The holiday season is here, and across the nation, people are counting their blessings and thinking about how they can give back to their communities. We know you’re busy, especially as flu season is taking off, and the stress of the holidays takes its toll on patients’ physical and mental health. However, there are some benefits to charity that can make it worth your time to consider.
Charitable giving is tax-deductible. The most straightforward way to take advantage of this deduction is to donate money to a charity or sponsor an event. For example, is there a soup kitchen or shelter in your town that would benefit from a donation for their service on holidays like Thanksgiving? Or maybe you could sponsor a “turkey trot” and encourage your employees to participate as a team.
The rules are a bit trickier for donating your time and services, but that doesn’t mean it’s impossible to claim tax benefits. Here at Ferndale Road, we’re physicians trying to make practice management simple for other physicians, not accountants. We recommend that you talk to your accountant or financial advisor about the details of deducting the cash value of your donated time or services.
Doing good in your community is a great way to boost your practice name recognition. Many sponsorship programs include branding packages to showcase your support and participation. It’s also a great public relations opportunity. If you volunteer with a charity, they include opportunities to get your name and comments in the local news. When people in your community see your practice name regularly and associate it with positive community involvement, they remember your name when it comes time to choose a doctor, regardless of your specialty area.
Doctors have to make a lot of sacrifices, including dealing with tough decisions between what you know is right for your patient and the regulations and restrictions set by an out-of-touch national health system that’s controlled by bureaucrats that don’t spend time in actual practice. Giving back to your community can help you restore the feeling that you’re doing something good for the people under your care and in your community. Volunteering can also give you some autonomy in figuring out the best workflow and methodology to reach the desired outcomes. Combined, this can reduce burnout and improve your overall outlook.
Additionally, volunteering and charity can boost employee morale. They’re also dealing with the stress of flu season, insurance companies, and unhappy, sick patients. Business volunteering and charitable activity can make your employees feel more positive. A study from Deloitte also revealed that employees have more respect for companies that care for their community. It increases their respect for and attachment to your practice.
There are so many benefits to getting involved in your community and donating time and money. While getting something back in return for giving shouldn’t be a primary motivator, the benefits are undoubtedly nice. Whatever your reason for helping others, giving back offers rewards that can make it all worthwhile for you and your practice.