W2 vs 1099
This worker typically receives employer-sponsored benefits and tax withholding.
What is a W2 employee?
This structure is owned by one person and is the easiest to establish.
What is a sole proprietorship?
This payment model generally involves the least paperwork.
What is private pay?
Agreeing with competitors to charge the same fee is called this.
What is price fixing?
This worker is responsible for paying their own taxes.
What is an independent contractor (1099)?
This structure provides liability protection and is common among healthcare professionals.
What is an LLC?
This federal-state program serves many low-income individuals and children with disabilities.
What is Medicaid?
This type of insurance protects clinicians if legal claims arise.
What is liability insurance?
Name one benefit commonly associated with W2 employment.
Health insurance, retirement, paid time off, CE benefits
This business structure involves two or more owners sharing responsibilities and profits.
What is a partnership?
This insurance program primarily serves adults age 65 and older.
What is Medicare?
This number identifies healthcare providers for billing purposes.
What is an NPI number?
This organization determines whether a worker is legally classified as a W2 employee or independent contractor.
What is the IRS?
This is the most formal structure and includes shareholders and a board of directors.
What is a corporation?
Name one challenge associated with insurance billing.
Delayed reimbursement, claim denials, documentation burden, prior authorizations
Name one factor that should ethically influence how SLPs set their rates.
Experience, specialization, cost of living, market demand, business expenses