Lowering Costs While Improving Patient Care

Healthcare is one sixth of the US economy. Whenever we can cut healthcare costs while simultaneously improving patient care, we are helping Americans everywhere.

Recently I’ve been talking about the physician and nursing shortage. Using pension plans as recruitment and retention tools is the absolute best solution to this problem, and here’s why:

1) The pension plans will have long term vesting periods and the vesting periods will instantly mitigate the turnover costs.

2) Special bank financing makes the cost of pension plan 45% less than the turnover costs. That one benefit makes it a no-brainer to anyone looking at it from a financial perspective, because over the life of the plan, the savings to a hospital can be in the tens of millions of dollars. If this strategy were implemented nationwide the cost savings would be in the billions.

3) Let’s look at the clinical side. Nothing is more important in the world of healthcare than improving patient care. Staff shortages would simply disappear and become a thing of the past. Proper staffing will lower stress levels among overworked care providers, and it could lead to fewer clinical mistakes. Clinicians would have more time to spend with each individual patient, and together it would lead to better patient care.

Anytime you can cut costs while improving patient care, you are moving in the right direction.

If you have questions or comments send an email to David@theAlemianfile.com, or visit my website www.CapitalCrestFinancialGroup.com

Absolutely make sure you come back here next week for another edition of the Alemian file.