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.

 

Student loan repayment as a target benefit

 

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. 

 

Customizable programs can keep up with trends

 

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?

COVID exasperates the issue of physician burnout. To help your providers, start with a conversation

COVID exasperates the issue of physician burnout. To help your providers, start with a conversation. MaxWorth works with many hospitals and health care providers in rural communities. We’ve observed first hand the kind of stress these facilities face due to physician shortages. It’s not uncommon for physicians in these communities…

The cascading impact of call coverage disputes

The cascading impact of call coverage disputes In early September, Community Regional Medical Center in Fresno, CA was given 48 hours to resolve a contract dispute that had resulted in the loss of neurosurgery coverage in their emergency department. If they had failed to resume coverage, they would have lost…

Telemedicine’s impact on call pay

Telemedicine’s impact on call pay COVID has brought about the widespread adoption of telemedicine. This technology can be a lifeline, particularly for smaller and rural facilities. For example, KershawHealth in Camden, South Carolina has thrived since it implemented a sophisticated telehealth system after losing many of its specialists to bigger…

Perspectives on a Pandemic: Lessons learned from our podcast series

Perspectives on a Pandemic: Lessons learned from our podcast series Understanding COVID-19 has been a challenge, but at least one thing was immediately clear: its impact would be far reaching. Our podcast, Courage in Healthcare, recently launched a series called “Perspectives on a Pandemic.” We’ve spoken to physicians throughout the…