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Fortune 500 Employee Benefits: How Small to Mid-Sized Healthcare Businesses Can Afford Them

In a competitive employment market, a comprehensive employee benefits package—similar to those offered by Fortune 500 companies—can make all the difference in attracting and retaining talented healthcare employees.

If you’re a small to mid-sized healthcare business, such as a private practice or local dentist office, finding affordable employee benefits comparable to those being offered by large corporations can feel impossible. By partnering with a trusted PEO like G&A Partners, you have easy access to comprehensive, competitive employee benefits plans.

What Are Fortune 500 Level Benefits?

Each year, Fortune magazine publishes a list of the 500 largest companies in the U.S., ranked by their annual revenue—and the 2022 list includes 46 companies in the healthcare sector. Due to their size and correspondingly large budgets, these healthcare companies (and others of similar size) can offer a variety of generous benefits options to their valued employees.

These options include medical insurance—such as high and low-deductible plans and Health Savings Accounts (HSAs)—supplemental coverage, like vision and dental, paid time off (PTO), life insurance, wellness programs, and more health benefits.

When evaluating employment opportunities, job seekers (and existing employees) rank a competitive employee benefits package in their top two considerations (second only to salary). Employee expectations related to health insurance plans and other benefits are rising, and many are looking for benefits including, but not limited to:

  • Top-tier group health insurance (including dental and vision coverage) and multiple plan options
  • Telehealth (online doctor visits)
  • Disability and ancillary benefits, like critical illness and accident coverage
  • Retirement savings options, like a 401(k) with employer match
  • Generous PTO (including both sick leave and vacation time)
  • Employee wellness programs
  • Mental and behavioral health coverage, such as affordable access to psychologists, therapists, and counselors – often through an Employee Assistance Program (EAP)

Understanding terminology related to employee benefits can be a real challenge. The experts at G&A compiled this easy-to-navigate list of common terms and definitions to help.

Why Should You Offer Fortune 500 Level Benefits as a Small Healthcare Business?

Fortune 500 companies offer comprehensive benefits for the same reason small or mid-sized healthcare businesses should consider doing so—to reduce turnover and attract top talent.

Offering a comprehensive benefits package also helps your current employees feel valued and appreciated–improving satisfaction and your odds of boosting workforce retention. In fact, research from the Society for Human Resource Management indicates 60 percent of employees count the benefits they are offered as, “a very important contributor to job satisfaction.”

The reality, however, is that large corporations are working with budgets that often far exceed those of small to mid-sized businesses—and offering a variety of medical plans and other employee benefits options can be a significant cost to your business.

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How G&A Partners Can Help Your Healthcare Business Offer Comprehensive Benefits Plans at a Price You Can Afford

Our team understands every healthcare company’s needs and budgets are different. We work with clients to ensure their benefit plans meet their employees' needs without exceeding budget.

By bringing together the buying power of tens of thousands of employees across G&A’s numerous client companies, we’re able to negotiate better health insurance and benefits plans—with lower deductibles and more comprehensive coverage—at an affordable rate.

On top of a variety of top tier health insurance plan options, you can also provide your doctors, nurses, and staff with additional coverage including dental, vision, life, disability, ancillary benefits like critical illness and accident coverage, and other competitive benefits.

Beyond health insurance offerings, G&A Partners can provide your employees with retirement savings plans such as a 401(k), and our benefits experts take on the responsibility of plan management. Similar to healthcare options, the collective buying power of G&A allows us to negotiate quality retirement plans for small businesses who would like to provide their employees with the option to save for retirement.

In the current competitive employment landscape, attracting talented new hires and retaining your best employees is more important than ever. One thing is clear: Offering a quality, comprehensive benefits package on par with those offered by Fortune 500 companies is critical. When you partner with G&A, we can help you make that happen. Contact us today to get started.

How G&A Can Help

G&A Partners offers access to HR experts with years of experience helping healthcare businesses develop their employees, improve their workplace cultures, implement new HR processes and procedures, and more. Schedule a consultation with one of our trusted business advisors to learn more.

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