Long-Term Service Incentives
Provide additional compensation when an independent professional satisfies agreed-upon service milestones.
1099 INDEPENDENT CONTRACTOR RETENTION STRATEGIES FOR MEDICAL GROUPS
Give Your Best Independent Physicians a Reason to Keep Choosing Your Group.
Medical groups often depend on highly productive independent physicians and other specialized contractors. These professionals may have opportunities to work with competing organizations.
A customized financial retention arrangement may create an additional incentive to maintain a longer-term relationship.
POTENTIAL CONTRACTUAL INCENTIVES
Reward Continued Service.
Respect the Distinct Relationship.
Contractual Deferred Payments
Evaluate agreements that provide for future payments based on clearly defined terms and applicable tax requirements.
Milestone-Based Rewards
Create potential financial rewards connected to the completion of specific contractual commitments.
Performance and Continued-Service Incentives
Explore arrangements that reward professional performance, service commitments, or a combination of both.
AN IMPORTANT DISTINCTION
Not the Same as W-2 Employee Benefits.
Independent contractors generally are not participants in the same employer-sponsored benefit arrangements as W-2 employees.
A financial retention arrangement for a 1099 professional must be evaluated based on the specific contractual relationship and relevant tax and legal rules. Employee strategies cannot simply be applied to contractors.
HOW WE HELP
Practical Planning.
Professional Coordination.
We assist with financial modeling, retention strategy evaluation, coordination with legal and tax professionals, implementation support, and ongoing review.
A retention arrangement does not establish or preserve independent-contractor classification. Qualified legal and tax professionals must review each arrangement. Financial obligations remain subject to the written agreement and applicable law.
A CONVERSATION ABOUT YOUR PEOPLE
Let’s Find the Right Retention Approach.
Start with a complimentary review of your organization’s retention objectives.