How Hospital CEOs Can Keep Their Best Employees
Today, however, some hospitals ar...
Hospitals and other healthcare facilities are among the few industries that weathered the 2008 recession fairly well.
Today, however, some hospitals are being forced to do more with less. For CEOs, using limited resources to keep and retain the best employees possible is a quarterly struggle.
But is it limited resources or misdirected practices that are behind the dramatic changes taking place in the healthcare industry?
Are Hospitals Cutting Back?
Healthcare has always been a politicized issue. But the controversial and polarizing Affordable Care Act ushered in an unprecedented wave of politically motivated information – and misinformation – from both the law's backers and detractors.
It is increasingly difficult to discern whether hospital cutbacks can be traced to Obamacare, but one recent report showed a direct correlation between the slashing of salaries and staff and an increase in executive bonus pay at major healthcare facilities.
Seven out of 10 executives at major hospitals saw their total compensation rise by at least 10 percent – even as employee salaries dropped.
As the following article shows, when trying to determine typical “Health care salaries”, it is a common misconception that the median average provides an accurate expectation of pay for nurses and doctors.
But research shows that there is no formula for determining salary, even when talking about the same position.
Geographical location plays a major role in determining what healthcare professionals can expect to earn and what healthcare facilities are willing to pay.
The type of facility also has a major impact on salary, depending on whether it's a private practice, a large hospital, an academic setting, etc. Experience is another strong variable, as is education.
Retaining the Best Employees
High salaries are, of course, a big draw. But for healthcare systems that are tightening their belts that may not be a possibility.
One report states that among the best things CEOs can do to draw and retain the top healthcare employees is to stay focused on the core mission.
When doctors and nurses feel like they're working toward a mission that reflects the reasons they entered into their careers in the first place, they are happier and stay longer.
Another major incentive is the inclusion of wellness programs, which emphasize the health and well-being of employees. This could include anything from good food choices at work to discounted gym memberships.
The core mission of hospitals is to hire and retain the best doctors and nurses possible. But for many healthcare workers, salary isn't always the biggest motivating factor.
CEOs are being forced to get creative in a changing healthcare environment, and their success depends on their ability to compete in a changing landscape.
About the author: Andrew Lisa is a freelance careers writer. He covers jobs in the healthcare and education sectors.
Dubai's new smart neuro spinal hospital: need to know
We take a look at Dubai's new smart hospital.
What: The Neuro Spinal Hospital and Radiosurgery Centre is a new hospital featuring state-of-the-art technology for spinal, neurosurgical, neurological, orthopaedic, radiosurgery and cancer treatments. The 700 million AED hospital, (equivalent to £138 million), has 114 beds, smart patient rooms, and green spaces for patient rehabilitation, and is four times the capacity of its former premises in Jumeirah. It is also the UAE’s first hospital to have surgical robots.
Where: The hospital is located in the Dubai Science Park. Founded in 2005, Dubai Science Park is home to more than 350 companies from multinational corporations in life sciences, biotechnology and research; over 4,000 people work here each day.
Who: The UAE's Neuro Spinal Hospital and Radiosurgery Centre was first established in Jumeirah in 2002 by Dr. Abdul Karim Msaddi, as the first as the first "super-specialty" neuroscience hospital.
Why: With advanced diagnosis and robotics, the hospital will provide care across neuroscience, spine, orthopaedics and oncology for people residing in the UAE, as well as international patients.
Prof. Abdul Karim Msaddi, Chairman and Medical Director of the hospital, said: “We are proud to bring world-class healthcare services to Dubai and believe our next-generation hospital will be a game-changer for the emirate’s and the region’s medical industry.
"It will not only significantly increase the availability of specialist neuroscience and radiosurgery treatments and provide better patient care but help attract and develop local and international talent. Investing in the new centre represents our continued faith in the resilience of the region’s economy, as well as a testament to our ongoing drive towards healthcare innovation in the UAE.”