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Costs in Private Medical Practices

Friday, October 18, 2019 9:11

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In any business, the largest two expenses are rent/mortgage and Payroll, with Payroll usually taking the number one spot. Thus, in private practices, both large and small, salaries are usually on the bottom of the pay range, meaning in a good economy it is difficult to retain good employees.

It seems that Hospitals are recognizing this fact. Cincinnati Children’s Hospital will increase its minimum wage in 2020 from $11.00 an hour to $15.00 an hour. According to CEO Michael Fisher,

“[t]o be the leader in child health, we need to be a leader in supporting and investing in our people. Substantially increasing wages is just one way we continue to attract – and keep – top talent at all levels.”

Other hospitals are also increasing wages:

“The move follows recent announcements by other local hospital systems, including TriHealth and UC Health, that they would boost pay for entry-level employees. In addition, Christ Hospital is launching an ambitious pilot program focused on career development and improving the lives of such workers.”

These raises will stress an already short supply of employees in the Greater Cincinnati area. This is happening across the country in Healthcare. Larger hospital groups are taking advantage by offering the types of salaries that privately owned practices cannot meet.

As medicine moves to Value Payments, organizations are recognizing that their staff is paramount to their Quality and Satisfaction ratings. In order to get the quality staff to ensure high satisfaction ratings, medical facilities must make the investment in staff.

Michael Fisher stated, “There’s no greater investment we can make than in our people. Every day they contribute to our success through their talent, compassion, hard work and dedication. In return, we offer valuable rewards that help them thrive.”

As costs rise and reimbursements stay flat, privately owned medical facilities are feeling the pinch. This will impact many offices by being unable to retain competent staff. As their quality decreases, so will their patient load.

Source: http://insureblog.blogspot.com/2019/10/costs-in-private-medical-practices.html

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