In today’s competitive hiring environment, dental business owners face the daunting challenge of not only finding but also retaining top-tier talent. With the lure of better offers always on the horizon, the quest for A-level employees—those highly motivated, big thinkers and doers—becomes even more critical. However, the constraints of margins in dental practices mean that increasing salaries indefinitely is not a viable strategy. This predicament leaves many owners pondering how to attract elite talent without jeopardizing their financial stability.

The Power of Attractive Benefit Packages

One of the most effective strategies for attracting A-level talent does not revolve around salary alone but encompasses comprehensive benefits packages. While benefits such as 401(k) matches, health, dental, and vision insurance are highly valued, they also represent a significant cost to employers or out of pocket costs to the employee themselves. The traditional approach of passing some of these costs to employees by offering them as optional, employee-funded benefits, though common, may not suffice in making a dental practice stand out.

Leveraging Tax Credits for Benefits

Tax incentives offered by the U.S. government serve as a strategic catalyst for businesses, especially dental practices, to enrich their employee wellness programs. These tax credits aren’t just financial perks; they’re part of a broader initiative to promote specific beneficial behaviors within the business sector.

Notably, tax incentives are a tool used by the government to drive positive change. A prime example is the energy sector, where tax breaks are given to encourage investments in sustainable energy solutions, reflecting a commitment to addressing the energy crisis. This principle extends to healthcare, where the government aims to improve public health outcomes and reduce the financial burden of medical expenses on individuals.

In this light, dental practices are positioned to leverage these tax incentives to offer comprehensive benefits that support not just the physical health of their employees but their financial wellness too. By aligning with the government’s objectives, dental practices can implement robust benefits packages that are both financially viable and deeply valued by their teams, setting a new standard for employee care in the industry.

Implementing a Cost-Effective Benefit Plan

Embracing the tax credits available, dental practices have a unique opportunity to craft benefits packages that stand out for their appeal to employees while aligning with the practice’s financial strategies. The essence of this approach lies in adopting a supplemental health insurance plan designed to meet stringent criteria, ensuring eligibility for significant tax advantages. This careful planning means that the financial burden of paying for the benefits is lifted from both the employer and the employee, making these enhanced benefits a win-win. This is made possible because of the tax incentives available.

Innovating beyond traditional benefits models, this plan introduces a comprehensive suite of health and wellness services accessible through an intuitive mobile app. This technological solution redefines healthcare access for employees, providing on-demand entry to essential no-copay services such as preventative care, virtual medical consultations, mental health support, essential lab testing, cost-effective prescription options and more.

Preventative Care

The cornerstone of this innovative plan is its focus on preventative care, which includes regular check-ups, and screenings such as mammograms and colonoscopies. By removing barriers such as copays, the plan encourages employees to proactively manage their health, leading to early detection of potential health issues and overall healthier lifestyles.

Telemedicine

Telemedicine further enhances this approach by providing 24/7 access to medical professionals, enabling employees to receive timely medical consultations without the need to visit a doctor’s office. This not only saves time but also reduces the risk of neglecting health issues due to scheduling conflicts or the inconvenience of traditional office visits.

Telecounseling

Mental health support through telecounseling addresses the growing need for convenient and confidential psychological services. Employees can access professional counseling services, offering a safe space to discuss mental health issues, stress, or personal challenges, contributing to overall well-being and job satisfaction.

Lab Tests

The inclusion of lab tests without copays eliminates another financial barrier to health management, ensuring that employees can follow through with recommended tests without worrying about the cost. Employees will have access to Quest Labs around the country.

Prescription Discounts

Prescription discounts address one of the most common out-of-pocket healthcare expenses, making medications more affordable and accessible. This benefit is particularly valuable for managing chronic conditions, ensuring that cost does not prevent employees from adhering to their treatment plans.

Hospital Bill Eraser

The Hospital Bill Eraser feature represents a novel approach to handling the often complex and opaque billing processes associated with hospital stays. By auditing bills for inaccuracies, this feature can lead to significant savings for employees, alleviating the stress and financial burden of unexpected healthcare costs.

