Today’s dental workforce is very different from what it was only 10 years ago. Dental assistants, hygienists, and office managers are more career-minded than ever, and they are looking for an employer that works for them. Dentist showing a boy how to brush his teeth properlyThe US Chamber of Commerce reports in their 2019 Article, that health benefits remain at the top of the list of the most important benefits they look for in a potential employer.

It goes to show, then, that dentists must offer more to their employees while retaining profitability. And, health reimbursement arrangements (HRAs), are a practical solution to this very problem.

Below, we have compiled a handful of learning resources and information that will help you learn more about HRAs, their benefits, and how PeopleKeep’s automated software can help make HRAs an effective asset for small employers.

HRA Benefits for Construction Firms

What Is An HRA?

A Health Reimbursement Arrangement (HRA) is a health benefit alternative for small businesses that cannot afford, or simply don’t want to offer traditional group health insurance policies. In a health reimbursement arrangement, employers are able to reimburse employees for qualified expenses using tax-free, or tax-advantaged money.

There are a few different types of HRAs, each of which solves different needs for employers and employees. Small dental practices will typically want to choose between the Qualified Small Employer HRA (QSEHRA), the Individual Coverage HRA (ICHRA).

See the list of eligible expenses HERE.

HRA benefits for dental practices

1. Budget control

A primary benefit that HRA administrators enjoy is the ability to control the maximum reimbursement allowance for each month. This provides employees with clear expectations for how much they can be reimbursed for, and it gives you the ability to know what your maximum expenses will be. And best of all, you are guaranteed to never exceed your allowance limit.

With PeopleKeep, you can change the allowance at any time. If budgets change in the middle of a month, on a Tuesday, or in the middle of the night, allowances can be adjusted in order to keep your budget on track.

2. Attract and retain employees

HRAs allow dental professionals to attract and retain top talent for a few different reasons. With an HRA, businesses can offer tax-free money to their employees for health expenses and give freedom to employees to find a plan that meets their needs, all at approximately half the price of a traditional group insurance plan.

What does this mean for employee retention? Not only can you provide a top-tier benefits package to your hygienists and assistants, you can also adjust your allowable reimbursement limits to better meet the needs of your employees and stay in line with the standards of the job market. That means if one of your competitors improves their benefits package, you don’t have to get left behind.

3. Improve office efficiency

When it comes to running a business, many dental professionals feel they already wear a hundred different hats and have to solve a thousand pressing problems, each and every day. That’s where the magic of the PeopleKeep benefit automation software comes into play.

On average, PeopleKeep customers spend just five minutes managing their company’s HRA benefits every month. This provides a significant improvement for employees without adding to a business manager’s workload.

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Recruiting_ideas_for_dentistsWe pride ourselves in delivering a solution that provides both financial and time savings to dental practices across the United States. And when you choose the HRA that is best for your business, you’ll find that hiring and retaining top talent has never been so easy.

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