Understanding the Implications of Hiring Contractors vs Employees in Therapy Practices

In this episode of 'Therapy for Your Money,' host Julie Herres discusses the implications of employing contractors versus employees in therapy practices. She unpacks a recent ruling from the Department of Labor and its six factors for determining employment relationships. She emphasizes that legislation is moving towards favoring employee relationships. While the immediate impact on therapy practices may be limited, it is prudent for owners to begin considering the transition from contractors to employees. Julie also shares useful resources to help small businesses stay compliant and highlights a webinar on clinician compensation for sustainable and profitable practices.

Episode Highlights

• 00:00 Welcome to the Podcast
• 00:49 The Age-Old Question: Contractors or Employees?
• 01:49 Understanding Audits and Their Implications
• 04:50 The New Department of Labor Ruling
• 06:52 Breaking Down the Six Factors of the New Rule
• 16:36 Potential Liabilities for Misclassification
• 17:25 What Does This Mean for Your Practice?
• 21:19 Final Thoughts and Resources
• 24:02 Disclaimer

Links and Resources

• New DOL rules: https://www.dol.gov/agencies/whd/flsa/misclassification/rulemaking
• Small entity compliance guide: https://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guide
• Free webinar: https://www.greenoakaccounting.com/webinar
• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - www.ProfitFirstForTherapists.com/Academy

Podcast Production and Show Notes by Course Creation Studio