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.
NFP Corp. is a leading provider of executive retirement plans in the United States. NFP, with offices in virtually every state and major metropolitan area of the country, has a unique national platform that specifically serves Federally Qualified Health Centers. Our multi-disciplinary company has evaluated and provided compensation plans for 24 of the Fortune 100 companies.
The Hebets Company
The Hebets Company (HC) is the lead partner facilitating this strategic national approach to Federally Qualified Health Centers. The Hebets Company has over 45 years of experience in delivering some of the highest quality compensation and benefits consulting and service to healthcare executives and providers around the country.
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(b), 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:
- Cash Pay for Salary and Bonus
- Retirement Plans
- Insurance Plans
- Other Rewards and Incentives
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
- Base Salary
- Performance Bonus
- Life Insurance Plans
- Death Benefit Only
- Key-Person Coverage
- Other Benefits and Perks
- Disability Benefits
- Long Term Care Benefits
- Car Allowance
- Vacation Bonus
- Charitable Giving
- Severance / Separation Benefits
- Retirement Benefits
- Qualified Plans
- Defined Benefit
- Defined Contribution
- Non-Qualified Plans
- Non-Qualified Deferred Compensation 457(b) and 457(f) Plans
- Supplemental Executive Retirement Plans 457(b) and 457(f) Plans
- Hybrid Plans
- Employee Life Insurance Bonus Plans
- Split Dollar Plans(2)
- 162 Plans
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.
How We Are Compensated
We are often asked to describe how we are compensated for the services we provide in the area of executive compensation strategies. Please watch the video to learn more.
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.