HCA to spend $300M on employee benefits with focus on attracting nurses

Nashville, Tenn.-based HCA Healthcare is earmarking $300 million for employee benefits, largely in an attempt to attract nurses, HCA executives told Reuters.

HCA is one of the big winners under recent changes to the U.S. tax code, and the company said in January it would invest the majority of its windfall from the tax overhaul in employee benefits, such as tuition reimbursement and extra family leave, over the next three years.

HCA officials recently told Reuters a top priority of the spending plan is to attract and retain nurses.

The Bureau of Labor Statistics predicts the U.S. nursing field will have more than 1 million vacancies by 2022, leaving hospitals to implement strategies to recruit and retain nurses. The nurse retention push is vital for HCA, as the company plans to grow in states like Texas and Florida, where up to 40 percent of nurses are slated to retire in coming years. Half of HCA's hospitals are in Texas and Florida, and those facilities account for 48 percent of the company's revenue, according to Reuters.

Many of HCA's competitors, including Dallas-based Tenet Healthcare, are also taking steps to attract and retain nurses. Tenet offers tuition assistance and signing bonuses of $10,000 to $15,000 for experienced nurses in some locations. The company offers one-time bonuses as high as $25,000 in markets where it faces fierce competition, such as California, according to Reuters.

More articles on healthcare finance:

Tenet posts surprise $99M profit after expanding cost-cutting plan
Creditors seek to force 2 Arizona hospitals into bankruptcy
New Jersey hospital bills patient $5,751 for ice pack and bandage

© Copyright ASC COMMUNICATIONS 2018. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months