As hospitals balance the effects of the recession, pay range adjustments see little change while the time between continues to grow. The 2012 Compensation Data Healthcare results revealed the actual pay range adjustment of 1.8 percent this year varied little from the 1.7 percent adjustment in 2011, and was in line with the projection of 1.8 percent for 2012.
Healthcare reform has been a hot topic in recent years, and has caused some significant changes for employers concerning prescription coverage. According to the 2012 Compensation Data Healthcare survey, 97 percent of participating healthcare organizations included prescription co-pays in the employee medical plan. Nearly 98 percent of health maintenance organizations (HMO) include a co-pay while 91 percent of high deductible health plans (HDHP) include a co-pay.
During the recession, having a well-developed time-off program is essential for companies looking for a way to compensate employees, without stretching already thin budgets. Now, as companies push toward recovery, time-off programs are one of the cornerstones of highly competitive compensation programs attracting the best talent. The 2012 Compensation Data Healthcare survey results found 75.6 percent of healthcare organizations offer a formal paid time-off (PTO) program to employees.
The 2012 Compensation Data Healthcare survey results reported the average annual cost of insurance per employee on a healthcare employer sponsored PPO plan is $8,707. That’s up from $6,807 reported in 2009, an increase of 28 percent in three years.
In 2012, roughly two-thirds of healthcare employers experienced increases to their medical insurance premiums, according to the 2012 Compensation Data Healthcare survey results. Employers everywhere are looking for ways to curtail rising healthcare costs and as a result, many are turning to wellness programs.
In an effort to attract and retain employees, some employers have found that adopting a results-only work environment (ROWE) may be the key to creating an attractive work environment, without resorting to hefty pay increases or expensive benefit plans.
According to the newly released 2012 Compensation Data Healthcare survey results, healthcare organizations are providing considerably more options to their employees in regard to health and wellness programs. With prevention becoming the buzzword, healthcare organizations have taken steps to increase their employees’ health and wellness through various programs. The two programs that show the most change are weight management and access to a physical fitness facility. In 2011, 52.3 percent of organizations offered weight management programs compared to 57.6 percent in 2012, while 46.4 percent of organizations offered access to a physical fitness facility in 2011 compared to 51.9 this year.
As the economy begins to regain its footing, pay increase budgets increased slightly for healthcare organizations. The newly released 2012 Compensation Data Healthcare survey results show that pay increase budgets rose to 2.5 percent, up from 2.4 percent in 2011. Healthcare organizations predict no change in 2013.
The newly released 2012 Compensation Data Healthcare survey results show medical insurance premiums have increased by an average of 8 percent over the last year. This is down from 2011, where the average premium increase reported was 9.5 percent.
Compdata Surveys is excited to announce the release of the 2012 Compensation Data survey results. The national results feature data from 8,172 healthcare providers reporting on 5.1 million incumbents. Companies in other industries provided data on 450 benchmark titles for more than 27,000 locations across the country.