Payroll should be consistent in every business; that’s your responsibility as an employer.
Physician-owned Hospitals can be demanding in terms of payroll, as standard salary processing doesn’t apply. Complications are unnecessary when it comes to payroll if you use a PEO service provider like ProSourceSolutions. We consider the variables to ensure that payroll is accurate, timely and consistent.
With payroll policies constantly evolving, it can add pressure to businesses when trying to ensure they remain compliant and updated with regulations. ProSourceSolutions is ahead of the curve, with updated access to standards and policies. With us by your side, you can guarantee that tax obligations are complied with, and payroll is no longer a headache.
Our team of experts are ready to support your business with its payroll demands through our Payroll Outsourcing Services. Reach out today to take that weight off your shoulders.
Payroll is a crucial element of a workplace, as it can impact employee satisfaction and workplace morale. When it comes to your pay, you don’t want to doubt that you’ll receive it on time and in line with the work you completed. Hard work deserves to be rewarded. A consistent and error-free payroll is fundamental to ensuring that your employees feel valued and respected. Don’t overcomplicate payroll when we can simplify it for you.
Physician-owned hospitals are owned by the physicians/professionals conducting the medical care. So, the employees on the payroll are the owners (i.e the physicians). This can make payroll a more intricate task that poses financial challenges. Some variables to consider with Physician-owned hospitals include:
Profit Distribution
Alongside a physician’s salary, they will receive a percentage of the profit distribution based on their share of ownership. This must be evenly distributed according to legal contracts.
Fair Market Value
As a physician-owner is responsible for their salary, it must be considered at fair market value. Failure to adhere to this could be considered a breach of their referrals. Payroll must be updated with industry salary standards to justify payments.
Compliance
Physician-owned hospitals are subject to a range of legal payroll requirements that they must comply with. For example, physicians are prohibited from referring patients to facilities where they have a financial interest or input under the Stark Law. So, payroll must be reviewed to ensure that no foul play has occurred.
Employee Variation
These hospitals often employ multiple employee types, where they can work under contract, or have permanent employees with salaries, casual employees, etc. These employees will be subject to different pay rates, which must be reflected in their payroll.
Overtime
Hospital employees are often subject to working longer hours, which must be reflected in overtime pay. Managing these additional hours and updating them accordingly in payroll can be meticulous, but it is necessary to ensure that pay reflects hours worked.
Managing all these variables when it comes to payroll makes it easy to slip up. We won’t. Our payroll specialists will handle the details and manage your payroll demands, with detailed reports ready for your review as required. Our advanced technology solutions mean that we can simplify your process and save you budget space, which would otherwise be allocated to an in-house payroll team. It’s a no-brainer.
We want to make payroll simple for you. With ProSourceSolutions, the intricacies of payroll are handled to ensure that your employees don’t need to question the efficiency of their paychecks. As a PEO, we’re equipped to tailor our services to your business’s needs so you can get the support you need. It doesn’t end with Payroll Outsourcing Services, some of the other services we provide include:
We offer a range of services that are designed to make your processes easier, so that running your business can be your sole focus. With your employees’ satisfaction at the forefront of our mission, make the right choice for your workplace with ProSourceSolutions today.
We’ve got it covered. As your payroll providers, we’ll ensure accurate, compliant and consistent processing that your employees won’t need to question. Get peace of mind from your payroll duties when you choose ProSourceSolutions.
Contact us today for more information on how we can help.
