Services Provided for FQHCs
With an aging population and economic decline in many areas of the country, the need for Federally Qualified Health Centers (FQHCs) is ever increasing and the industry as a whole has seen tremendous growth. [www.medpac.gov](1) FQHCs are filling a gap in healthcare for the underserved communities in the United States. To be able to deliver the highest quality care to their communities, these centers need to be able to attract, recruit, retain and reward exemplary, mission-minded healthcare practitioners and executives.
The Hebets Company
FQHC Practice Members
We will provide sound, cutting edge advice on some of the best methods for attracting and retaining exemplary mission-minded executives, providers, and employees. We will evaluate the current FQHC compensation and retirement models, educate the FQHC executive team along with the Board of Directors regarding the compensation opportunities specific to not-for-profit organizations, and make a suggestion for the most appropriate model applicable to the specific FQHC. These options include a wide variety of governmentally sanctioned programs that have been codified in the Internal Revenue Code under the following sections: 162(m), 457(b), 457(f), 403(b), split dollar plans, executive/employee bonus programs, and other bonus retirement hybrid strategies. Additionally, there are other insurance and benefits based programs available to employees of not-for-profit FQHCs that may warrant exploration.
We enter into every engagement with a holistic approach and seek to discover what has been done in the past regarding:
We can be a consultative resource for either a single specific area of concern or to lead you through a thorough analytical assessment of all the choices available for your consideration.
Compensation Plan Design Options
Life Insurance Plans
Other Benefits and Perks
Beginning the Process
For each FQHC we work with, we seek to understand:
Company Direction – The long term goals and strategies as they relate to compensation of executives and providers.
Company Objectives – Short term needs and wants that the not-for-profit may have for pay and incentive packages.
Peoples’ Needs – What the employees, providers, and executives in the organization would like and need to have in their compensation package.
Economic Variables – The various federal and state revenue and fundraising issues that are unique to the industry and how they may affect compensation.
We are often asked to provide an economic evaluation of each and every component of executive and provider compensation. This study compares and contrasts each of the components of compensation (salary, bonus, short and long-term incentives, retirement, survivor benefits, disability benefits, etc.) on a Local, Regional and National Basis.
Please call Sherry McKinnon at (602) 840-7505 to schedule a consultation.
(1)The above link is provided for your information only. As it is provided by a third party, Kestra Investment Services, LLC does not endorse, nor accept any responsibility for the content. Kestra Investment Services, LLC does not independently verify this information, nor do we guarantee its accuracy or completeness.
(2)Split dollar agreements are complex and involve tax and legal considerations. Please consult with appropriate counsel before entering into such an arrangement.