Rick Epple, Aurochs Financial Group, NDA Member
Rick Epple, Aurochs Financial Group, NDA Member
Have you heard the latest? That the federal government has issued new rules when it comes to overtime exemptions? Are you wondering what that means? How it affects you? You’re not alone! And, we’re here to help!
To do that, we first have to address a myth about compensating your staff and get a few definitions out of the way.
Myth: I pay a salary so I do not have to pay overtime.
This couldn’t be more false. The method of compensation has no bearing on overtime requirements. Employers may pay their employees in a variety of ways – salary, hourly, piece rate, per day, commission – and the requirement to pay overtime may still exist.
Definition: Non-Exempt Employees
Non-exempt employees receive overtime pay at all times, when it is worked, regardless of their method of compensation; they are not exempt from the overtime pay requirements and calculations.
Definition: Exempt Employees
Exempt employees do not receive overtime pay; they are exempt from the overtime pay requirements. These are the only employees who do not receive overtime. To qualify, there are specific job duties tests put forth by the Fair Labor Standards Act that must be met. An inability to pass those tests means the employees cannot be classified as exempt, and, therefore, they are entitled to receive overtime pay.
The Department of Labor’s (DOL) regulations require exempt employees to be paid on a salary basis. In addition, the amount of the salary paid must meet a minimum specified amount. In 2004, the DOL set the salary threshold at $455 per week or $23,660 per year.
Ok, now that we got that all out of the way, what’s new?
As of the issuing of their final rule, the minimum salary for exempt employees is increasing. Here are the key provisions of the new rule:
The effective date of the final rule is December 1, 2016. Future automatic updates to those salary thresholds will occur every three years, beginning on January 1, 2020.
What’s Next for You?
Here’s what you need to do to get your house in order, depending on your current situation:
The method (hourly, salary, commission, etc.) with which an employer compensates employees has no bearing on overtime requirements. There are myriad of things to comply with and consider. We find that nearly 95% or more of employees in the dental field do not qualify for the exempt classification. We have only scratched the surface on this issue. Be sure to work with an HR professional before implementing exemption positions at your practice.
For More, Contact NDA member, Gayle Christensen.
Gayle owns Christensen Dental Consulting, & is an Independent HR Certified Consultant with Bent Ericksen & Associates.
I am often asked the question or some variation from a prospective client: Is your ongoing financial advisory fee really going to be worth it to us? The simple answer is I won’t know for sure until I dig into your planning. I do believe and have found that we provide a very real return on an investment in ongoing financial planning. This comes from the experience of my wife and I working with a fee-only comprehensive planner from before we were married and from my now working with over 150 families throughout my career.
There has been research into analyzing this question done by Vanguard on Advisor Alpha, Morningstar on Gamma return, and by Nick Murray in his book “Simple Wealth, Inevitable Wealth” I found the work that Vanguard regarding Advisor Alpha as summarized in the following report (Click Here) a helpful analysis. Their research is not an exact science, but suggests working with a financial advisor could add about 3% total return after fees to a client’s portfolio over time.
To break out the potential areas an advisor can help improve client’s returns over the long term. Vanguard’s research focused on three areas that advisors provide value:
What Vanguard’s research suggests is that working with a comprehensive financial advisor could add about 3% return to a client’s portfolio after fees. So rather than “saving” the advisors fee and doing on their own as the best alternative for prospective clients, they would be much better off “investing” in working with an advisor as a way to improve their long term returns.
Vanguard’s research focused in on the value an advisor provides to an investment portfolio. There is also value a comprehensive advisor can provide in addition to the potential portfolio return. Areas that an advisor can provide additional value:
Can a financial advisor provide you enough value to justify their fee? It depends on the answers to three questions:
If you answer ‘no’ to all three questions, then it is worth considering that working with a comprehensive fee only financial advisor can improve your net worth over time even after paying the advisor’s fees.
Are you ready to create a plan for living the life you’ve always dreamed about? Contact us today to schedule your complimentary discovery meeting.
Your Guide to Financial Independence
Heritage is involved from the start. We provide project management for all the necessary steps to complete your project. We work directly with the design team of architects and engineers, lending our expertise and knowledge of the construction process to develop a plan with function and creativity that meet your goals, while also managing your budget.
We procure top quality subcontractors that are selected based on your project’s criteria. Our team works with the construction crew to build your project as scheduled while trying to improve your budget. Through the entire process, we maintain a steady stream of communication with you and all team members for constant awareness of the project’s status.
Our Construction Services
Integrity and professionalism.
At Heritage Construction, we are committed to developing and building our clients’ buildings with the highest level of integrity and professionalism. We manage each project from start to finish and then beyond, providing superior service and value to our clients.
We strive to create work environments that are based on respect and are rewarding and fun. We will form alliances with our subcontractors and suppliers to enhance job site safety, productivity and cost effectiveness. Most important, we will be honorable.
REVIEW more photos for these & other practices: click here.
Meet NDA member Richard from Heritage: click here.
