Episode 133: Contractor vs Employee: Understanding the new DOL rules

Understanding the Implications of Hiring Contractors vs Employees in Therapy Practices In this episode of 'Therapy for Your Money,' host Julie Herres discusses the implications of employing contractors versus employees in therapy practices. She unpacks a recent ruling from the Department of Labor and its six factors for determining employment relationships. She emphasizes that legislation is moving towards favoring employee relationships. While the immediate impact on therapy practices may be limited, it is prudent for owners to begin considering the transition from contractors to employees. Julie also shares useful resources to help small businesses stay compliant and highlights a webinar on clinician compensation for sustainable and profitable practices. Episode Highlights 00:00 Welcome to the Podcast 00:49 The Age-Old Question: Contractors or Employees? 01:49 Understanding Audits and Their Implications 04:50 The New Department of Labor Ruling 06:52 Breaking Down the Six Factors of the New Rule 16:36 Potential Liabilities for Misclassification 17:25 What Does This Mean for Your Practice? 21:19 Final Thoughts and Resources 24:02 Disclaimer Links and Resources New DOL rules: https://www.dol.gov/agencies/whd/flsa/misclassification/rulemaking Small entity compliance guide: https://www.dol.gov/agencies/whd/government-contracts/small-entity-compliance-guide Free webinar: https://www.greenoakaccounting.com/webinar GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio