Written by Bob Herman | October 09, 2012 , Becker’s Hospital Review

When hospitals and health systems need to re-evaluate their expenses, benefits programs are usually among the first areas to succumb to the chopping block, but providers should look closely at all benefits programs before making any cuts, according to a whitepaper from SullivanCotter and Associates.

Specifically, SullivanCotter said executive benefits programs are key to retaining a strong leadership team to get out of any financial crisis. Here are five action steps recommended in the whitepaper for hospitals that are reviewing their executive benefits programs.

1. Revisit your executive benefits philosophy as part of your executive compensation philosophy.

2. Ensure your benefits consultant is independent.

3. Review executive benefit programs and severance arrangements in light of current, pending and potential legislation to assess the organization’s and individual executive’s compliance risk.

4. Conduct an independent, objective review of your executive benefits program.

5. Ensure results are understood in the context of total compensation.

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