Adding Employee Benefits to Your Practice with Bren Shantz | GP 115

Image of Bren Shantz. On this therapist podcast, Bren Shantz talks about adding Employee Benefits to Your Practice

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.

Podcast Sponsor: Heard

An image of the Practice of the Practice podcast sponsor, Heard, is captured. Heard offers affordable bookkeeping services, personalized financial reporting, and tax assistance.

Tax season got you feeling anxious? You’re not alone. That’s why therapists turn to Heard.

Built and designed specifically for clinicians in private practice, Heard offers affordable bookkeeping services, personalized financial reporting, and tax assistance to ensure you’re making the most of your business and your time.
Heard saves therapists an average of 5,397 dollars on bookkeeping and taxes each year.

When you join Heard, you’ll work directly with financial specialists to track your income and expenses, file taxes online, and grow your practice.

You can say goodbye to guessing your tax deductions and stressing out over quarterly tax payments. Focus on your clients, while Heard takes care of the rest.

Plans begin at $149 per month and can easily be tailored to fit your business’ financial needs.

Sign up now at www.joinheard.com.

Meet Bren Shantz

A photo of Bren Shantz is captured. He is a licensed professional counselor and the group practice owner of Unity Counseling. Bren is featured on the Practice of the Practice, a therapist podcast. 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.

Visit Unity Counseling and connect with them on Facebook. Connect with Bren on LinkedIn.

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
  • 401K
  • 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:

Check out these additional resources:

Meet Alison Pidgeon, Group Practice Owner

An image of Alison Pidgeon is displayed. She is a successful group practice owner and offers private practice consultation for private practice owners to assist in how to grow a group practice. She is the host of Grow A Group Practice Podcast and one of the founders of Group Practice Boss.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.

Visit Alison’s website, listen to her podcast, or consult with Alison. Email Alison at alison@practiceofthepractice.com

Thanks For Listening!

Feel free to leave a comment below or share this podcast on social media by clicking on one of the social media links below! Alternatively, leave a review on iTunes and subscribe!

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.