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May 22, 2024 Erin Crowley

Payroll for Orthodontists and Orthodontic Practices: A Starter Guide

Payroll for Orthodontists and Orthodontic Practices: A Starter Guide

As an orthodontist, your primary focus is providing exceptional care to your patients and helping them achieve healthy, beautiful smiles. But you might find your own smile turning upside down once payroll rolls around.

Your practice faces unique challenges regarding payroll, from varying pay structures and managing employee benefits to navigating industry-specific regulations and accommodating irregular schedules. Partnering with the right payroll provider can solve these challenges, letting you streamline your processes and dedicate more time to your patients.

In this article, we'll explore how orthodontists can benefit from using payroll software and dive into some must-have features to look for when choosing a payroll solution for your orthodontic practice.

Payroll for Orthodontists: Why Your Office Needs It 

As an orthodontist, your days are all about creating beautiful smiles and helping patients feel healthy and confident. But behind the scenes, you're also running a business with a team of employees who need to be paid accurately and on time. Your practice’s payroll can be particularly complex, with a mix of salaried, hourly, and commission-based employees. You might also be managing employee benefits and navigating industry-specific regulations - all while still seeing patients.

This is where a specialized payroll provider can be a game-changer for your practice. Imagine easily managing different pay structures for your staff, from your salaried office manager to your hourly dental assistants and commission-based treatment coordinators. A payroll partner can handle these varying pay structures and provide accurate calculations so you can be confident that your entire team is paid what and when they should be.

A payroll provider can also help you manage employee benefits like health insurance and retirement plan and ensure that your practice complies with healthcare-specific regulations like HIPAA. They can also accommodate irregular schedules, like part-time or per diem employees, and integrate with your practice management software to further streamline your processes.

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Payroll for Orthodontists: 9 Must-Have Features

It’s one thing to know that payroll for orthodontists can help make your practice more efficient, but it’s another to know what specific features to look for. Here are ten must-have features any potential payroll partner should have to make sure you get the most benefits from your new investment. 

  1. Flexible pay structures

    What sets payroll software apart from manual payroll when it comes to pay structures is that software can automatically calculate pay based on each employee's specific pay structure. Additionally, some software has customizable deductions that let you seamlessly manage employee benefits, health insurance, and retirement plans, keeping your practice compliant, your employees happy, and your time and attention free.

  2. Automated tax compliance

    Automated tax compliance means you don’t need to do manual calculations and filings for federal, state, and local taxes. The software automatically updates tax rates and regulations and also generates W-2 and 1099 forms for your employees and contractors, saving time (and frustration!) during tax season.

  3. Convenient payment options

    Payroll software that offers convenient payment options, like direct deposit and paycards, saves your practice time and money on printing and distributing checks. It also gives your employees easy access to their hard-earned wages. By providing these convenient payment options, you can better serve your team and streamline your payroll process.

  4. Employee self-service portal

    An employee self-service portal lets your employees access their pay stubs, tax forms, and benefits information online, anytime and anywhere. They can also manage their personal information, like updating their address or bank account details, without going through your HR department and putting more administrative burden on your team.

  5. PTO management

    Payroll software with built-in PTO management streamlines the process of tracking and approving paid time off. Employees can easily submit PTO requests through your software, and managers can approve or deny them with just a few clicks. This feature helps your team track PTO requests, reduces administrative workload, and provides a transparent system for employees.

  6. HIPAA compliance

    HIPAA-compliant payroll software projects your employees' data and privacy with security measures like encrypted data storage, secure file transfers, and strict access controls. By using HIPAA-compliant payroll software, you not only keep your team safer but also minimize the odds of a data breach, and you are more likely to stay compliant in other areas.

  7. Scalability

    Scalable payroll software can work with your practice, even as its size and structure change, while maintaining performance and accuracy. With scalable payroll, you can easily add new employees, modify pay rates, adjust deductions, or even add an additional facility—all without switching to a new system.

  8. Dedicated support

    When considering payroll software, you want to look for a provider that offers dedicated support. A reliable provider with expert help can solve any payroll issues or questions. This gives you more confidence in your payroll processes as you don’t have to waste time troubleshooting issues.

  9. Reporting and analytics

    Payroll software with reporting and analytics capabilities helps you make data-driven staffing and budgeting decisions and spot employee hours, overtime, and compensation trends. It can also offer overtime tracking so you can manage labor costs and ensure compliance with labor laws. 

Payroll for Orthodontists: Finding the Best Fit for Your Practice 

Don’t let the complexities of payroll management distract you from your practice’s goal to serve your patients well. Choosing the right payroll software can make all the difference, allowing you to streamline your processes and dedicate more time to your patients. A tailored payroll solution specifically for orthodontic practices can remove the stress and burden of managing finances for you and your busy team. 

Key advantages of our payroll software include our user-friendly platform (which makes managing payroll easy without needing expert-level knowledge), which is backed by our industry-known dedicated customer service. When we’re here, we answer the phone. 

During business hours, you’ll never get our voicemail or a chatbot. We understand the need for direct, quick support when it comes to navigating payroll questions. Our Dedicated Onboarding Team can help you make the switch to our service or get acclimated with managed payroll for the very first time. 

Take the first step towards streamlining your payroll management and freeing up valuable time for your patients. Schedule a free Payroll and Tax Compliance Review today.

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Published by Erin Crowley May 22, 2024