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Partnering as a Trusted Advisor for Long-Term Success: A Case Study

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When a $24M medical practice faced high employee turnover and lacked a clear financial strategy, they needed more than traditional accounting support; they needed a trusted advisor. Frazier & Deeter provided strategic guidance, industry connections and hands-on support, helping to strengthen operations and lay the foundation for long-term success. 

Challenges

  • Employee Retention: The practice could not retain key employees, resulting in frequent turnover. 
  • Pay and Benefits: The compensation and benefits packages were not aligned with industry standards, making it difficult to attract and retain employees. 
  • Lack of Expertise: The practice lacked the internal expertise to address these issues effectively and needed a consultative approach. 

FD’s Approach

FD took a consultative approach, going beyond traditional bookkeeping to provide strategic guidance and support: 

Compensation and Benefits Analysis: Our team conducted a comprehensive analysis of the practice’s pay and benefits, benchmarking them against industry standards. We also helped design competitive compensation packages to attract and retain top talent. 

Recruitment Support: We assisted in recruiting a qualified practice manager and connected the client with a trusted health insurance provider, ensuring employees received comprehensive health benefits and robust PTO options. 

Employee Handbook and Legal Support: We helped develop a comprehensive employee handbook and provided referrals to a reliable lawyer, ensuring compliance with legal requirements and creating a positive work environment. 

Retirement Plan Setup: We helped implement a 401(k) plan and laid the groundwork to integrate a cash balance plan over the next five years. 

Industry Collaboration: Leveraging their expertise and connections within the industry, we created a network of trusted advisors, including TPA and investment managers, to provide comprehensive support. 

The Outcome

  • Improved Employee Retention: The client saw a significant reduction in turnover rates, creating a more stable and consistent work environment. 
  • Attraction of Top Talent: Competitive compensation and benefits packages helped attract skilled professionals, enhancing the practice’s overall capabilities. 
  • Enhanced Employee Satisfaction: With improved benefits and a supportive work environment, employee satisfaction and morale increased. 
  • Long-term Stability: The strategic guidance provided by the outsourced accounting service positioned the practice for sustainable growth and long-term success. 

Next Steps

Building a strong foundation for employee retention and financial security is an ongoing process. At Frazier & Deeter, we do more than manage the numbers; we provide the insight and guidance to help businesses make informed decisions and plan for the future. 

Looking for a trusted advisor to help strengthen your business? Contact us today to learn how we can help. 

Contributors

Kathy Moore, Partner

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