Part 1 discusses practice demographics, plan design and plan architecture for small practice plans.
Part 2 talks about investment management, essential services for small practice plans and also offers recommendations on the criteria that can be used by practice owners to select the best small practice plan providers.
*What is a ‘small’ practice? A practice with one owner and/or spouse and several employees is a small practice. Most midsize and large practices might have the structure of a small practice: a number of owners/partners and shared employees with anywhere from a handful to as many as 15 employees per partner, depending on the practice type. So even though a 50-person practice is definitely larger than a 5-person practice, if this practice has 5 partners with 9 employees per partner, it is simply a scaled version of the small practice. Once a practice has more than 50 employees, demographics becomes less of an issue, but everything else that applies to a ‘small’ practice will also apply to medium and some large practices as well.