FinancialHospitals

Providence invests $220M to bolster, retain workforce amid nationwide labor shortage

by Dave Muoio | September 6, 2021

Providence has slated more than $220 million toward hiring and retaining more healthcare professionals.

From sign-on incentives to organizationwide bonuses, the large nonprofit system’s new investment looks to head off a nationwide shortage of nurses and other healthcare employees that has left many organizations struggling to treat an influx of COVID-19 patients.

“Our caregivers are the core of who we are, and we have been committed to supporting their health and well-being throughout the pandemic,” President and CEO Rod Hochman, M.D., said in a statement. “Now, as we enter month 21 of our COVID-19 response, it’s even more imperative to continue to care for and bolster those who make our mission possible.”

According to Chief People Officer Greg Till, Providence will be accelerating its recruitment with “competitive” sign-on bonuses for more than 40% of its 17,000 job openings. For highly competitive positions such as nurses, these bonuses will range from $7,500 to $20,000, he said.

The system said in the announcement that it will also roll out referral bonuses for existing staff ranging from $1,000 to $7,500, depending on the position.

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Chris J. Stewart

Chris currently serves as President and CEO of Surgio Health. Chris has close to 20 years of healthcare management experience, with an infinity to improve healthcare delivery through the development and implementation of innovative solutions that result in improved efficiencies, reduction of unnecessary financial & clinical variation, and help achieve better patient outcomes. Previously, Chris was assistant vice president and business unit leader for HPG/HCA. He has presented at numerous healthcare forums on topics that include disruptive innovation, physician engagement, shifting reimbursement models, cost per clinical episode and the future of supply chain delivery.

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