Change Is Coming
OCTOBER 11, 2016
The healthcare landscape is changing fast. For rural health, the transition to value-based healthcare means big changes in retention and recruitment strategies.
For years, rural healthcare organizations have struggled with retention and recruitment. As position vacancies go unfilled, the turnover costs keep rising and have forced some organizations to accept anyone who’s licensed to fill the position. In some cases, it means accepting a candidate who does not necessarily have the best qualifications. Value-based care changes all of that, because healthcare organizations need to meet certain standards of quality or Medicare and Medicaid would penalize them.
In rural areas, most of the patients are on either Medicare or Medicaid, which means penalties from Medicare and Medicaid can be huge. To meet the required standards of care, healthcare organizations must have high quality healthcare teams. This includes both clinical and nonclinical team members.
Talent shortages force rural area healthcare organizations to compete with metropolitan area healthcare organizations for the same top talent. Rural organizations that are not competitive run the risk of financial failure. Pension plans could level the competition playing field for rural healthcare organizations, because retirement is the top concern for physicians and key healthcare employees. Financing these pension plans will most certainly be the only way they will be able to afford it.
The pension plan strategy will help rural health organizations put an end to the ongoing struggle of retention and recruitment with a permanent solution to the problem.
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