Healthcare leaders are navigating one of the most complex workforce environments in recent history.
Turnover, burnout, and staffing shortages are often the focus. But beneath these visible challenges, another issue affecting caregivers (and the hospital systems that employ them) often goes unrecognized: financial strain.
Unlike other workforce challenges that are more easily measured and tracked, caregivers’ financial stress and the impact it has on their ability to not only show up to work, but also show up as their best selves, isn’t always apparent. So how do you know you have a problem?
As workforce pressures mount, leaders at many hospital systems are applying pointed questions to assess whether financial strain may be playing a larger role in their organization than it appears.
How many of these statements apply to your hospital system?
☐ Hardship fund/emergency grant programs have high application volume
☐ Employees return for hardship support more than once/repeat applicants
☐ Caregivers who don’t qualify for hardship funds have no clear alternatives for support
☐ Low engagement with financial wellness tools, education, and planning benefits
☐ Low participation in retirement plans among frontline caregivers
☐ High/increasing rates of hardship withdrawals or loans from workplace retirement accounts
If you checked more than a few of these, you’re not alone.
Across the healthcare industry, leaders are recognizing that financial strain among caregivers is not uncommon – and it’s not a one-time event. It’s an ongoing workforce challenge that doesn’t stay contained to employees’ personal lives.
What leading hospital systems are doing next
Forward-thinking organizations are stepping back, reexamining their approach, and looking for ways to:
- Address caregivers’ immediate financial needs in a meaningful way that ultimately leads to financial stability
- Reduce administrative burden on HR and foundation teams
- Connect employees to the right support at the right time
- Strengthen, not replace, existing benefits
Financial health is not a peripheral issue. Hospital systems that take a more integrated, human-centered approach to financial support will be better positioned to strengthen their workforce and deliver the level of care their patients depend on.
Learn more about how Brightside Financial Care helps hospital systems identify and address financial instability across their workforce.