By David Alemian
Healthcare is one sixth of the US economy. Whenever we can cut healthcare costs while simultaneously improving patient care, we are helping Americans everywhere.
Recently I’ve been talking about the physician shortage and the nursing shortage. Using pension plans as a recruitment and retention tool is the absolute best solution to this problem, and here’s why;
1) The pension plans will have long term vesting periods and the vesting periods will instantly mitigate the turnover costs.
2) Special bank financing makes the cost of pension plan 45% less than the turnover costs. That one benefit makes it a no-brainer to anyone looking at it from a financial perspective, because over the life of the plan, the savings to a hospital can be in the tens of millions of dollars. If this strategy were implemented nationwide the cost savings would be in the billions.
3) Let’s look at the clinical side. Nothing is more important in the world of healthcare than improving patient care. Staff shortages would simply disappear and become a thing of the past. Proper staffing will lower stress levels among overworked care providers. It will lead to fewer clinical mistakes. Clinicians would have more time to spend with each individual patients and together it will lead to better patient care.
4) In rural areas, current recruitment and retention efforts center around offering money to pay off medical school debts. The flaw in that strategy is it tends to attract brand new physicians who lack clinical experience. On the other hand, pensions tend to attract older mid-career professionals with years of clinical or operational experience who are better prepared to deliver quality healthcare.
Anytime you can cut costs while improving patient care, you are moving in the right direction.
Absolutely make sure you come back here next week for another edition of the Alemian file.
About David Alemian
Successfully creating affordable retirement plans guaranteed to last a lifetime is a unique, specialty skill. It’s a challenging arena but respected writer David Alemian makes it look easy. Alemian is a leading retirement expert and nationally recognized authority whose expertise is shared via video columns, numerous journals, and talk-shows.
His national recognition results from both revolutionizing and revitalizing how organizations and individuals like you and me plan and save for retirement. Alemian is considered “The Go-To Guy” for creating and implementing absolutely irresistible, lifetime retirement pension programs.
Formerly the host of “It’s About Money” Radio Show, Alemian has also produced and is featured in over 200 financial education videos. Additional content can be found in many well-respected, publications including: MD Magazine, Physician’s Money Digest, Physicians Practice, Journal of Clinical Oncology, Consultant Live, Psychiatric Times, Cancer Network, OB/GYN.net, and The Healthcare Executives Network.
This article reflects the thoughts and opinions of the author and is being provided for educational and informational purposes only. It should not be considered financial or tax advice. Please consult your financial or tax advisor about your situation.