+ LR-Icons

Human Resources (HR) can play a critical role in mitigating compounding challenges in the healthcare industry, including medical personnel shortages, burnout, and high student loan debt among the healthcare workforce.

According to the Association of American Medical Colleges (AAMC), there will be a shortfall of 37,800 to 124,000 physicians by 2034, with similar forecasts for other healthcare workers.

These challenges – many exacerbated by the COVID-19 pandemic – have changed the landscape of healthcare employment and highlight the need for employers to play a significant role in helping their employees find solutions. With the right tools, employers can design benefits packages that help healthcare employees reduce stress, find financial peace of mind, and improve workforce morale.

Challenges facing the healthcare industry

Some of the factors contributing to the staffing shortages that are impacting hospitals and healthcare systems around the US post-pandemic include:

High turnover rates

The National Library of Medicine found that the healthcare sector lost millions of workers during the COVID-19 pandemic and has been slow to recover.

Post-COVID burnout

High patient volumes, understaffing, and long hours—all exacerbated by the pandemic—have contributed to healthcare workers' emotional distress, including depression, burnout, and physical fatigue.

Retiring workforce

The Association of American Medical Colleges (AAMC) reports that 35% of the physician workforce will enter retirement age in the next five years. Combined with current trends toward early retirement, this will significantly impact shortages.

To help alleviate the problem of medical personnel shortages, healthcare employers can focus on understanding the financial challenges facing their workers and design solutions that improve their financial wellbeing, and attract more talent to the field.

The financial challenges facing healthcare professionals

One of the top financial challenges faced by healthcare professionals is student loan debt, and the high cost of advanced medical training deters many from entering the field.

The average student loan debt for a physician is $243,4830, while the average Master of Science in Nursing graduates with $47,321 in student loan debt.

Healthcare professionals are also dealing with the consequences of inflation. Increased costs of living combined with resumed student loan payments after the COVID-19 pandemic have compounded financial stress for healthcare workers.

By offering employees student loan debt assistance that reduces financial stress, healthcare employers can boost recruitment, improve  and help rejuvenate an industry suffering from chronic personnel shortages.

Partnership with Laurel Road

Laurel Road works directly with HR leadership and hospital staff to help employers improve financial resources and services for all eligible employees. We provide turnkey financial solutions that can help healthcare employers attract and retain top talent, and increase employee job satisfaction.

Exclusive banking and lending discounts
Student loan guidance
Zero-cost benefit program
Tailored financial literacy content
Customized benefits package

Exclusive banking and lending discounts

From checking accounts that offer a simpler way to manage student loan payments to mortgages designed for doctors, help your employees access savings on convenient banking and lending solutions, all designed for professionals working in healthcare.

Student loan guidance

Laurel Road student loan experts offer personalized counseling to help your employees manage their student debt, explore their options, and find a path to becoming debt-free.

Zero-cost benefit program

Innovation doesn't have to be expensive. Help your team alleviate financial stress at no cost to you.

Tailored financial literacy content

Educational tools and events can improve employees’ financial wellness, allowing them to manage expenses better, build wealth faster,and take control of their financial future. We offer a range of financial resources and will tailor content to your employees’ needs and career stages.

Customized benefits package

A student loan benefits package is essential to retaining top talent—86% of employees would stay with a company for five years if they had help repaying their student loans and 92% would opt into an employer matching program for student loan payments. We'll work with you to design an optional paid-contribution plan.

Get started

The setup process for our comprehensive partnership program is simple, efficient, and hands-off for employers. From easy, zero-cost implementation to a toolbox of customized solutions, Laurel Roads offers the expertise to help employers surmount retention challenges, including student loan debt and personnel shortages.

Visit our Healthcare Employer page to download our free guide, or email us to learn how our team can design a tailored program to empower your employees. Get the tools to help your organization not just cope but thrive in the challenging healthcare environment.


Sources:

  • https://www.aamc.org/news/press-releases/aamc-report-reinforces-mounting-physician-shortage
  • https://www.aacnnursing.org/Portals/42/Policy/PDF/Debt_Report.pdf
  • https://pmc.ncbi.nlm.nih.gov/articles/PMC8994131/
  • https://www.ama-assn.org/practice-management/sustainability/doctor-shortages-are-here-and-they-ll-get-worse-if-we-don-t-act
  • https://www.shrm.org/topics-tools/news/benefits-compensation/employers-explore-repaying-student-loan-debt

Was this helpful?

Don’t miss the latest financial resources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Get tailored Laurel Road resources delivered to your inbox.

Search Results