Episode Details: Post-Acute HR Challenges
Join us on our newest series, hosted by Jared S. Taylor! Our Guest: Nick Porter, President at Premier Work Solutions. What you’ll get out of this episode:
- Insights into Premier Workforce Solutions and its HR consulting services.
- Major challenges in the post-acute industry, including high turnover and recruitment issues.
- Explanation of reference-based pricing for health plans and its benefits.
- Innovative strategies for cost savings and employee retention in post-acute care.
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Read About Post-Acute HR Challenges
Introduction
In a recent episode of the Commercial Carrier Corner, host Jared S. Taylor welcomed Nick Porter, President of Premier Workforce Solutions, to discuss the intricate challenges and innovative solutions in the post-acute industry. With a wealth of experience in HR and benefits management, Nick shared valuable insights into how his company is transforming the landscape for post-acute care providers.
About Premier Workforce Solutions
Premier Workforce Solutions, founded five years ago, specializes in HR consulting, product promotion, and unique benefit concepts within the post-acute sector. Nick Porter, who also serves as CEO and Chair for the Post-Acute HR Roundtable, leads the company with a deep understanding of the industry’s challenges and opportunities.
Challenges in the Post-Acute Industry
Nick highlighted the significant hurdles faced by the post-acute industry, emphasizing its low-margin, high-risk nature. The industry’s focus on serving the elderly often leads to high turnover rates, averaging around 90%. Recruitment and retention are constant challenges, exacerbated by the less appealing working conditions compared to hospitals, which offer better pay and benefits.
Innovative Health Benefit Solutions
Drawing from his experience with Signature Healthcare, Nick explained how switching to a reference-based pricing model for health plans can be a game-changer. This approach ensures transparency and fairness in healthcare costs by using Medicare reimbursement rates as a reference point and adding a reasonable profit margin. At Signature, this model saved $22 million annually, which was then reinvested into employee benefits, such as daycare subsidies, transportation support, and tuition forgiveness.
Impact on Recruitment and Retention
Nick emphasized that making health insurance affordable and comprehensive is crucial for reducing turnover. At Signature, employees on the company’s health plan had significantly lower turnover rates. By investing in benefits that truly matter to employees, organizations can create a more engaged and stable workforce.
Advice for Post-Acute Organizations
Nick encouraged post-acute care providers to consider reference-based pricing to free up cash and improve benefits. This strategy not only enhances employee satisfaction but also helps in retaining staff, ultimately contributing to the organization’s success.
Conclusion
Nick Porter’s insights provide a roadmap for post-acute care providers struggling with HR challenges. By adopting innovative health benefit solutions and focusing on employee-centric benefits, organizations can overcome industry-specific hurdles and thrive in a competitive environment.
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