What problems does Odyssey OneSource help solve?
Most dentists learn about HR management the hard way, by encountering problems. This reactive process can be very costly in terms of dollars, goodwill and time. A typical dental practice simply cannot justify the cost of a HR manager, so Odyssey OneSource has created an outsourced solution that goes a step further by assuming many of the employer liabilities that clinicians shoulder today.
As the employer of record with government agencies, Odyssey assumes the liability for payroll, payroll taxes, unemployment claims, EEOC claims, fiduciary obligations and more.
Like larger organizations, dentists can benefit from strategic HR practices. Strategic HR focuses on recruiting and retaining the best employees, compensating them properly, providing competitive employee benefits, offering training and development, and monitoring and measuring employees’ performance.
Over time, these are the activities that make a good dental practice a great dental practice.
Our program enhances topand bottom-line organizational performance by strengthening a practice’s most important asset — employees’ performance.
Does Odyssey OneSource have programs expressly for dental practices?
Yes, as part of our commitment to the dental industry, we have created a web portal especially for dentists and specialists, www.odyssey onesource.com/dental. Dentists are well educated as clinicians, but often insufficiently trained in business management and labor regulations.
Odyssey partners with practice owners to help them grow their business through a full range of strategic human resource administration and management solutions.
Our human resources experts have an intimate understanding of the laws and labor regulations that affect a practice. By letting Odyssey’s subject-matter experts handle the ever-growing number of complex issues associated with being an employer, a clinician can put even more focus on his or her patients.
Can you give us a few specific examples of Odyssey OneSource’s solutions?
Odyssey recognizes that each dental practice is unique. We get to know each practice, the clinicians and team members in order to tailor our highly customizable program especially for them. Here are some questions that we ask during our initial consultation:
Would you like to upgrade your employee benefits?
Odyssey provides health, dental, life and vision insurance options that are vastly more comprehensive than a typical dental practice can obtain on its own. We have several options available in order to suit the needs of different practices.
One popular option lets the practice enjoy the benefits of a top-rated PPO at very attractive rates by incorporating health savings accounts, or HSAs.
HSAs are triple-tax-advantaged. Contributions go into the accounts on a tax-free basis, earnings on HSA balances accumulate tax-free and distributions are paid out taxfree — provided that they are for qualified medical expenses. Participants enjoy the convenience of a debit card to pay for qualified medical expenses.
Our HSA pays annual exam/ wellness benefits at 100 percent with no deductible required. HSA contributions may be paid by the employee, a family member of the employee, the employer or a combination of all three. Account balances roll over without limitation from year to year. The accounts are completely portable so when individuals terminate employment, they take their HSA with them.
Is your employee timekeeping process automated and integrated with payroll?
Most dental practices use a cumbersome and antiquated timecard system to record hours worked. Odyssey offers an automated system that electronically maintains your time clock data and is fully integrated with our payroll system.
One simple command confirms your time clock data is ready for processing. We take care of payroll processing, direct deposits, tax deposits, tax filings, garnishment administration and payroll account reconciliation.
Are you, or someone on your staff, adequately trained to avoid costly IRS penalties?
The IRS reports that one out of every three employers has been assessed a penalty for a payroll tax mistake, with total penalties totaling billions of dollars.
In addition, given the everchanging nature of tax regulations, it’s easy to make an error that can grossly affect the practice’s bottom line. Odyssey’s integrated solution relieves the clinician of payroll tax liabilities.
Is your practice in compliance with all state and federal labor regulations?
An essential element of human resources is reducing an employer’s liability. From written policies to dispute resolution, dentists depend on Odyssey OneSource to anticipate and avoid potential HR nightmares.
Odyssey provides a thorough HR assessment at the onset of our arrangement in order to identify specific areas of concern.
We reduce a clinician’s exposure to employee claims and suits by customizing practice-specific training and providing employment practices liability insurance, or EPLI, that covers the clinician in the event of a claim.
Dental-specific safety training is also available. This allows the dentist to refocus his or her internal compliance efforts to patientrelated risk mitigation.
Is your practice in compliance with all applicable OSHA regulations? When was the last time that your safety policy was reviewed?
In today’s litigious society, practices must plan for potential problems. Odyssey’s proactive approach to risk management helps to maintain a safe and productive work environment.
Our comprehensive solution helps a clinician maximize the practice’s biggest investment — the employees — by minimizing job-related hazards and managing claims that do occur.
Odyssey employs certified safety professionals that are knowledgeable about OSHA guidelines and risk management best practices.
Does your practice maximize retirement savings opportunities for the clinician and his or her employees?
One of Odyssey’s key benefits is our executive deferred compensation plan, which offers highly compensated professionals the opportunity to defer up to $100,000 in annual earnings using a 409a plan.
This allows the clinician to defer income until a later date, helping the dentist to accumulate wealth by placing him or her into a lower tax bracket.
The tax savings alone often exceeds the entire cost of our service.
The practice’s employees can also benefit from a 401(k) plan that we administer. We have investment advisors to assist employees with their investment decisions. The practitioner can decide whether or not to match employee contributions and can even offer a profit-sharing option if desired.