How can offering comprehensive employee benefits help you to grow your practice? Which benefits are recommended for W2 employees? Can you still be profitable as a group practice that offers benefits to W2 employees?
In this podcast episode, Alison Pidgeon speaks with Bren Shantz about adding employee benefits in a W2 model group practice.
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Meet Bren Shantz
Bren Shantz is a Licensed Professional Counselor who lives in Grand Rapids, MI. Before starting his own private practice, he worked for 6 years in community mental health and in a college counseling center.
Bren opened Unity Counseling in 2019 and worked solo for 2 years. He then made the conversion to group practice in the summer of 2021, hiring his first employee in July.
He now has 10 therapists with 2 more onboarding, and hopes to continue expanding by adding several new locations in the coming year.
In This Podcast
- Core benefits to consider offering your employees
- The cost of offering health insurance
- Payoffs for the practice from offering great benefits
Core benefits to consider offering your employees
- Health insurance
- Holiday-pay and paid leave
- Training reimbursement
[401K is not] something that drives people but it’s just a nice thing to have, and philosophically I wanted to make sure that I’m running a practice that not only sets people up well for the here and now but [the] longer-term [as well]. (Bren Shantz)
The cost of offering health insurance
Many practices offer their W2 employees health insurance and benefits. Even though it can be an expensive offering, it is important to consider.
You can find insurance prices that range, but the average cost is around $600 which is dependent on the employee’s age.
It was definitely a big [addition] to the overall compensation package but it seems to be the most important so it felt worth the investment. (Bren Shantz)
W2 employees are generally paid less than contractors but they receive a variety of benefits, so in the end, they earn a similar amount.
Payoffs for the practice from offering great benefits
It is always great to offer benefits to the employees and clinicians in a group practice, both for the success of the practice and for the comfort and support of the practice’s staff.
If you offer comprehensive benefits packages to your staff, you can expect:
- Greater retention of your clinicians
- Success in attracting and hiring great clinicians
- Increased work satisfaction and quality
I would absolutely attribute what we’ve been able to do and who we have been able to hire [to] the benefits that we’ve offered. (Bren Shantz)
Offering your staff comprehensive benefits packages will not only help your staff produce great work because they feel well taken care of, but it can help you to grow your practice faster and more sustainably.
Books mentioned in this episode:
Useful links mentioned in this episode:
- Visit Unity Counseling and connect with them on Facebook
- Connect with Bren Shantz on LinkedIn
- When you join Heard, you’ll work directly with financial specialists to track your income and expenses, file taxes online, and grow your practice. Sign up now at www.joinheard.com.
- Find out more about Gusto and Green Oak Accounting
Check out these additional resources:
- Helping Therapists with Money Mindset with Kiné Corder | GP 114
- Group Practice Launch
- Group Practice Boss: www.practiceofthepractice.com/grouppracticeboss $149 a month
- Email Alison: firstname.lastname@example.org
- PoP Group Practice Owners Facebook Group
- Free resources to help you start, grow, and scale
- Work with us
- Consult With Alison
- Alison Pidgeon on Therapy for Your Money Podcast
- Practice of the Practice Network
Meet Alison Pidgeon, Group Practice Owner
Alison Pidgeon, LPC is the owner of Move Forward Counseling, a group practice in Lancaster, PA and she runs a virtual assistant company, Move Forward Virtual Assistants.
Alison has been working with Practice of the Practice since 2016. She has helped over 70 therapist entrepreneurs start and grow their businesses, through mastermind groups and individual consulting.
Transformation From A Private Practice To Group Practice
In addition, she is a private practice consultant for Practice of the Practice. Allison’s private practice ‘grew up.’ What started out as a solo private practice in early 2015 quickly grew into a group practice and has been expanding ever since.
Thanks For Listening!
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