Care Navigator

The Care Navigator service stands out by offering guidance on finding the most cost-effective care without compromising quality. Whether it’s choosing the right provider for an MRI or understanding the options for specialized treatments, the Care Navigator ensures that employees make informed healthcare decisions. This support not only helps in managing costs but also in navigating the complex healthcare landscape, enhancing the employee’s healthcare experience.

Whole Life Insurance

In addition to the comprehensive supplemental health insurance benefits, employees will be empowered with a guaranteed issue whole life insurance policy, featuring a $100,000 death benefit. This policy stands out not just for its immediate value, but also for its built-in cash value accumulation feature, granting employees full ownership and access. This means that as employees enjoy tax savings from you offering this benefit package, a portion of those savings is saved into their policy’s cash value account, growing tax deferred over time.

Moreover, in the face of a terminal diagnosis, this policy provides a crucial safety net, allowing employees to access the $100,000 death benefit during their lifetime, if necessary. This dual benefit of financial growth and security underscores the practice’s commitment to its team’s long-term well-being and peace of mind.

My Essential Care Bundle

The culmination of our benefits strategy introduces a pivotal component designed to safeguard employees against the unforeseen, ensuring peace of mind and financial stability: a bundled benefits package. This package meticulously combines disability, long-term care, and critical illness insurance, providing a robust safety net that addresses a wide range of potential health and life challenges

Strategic Implementation

To effectively integrate these comprehensive benefits into your dental practice, two strategic approaches can significantly enhance your ability to retain and attract top talent, without adversely affecting your practice’s financial health:

1. Maximizing Tax Credits for Benefit Provision

The first strategy involves directly leveraging tax credits to fund the benefits package. By doing so, your practice can offer an exceptionally comprehensive benefits package, distinguishing yourself in the competitive dental market. This approach not only enhances your appeal as an employer but does so in a financially savvy manner. The immediate advantage here is the tax credit covering the cost of benefits, which means the enhancement of your employee value proposition is achieved without additional financial strain on the practice.

2. Reinvesting Savings for Additional Coverage

The secondary strategy leverages the financial savings garnered from the tax credits — approximately $500 per participating employee annually. For a team of 10, this results in a $5,000 saving in payroll taxes. This saved amount can then be strategically reinvested into purchasing a group short-term and long-term disability insurance policy. Priced at roughly $50 per employee, this move amplifies your benefits package without impacting your bottom line.

This reinvestment is particularly advantageous for two reasons:

• Maternity Leave Coverage: Given the gender dynamics within many dental practices, the inclusion of short-term disability insurance that covers maternity leave represents a significant value proposition. It ensures that employees do not have to choose between their career and family life, fostering loyalty and reducing turnover.
• Enhanced Disability Coverage: Additionally, the availability of group policies for disability coverage means your practice can offer more comprehensive protection to you personally. In the event of unexpected illness or injury (especially to your hands), it can provide relief and security that you won’t fall to ruin financially if something happens. Most doctors are underinsured on their disability insurance. This prevents that from being an issue.

Elevating Your Practice Through Thoughtful Benefits Strategy

Implementing these strategies not only bolsters your benefits package but also demonstrates a deep commitment to your employees’ well-being and financial security. It positions your practice as a leader in the industry, one that values its team and invests in their future. This thoughtful approach to benefits can significantly enhance your practice’s reputation, making it a magnet for elite talent and setting a new standard in employee care within the dental community.

Conclusion:

Now is the moment for dental business owners to reflect on the transformative power of an innovative benefits strategy. In an era where the quality of your team can make or break your practice, standing out through a unique value proposition for your employees is not just wise—it’s essential.

We encourage dental practice leaders to delve into the possibilities that tax credits and carefully curated benefit options present. These are not mere incentives; they are a foundation for building a practice that attracts the brightest in the field, retains them, and sets new standards in the dental industry.

The journey to transforming your practice through benefits innovation begins with a single step: exploration and commitment to change. As you embark on this path, remember that the goal is not just to enhance your benefits package but to forge a deeper connection with your team, fostering an environment where excellence is the norm and every team member feels valued and empowered to contribute to your shared success.

To discover how these benefit packages can be tailored to your practice, we invite you to schedule a consultation.