Practice payroll and owner pay, set up correctly.
Associate compensation, entity structure and onsite service for practice owners.
Practice owners are paid by habit, not by math
The most consistent finding when we look at a medical or dental practice is that owner compensation was set years ago and never analyzed. For an S corporation practice, that single number determines payroll tax, retirement plan capacity and audit exposure, and it interacts with the qualified business income deduction in ways that are specific to health care as a specified service business.
Getting it right requires running the actual numbers against your profit and your role. Getting it wrong in either direction costs money every year it goes unexamined.
Associate and staff compensation structures
Practices run compensation models that other small businesses do not: production-based associate pay, hygiene department percentages, and bonus structures tied to collections rather than billings. Each has to be reflected correctly in payroll and in the accounting file, and a collections-based bonus in particular requires the books to be accurate enough to calculate it.
We set the payroll up to match the compensation agreements rather than forcing the agreements into a payroll platform's defaults.
Equipment purchases deserve a projection first
A practice buying a CBCT unit, a chair or an imaging system is making a five- and six-figure decision with a depreciation dimension. Section 179, bonus depreciation and the timing of placing the equipment in service can move a large amount of tax between years.
Run the projection before the purchase and the decision improves. Run it after and you are just recording what happened.
Nobody in a practice has an hour to drive
This is the practical reason we offer onsite service. The owner, the practice administrator and the accountant being in the same room for ninety minutes accomplishes more than a month of email, and it does not require anyone to leave the building.
We come to practices throughout the Grand Rapids metro. Start with a free consultation and last year's return.
Talk through your medical & dental practices payroll
Bring your last return and a payroll register. We tell you what we would change and what it costs. No charge, no obligation.