New group benefits help firms recruit and retain talented staff
What are the news: In addition to contributing to the health of their communities, physician offices are a major component of their local economies and, like other small businesses, they must compete to recruit the best talent from the region to staff their operations.
In addition to the tight job market, practices are facing impending cuts in Medicare payments as well as declining patient volumes and increased procurement spending due to the COVID-19 pandemic.
This environment requires an attractive benefits package, and AMA Insurance Agency, Inc., a subsidiary of AMA, has introduced new programs (PDF) that will help physicians recruit the best to come and work in their offices.
One is a supplemental health insurance program that allows doctors to create tailor-made tax benefit packages (PDFs) that are required by today’s job seekers. Within this program is another that specifically aims to meet the mental and behavioral health needs of employees.
Both programs were developed by ArmadaCare, a Maryland-based insurance program manager specializing in covering common and unexpected health expenses, and underwritten by Sirius America Insurance Company.
Why this is important: AMA Insurance’s Extended Health Insurance Program Strengthens Coverage (PDF) for current, elective, unexpected and mental health expenses. This supplementary insurance coverage is compatible with many types of primary insurance plans as well as with health savings accounts.
Options are available for all sizes of doctor’s offices and other types of healthcare organizations. Smaller practices can use the program to improve health insurance coverage for their employees, while large practices can see it as a tool to retain, recruit and reward physicians and other key talent.
“Doctor’s offices don’t compete for talent just on salary,” said Pamela Moy, president of AMA Insurance. “Creating a strong benefits structure can foster a culture of loyalty, which in turn can help reduce turnover and promote greater productivity. “
Since practice owners define eligibility, they can create the package they believe will be the most suitable for recruiting and retaining the talented staff their organization needs.
Thanks to the AMA Insurance supplemental health insurance program, medical practices have exclusive access to ArmadaCare’s WellPak plan. In addition to covering doctor visits, prescriptions, and wellness treatments, this plan is designed to help remove barriers that practice employees may face in accessing behavioral health services and supportive care. well-being that they may need. This is made available through the Connect & Thrive services in the WellPak plan.
Connect & Thrive (PDF) uses a clinically valid assessment tool to guide employees to the individualized resources they need, including mental health counseling or wellness coaching to help manage stress.
“Investing in the mental well-being of employees is the right thing for employers to do as a good corporate citizen and is also in the best interests of the company,” said Ed Walker, CEO of ArmadaCare. “Plus, with all of the offerings, there are confidential resources for everyday stressors, crisis care and everything in between, with easy, on-demand access and navigation. “
“AMA has tremendous resources to help organizations address the environmental issues that typically cause physician burnout,” Moy said. “We believe the WellPak insurance plan is a good supplement that can help physician groups meet the mental and behavioral health needs of their employees. Together, these resources can make a significant difference for healthcare organizations.
Learn more: The AMA Insurance Agency was established in 1988 to meet the insurance and financial services needs of physicians, members and non-members of AMA, in all 50 states. Its physician-exclusive, physician-focused portfolio includes disability insurance, life insurance and health insurance for individuals, group medical practices and other institutions.