frustration that comes with payroll processing.  Chat with us right now to discuss payroll services for your dental practice.