There is a lot of talk in healthcare today about ‘quality care’ and what really comprises a quality ‘patient experience.’ Call it ‘patient experience’ or ‘patient satisfaction,’ the end result is the same. Patients need to feel good about your practice – and we’re not talking just about their dentist – but the receptionist, the assistants, the hygienist, etc. — every touch point a patient has with your practice.
It’s really quite simple, if they are not satisfied, they move on to another practice. And they likely share their displeasure with others.
Don’t take our word for it. Look at the research. Patients are three times more likely to leave a practice where they report poor quality relationships with their physician.
After all, patients are consumers. Now that patients are paying more out of pocket for their care, they are shopping around for the most affordable care and best experience they can get.
So practices really need to know where they stand with patients. Not only for profitability reasons — but maybe, just maybe, because we know it’s the right thing to do.
At the end of the day your top priority is a healthy patient. After all isn’t that what healthcare is really about? Why do we work in healthcare if we don’t care about offering the best patient health outcomes possible? Really, if there is any other reason, we should move on.
So you shouldn’t gain patient feedback just because you HAVE to or MIGHT have to in the future or for the almighty buck, but because you really care about offering your patients the best possible patient experience.
Research points to improved health outcomes where there is strong patient-provider relationships.
POS conducted research to learn what practices thought of the patient experience. More than 70% of practices say improving the patient experience is one of their top priorities. More than 90% of respondents indicate patient communications is a big factor in the patient experience. But practices indicate they lack time, expertise and ideas to improve patient communication.
78% of practices say they are very interested in learning patient opinions, yet many have no formal method of gaining patient feedback. And why are they interested? One of the top reasons — ‘Because it’s the right thing to do.’
So don’t collect patient feedback just because you think someone is going to make you collect it. Survey patients because you want healthier patients, more patients, new patients, happier patients. After all, happier patients are healthier patients. And survey with a purpose. Use the information to improve your office wait times, the registration process, your billing process and patient care.
POS Professional Office Services works with healthcare practices nationwide to improve provider and patient communications through Print, Statement Processing Digital Messaging and Survey solutions. POS Surveys is our newest survey platform that helps practices collect, compile and analyze patient feedback. Learn more at www.poscorp.com.
• POS is a NDA member, click here for more.
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From The Shield: A security newsletter for businesses • Spring 2016
Since the events of September 11, 2001, banks and regulators are more focused on limiting the potential for financing terrorist and drug-related activities through our financial system. As a result, banks have increased their efforts to prevent money laundering and terrorist financing, and to comply with anti-money laundering (AML) regulations. These efforts are, in turn, a driving factor in determining which information is currently required from customers in order to process their transactions.
In August 2014, the U.S. government issued an Advanced Notice of Proposed Rulemaking entitled “Customer Due Diligence Requirements for Financial Institutions.” When final, the rule will require banks to verify the identities of “beneficial owners” of most legal entity customers, including corporations, LLCs, partnerships, unincorporated non-profits and statutory trusts. “Beneficial owner” is defined as “the natural person(s) who ultimately owns or controls a customer and/or the person on whose behalf a transaction is being conducted.” Beneficial owner also pertains to an individual with an ultimate ownership stake of 25% or more of the equity interest, and an individual who exercises significant authority to control the legal entity customer’s affairs.
As a result of the enhanced due diligence requirements, U.S. Bank may request the following information and documentation from beneficial owners and authorized signers of new and existing legal entity customers:
U.S. Bank, in some instances, may also request documentary evidence (e.g., driver’s license) to verify the information provided.
Information collected from beneficial owners or authorized signers is not shared outside of U.S. Bank, its subsidiaries or affiliates. Sharing this data within the bank only occurs for purposes of complying with anti-money laundering laws and regulations. Access to collected information is limited to users on a need-to-know basis.
U.S. Bank ranked first in the Ponemon Institute 2015 “Privacy Trust Study for Retail Banking” and has ranked first for the past nine years. We have a legal and ethical responsibility to ensure information is secure and accurately maintained. U.S. Bank is committed to protecting the confidentiality, integrity, availability and privacy of our customers’ data. Our reputation rests, in part, upon securely maintaining our customers’ information assets.
Other News In the 2016 Spring issue:
Find out more about practice financing options from Jennifer Maschke, NDA member.
The best financial advisors try to accomplish goals with the fewest moving parts at the lowest costs.
— Aurochs Financial Group Success Principle
As we manage YOUR plan, we also coordinate your team of specialists as needed, including tax, insurance, estate, and legal team members.
The outcome: You gain the advantage of having a team of experienced professionals at your disposal while avoiding the headaches of spending time trying to manage the process.
Risk management is key – creating the right holistic strategy for your situation, reviewing the types of insurance you have currently, and making changes to fit your goals and needs – are all key factors. Considerations include life, health and disability, and long term care insurance.
Are you ready to create a plan for living the life you’ve always dreamed about?
Contact us today to schedule your complimentary discovery meeting.
Your Guide to Financial Independence Rick Epple, CFP®
What better way to earn two fundamental Dental Credits & two Practice Management Credits while enjoying this beautiful setting?
The Minnesota Landscape Arboretum is available to explore before and during the continuing education event.
Bring your spouse, or partner!
Beer, Wine and Appetizers included!