If you own or run a healthcare company, then you can often get the best employees by offering a competitive benefits package. This may also help prevent employee turnover, which remains a lingering problem in the healthcare industry. Here are some benefits that you might want to consider offering your employees.
A company-funded 401(k) is a great way to help your employees prepare for retirement. Even if you cannot afford to pay the whole amount, your employees will appreciate it when you offer matching funds. Make sure that you use a reliable investment company and offer employees a wide range of options regarding how they want their money to grow. If your business is small enough that you only work with self contractors, provide them with the option to do a solo 401(k) to help them prepare for their retirement.
There are many types of insurance that you may want to offer your employees. A good place to start is by offering them workers’ compensation in case they get hurt on the job. Common work-related injuries can happen in practically any field at any time, but include anything from minor slip and falls to major injuries requiring medical attention. While you must offer it in most states, make sure to choose a company that will be easy for your employees to work with if they become injured. Additionally, you may want to offer them a liberal company-paid insurance policy covering sickness, disability and dental. You may also want to investigate offering them additional benefits like a fitness program and healthy food choices to keep everyone in great shape.
Health care professionals often burn out because they do not take the time to take care of themselves. Consider encouraging them to take better care of their personal needs by offering them paid time off. You may want to base the amount on the number of hours that the employee works each month. Additionally, investigate the possibility of offering them discounts or free admission to events or attractions in your area. You may also want to consider giving them time off to help their favorite charities with special events.
Some jobs in the healthcare community can be performed from home, allowing employees to still work even when they cannot make it to your facility or choose not to do so or there is inclement weather. While that is not true of all positions, you can often offer flexible hours or allow employees to switch shifts with a coworker easily. Much research has been done on the subject, and it is practically universal that employees are more productive, have higher morale, and other great bonuses when they have the option to work from home.
Companies with good benefits packages have found their employees to be happier. Many organizations find that offering a great benefits package allows them to attract better talent and makes it harder for that talent to leave. In fact, some organizations find that offering outstanding benefits saves them money because they are not always having to hire new help.
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If you’re a private practice owner and want to maintain autonomy in your business while pushing for more growth, a Healthcare Management Service Organization (MSO) may be the solution you are seeking to optimize efficiency, find the right people, increase revenue, and reach new patients.