Question
Task You are a group of three (3) founding partners of a healthcare startup that will provide consulting services for chronic care identification and management
Task You are a group of three (3) founding partners of a healthcare startup that will provide consulting services for chronic care identification and management services. The company just received its first client contract, which will begin in six weeks, with an initial agreement for services to implement and analyze ACO performance. You need to immediately hire these. YOUR TASK IS TO CALCULATE THE FIRST YEAR OF SALARIES AND TOTAL BENEFITS EXPENSES (Including taxes) FOR YOUR COMPANY (THE EMPLOYER). HINT: We reviewed benefits and taxes in your recorded lecture, a summary chart from that lecture is included at the bottom of this document. Use the chart at the bottom of the document to determine which benefits and taxes are provided by employers and to determine which benefits are pre- and post- tax. Given Data Annual Salaries: Partners $120,000, Data analysts $85,000, Nurse managers $75,000 and Patient coordinators $42,000 FTEs: 3 partners, 2 data analysts, 2 nurse managers and 6 community based and telehealth patient coordinators Benefits: You have obtained the following quotes from the employee insurance broker that you have hired (Note: some are monthly and some are annual- pay attention to these terms.) Health and dental monthly premiums- offering 1 HDHP plan: $400/month single, $800/month family Assumption: 100% of partners and 50% of the other type of employee elects family coverage, remainder elects single coverage Health savings account (HSA): employer monthly contribution $40 per employee Retirement 401K- annual contribution 5% of annual salary Long Term Disability (LTD) - $30 monthly premium per employee Short Term Disability (STD)- $10 monthly premium per employee Taxes: Use the percentages from the chart at the bottom of the document. The state in which your company is located has a SUTA/SUI of 1% of annual taxable salary with no cap. ________________________________________ 1. Calculate the first year of salaries and total benefits expenses (including taxes) for your company (the employer) by completing the excel table on the next page. HINT- You should not need to add any rows, if you need to, you are doing something incorrectly. Task You are a group of three (3) founding partners of a healthcare startup that will provide consulting services for chronic care identification and management services. The company just received its first client contract, which will begin in six weeks, with an initial agreement for services to implement and analyze ACO performance. You need to immediately hire these. YOUR TASK IS TO CALCULATE THE FIRST YEAR OF SALARIES AND TOTAL BENEFITS EXPENSES (Including taxes) FOR YOUR COMPANY (THE EMPLOYER). HINT: We reviewed benefits and taxes in your recorded lecture, a summary chart from that lecture is included at the bottom of this document. Use the chart at the bottom of the document to determine which benefits and taxes are provided by employers and to determine which benefits are pre- and post- tax. Given Data Annual Salaries: Partners $120,000, Data analysts $85,000, Nurse managers $75,000 and Patient coordinators $42,000 FTEs: 3 partners, 2 data analysts, 2 nurse managers and 6 community based and telehealth patient coordinators Benefits: You have obtained the following quotes from the employee insurance broker that you have hired (Note: some are monthly and some are annual- pay attention to these terms.) Health and dental monthly premiums- offering 1 HDHP plan: $400/month single, $800/month family Assumption: 100% of partners and 50% of the other type of employee elects family coverage, remainder elects single coverage Health savings account (HSA): employer monthly contribution $40 per employee Retirement 401K- annual contribution 5% of annual salary Long Term Disability (LTD) - $30 monthly premium per employee Short Term Disability (STD)- $10 monthly premium per employee Taxes: Use the percentages from the chart at the bottom of the document. The state in which your company is located has a SUTA/SUI of 1% of annual taxable salary with no cap. ________________________________________ 1. Calculate the first year of salaries and total benefits expenses (including taxes) for your company (the employer) by completing the excel table on the next page. HINT- You should not need to add any rows, if you need to, you are doing something incorrectly.
- Why does the benefit percentage vary for different job titles? Discuss how your total % of benefits compares to the % of benefits used in lecture materials.
- Discuss some ideas that you as founding partners should consider when selecting a health insurance plan for your employees, including how to keep health premium expenses low.
- As a start up company, what other thoughts do you have around the benefit package that you put together now and how this decision can impact the company in the future?
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