Student loan forgiveness is a trending benefit. Can it apply to physician employees?

Student loan forgiveness is a trending benefit. Can it apply to physician employees?

By: Leah Worthy

good-free-photos-YZsvNs2GCPU-unsplash

A recent Willis Towers Watson survey showed that more employers are adding student loan forgiveness to their benefit packages. Given that the average medical school debt exceeds the average undergraduate debt by over $160,000, it would be a significant financial commitment for a hospital to offer such a program to its employed physicians. The good news is, there are ways hospitals can structure their compensation packages to help their physicians with their student loans without breaking the bank. In fact, many physicians have told us that they are using their distributions from our Call Pay Solution to pay off their loans. Imagine what could be accomplished if programs were designed with this goal in mind.

 

One way for hospitals to help physicians with this common financial burden is to designate student loan repayment as a target benefit of reward programs like our Physician Employment Strategies. Unlike traditional repayment or forgiveness programs, our Physician Employment Strategies can be customized, making it possible for hospitals to require employees to remain on staff for a period of years in order to receive benefits such as loan repayment. This means that the program is equally advantageous to the organization as it can help prevent the loss of physician talent. The program also uses funding methodologies that allow the hospital to recover some of the costs associated with the program, making it a viable long-term solution. 

 

The features of our Physician Employment Strategies make it possible for hospitals to offer rewards that would otherwise be financially unfeasible in the healthcare industry. As trends like loan forgiveness come and go, it’s important for hospitals to have customizable programs in place, allowing them to offer competitive compensation packages without threatening their financial viability.

 

REQUEST OUR CASE STUDY

Learn how you can reduce cost while distancing yourself from the competition
Something went wrong. Please check your entries and try again.

Want to Learn More?

Rural Hospitals Can Survive in Today’s Competitive Environment

Rural Hospitals Can Survive in Today’s Competitive Environment By: Leah Worthy A recent article from Community Hospital Corporation shared five ways rural hospitals can beat the odds and survive in today’s competitive environment. The article highlights the importance of fostering a positive hospital culture, identifying areas needing improvement, comparing data…

Courage In Healthcare: Episode 1

Courage in HealthcareEpisode 1: Dr. Tom Sonderman By: Kyle Worthy We are proud to announce the launch of our new podcast, Courage in Healthcare. In this series, we will speak with leaders in the healthcare community who have seen their organizations through trying times.  In our first episode, we speak with…

Case Study: Hospital CEO finds solution to call budget unpredictability

Case Study: Hospital CEO finds solution to call budget unpredictability By: Kyle Worthy Summary: Predictability in budgeting is everything. But for many hospital administrators, the rising cost of call pay and the constant possibility that yet more specialty groups will come forward asking for call pay makes setting a budget…

Overcoming alignment issues at large urban medical centers

Overcoming alignment issues at large urban medical centers By: Kyle Worthy A few years ago, I was at a major urban medical center, preparing to start a meeting, when the system CMO arrived and introduced himself to every physician in attendance before taking his seat. It struck me how different…

maxworth_logo

Compensation Strategies to Attract, Retain and Reward Your Physician Talent.

OUR OFFICE

Charlotte, NC

877-643-7520

800-314-8281

info@maxworthconsulting.com

Office Hours:
M-F 8:00am – 5:00pm EST

Charlotte, NC
P:  877-643-7520
F:  800-314-8281
info@maxworthconsulting.com
M-F: 8AM - 5PM

Malcare WordPress Security