MDNews - San Antonio

++++++++++++++++++++++++ + + ++++++++++++++++++++++++ RISK MANAGEMENT +++ +++ Making a PEO Work for You By Shannon DeLaune P HYSICIANSWHOOWN their prac- tices have to be extremely skilled at many things. In addition to practicing medicine and keep- ing up with routine paperwork, much of their time is spent actually running the business — managing employees; keeping up with labor laws, regulations and taxes; and processing payroll. If you are overwhelmed by adminis- trative duties in your practice and don't believe you are dedicating adequate hours to seeing or treating patients, there is a solution designed to help you regain your time and possibly save money. Just as you would refer a patient to a specialist to treat conditions outside your specialty, you should consider partnering with a professional employer organization (PEO) if you spend too much time handling the day-to-day business operations of your practice. The Benefits of PEOs A PEO is a company that specializes in the management of administrative and human-resource functions for busi- nesses, including human resource (HR) management, payroll services, employee benefits, 401(k) programs, workers' 12 | San Antonio MD NEWS ■ MDNEWS.COM compensation and risk management. When you hire a PEO, your company recruits and hires employees, and your employees become "shared employees" of your company and the PEO. This arrangement allows you to provide the day-to-day management of your team, while the PEO assists you in managing many of the ancillary HR functions. The increasing numbers of labor laws and regulations, importance of hiring and retaining employees, and desire to focus on revenue-generating tasks have led many physicians to partner with PEOs. While there are many benefits to working with a PEO, one must be careful when choosing one. Choosing the Right Partner In addition to making sure the PEO is a good fit for your organization, you should ask for client and professional references and meet the team that will be providing your service. Find a PEO that understands your particular needs and can help you realize your goals. Most importantly, make sure the company is strong and stable. One way to ensure you are working with a reputable PEO is to find one that has been accredited by Employer Services Assurance Corporat ion (ESAC). ESAC accreditation means the PEO has proven it is financially stable and in compliance with important state and federal employment laws and PEO regulations. It also means the PEO is owned and operated by individuals who are highly qualified and who have a personal and business track record of meeting obligations in an appropri- ate manner. In fact, the assurances offered by ESAC's program for the PEO industry are similar to those offered by the Federal Deposit Insurance Corporation for the banking industry and the Securities Investor Protection Corporation for the securities industry. HR management is a vital part of owning or running a business. Working with a PEO is a great solution for private-practice physicians who want to focus on core competencies to maintain or grow their bottom lines. Shannon DeLaune is the Executive Director of Sales at SWBC. He can be reached at (210) 525-1242 or swbcinfo@ swbc.com. For more information about PEOs, visit www.swbcpeo.com. ■

• Cover