Is Your Benefits Budget Working Hard Enough? A CFO’s Checklist for Maximizing ROI in Non-Profit Hospital Systems

For CFOs of U.S.-based non-profit hospitals, every dollar spent must deliver measurable impact—especially in today’s challenging healthcare landscape. Rising labor costs, workforce shortages, and economic pressures mean your benefits budget can’t just be “nice to have”—it must actively contribute to employee retention, recruitment, and financial sustainability.

But is your benefits budget doing all that?

Here’s your quick-hit CFO checklist to determine if your benefits spend is pulling its weight—and where to reallocate resources to drive better ROI.

✅ 1. Are Your Benefits Aligned with Employee Pain Points?

If your organization is still spending heavily on underused perks like gym memberships or catered lunches, it’s time for a reset. Today’s healthcare workforce is burdened by:

• Student loan debt
  
• Tuition costs for continuing education
  
• Financial stress

Action Step: Survey your workforce or partner with a financial wellness provider to pinpoint the benefits that matter most—like student loan forgiveness support or tuition reimbursement programs.

✅ 2. Are You Leveraging Student Loan Forgiveness as a Retention Tool?

Non-profit hospitals qualify for the Public Service Loan Forgiveness (PSLF) program, but many employees miss out due to paperwork complexity or lack of awareness. Offering PSLF coaching and compliance support is one of the most cost-effective ways to boost retention without adding to your payroll budget.

Action Step: Evaluate if your benefits package includes a PSLF program partner to help staff navigate and qualify for forgiveness—especially nurses, doctors, and therapists with high debt loads.

✅ 3. Are You Tracking the ROI of Your Benefits Offerings?

Your finance team measures ROI across operations. Your HR benefits should be no exception. Benefits like employer student loan repayment and tuition reimbursement can be tracked against key metrics:

• Employee tenure
  
• Vacancy rates
  
• Offer acceptance rates

Action Step: Create a benefits ROI dashboard—or ask your benefits vendor for one—to regularly measure impact.

✅ 4. Are You Taking Advantage of Pre-Tax Opportunities?

Don’t leave money on the table. Programs like student loan repayment assistance and tuition reimbursement can be structured to offer IRS Section 127 tax advantages—up to $5,250 per year, per employee, tax-free.

Action Step: Review your current plan design with a tax consultant or financial wellness provider to maximize savings for both the hospital and employees.

✅ 5. Do You Offer Tiered or Flexible Financial Wellness Support?

Not all employees need the same benefits. While younger workers might prioritize student loan assistance, more tenured staff may value retirement planning or college savings advice.

Action Step: Offer a modular financial wellness program that includes:

• Student loan help
  
• Tuition assistance
  
• Budget coaching
  
• Retirement readiness tools

This approach improves engagement and ensures dollars are spent where they’re needed most.

✅ 6. Is Your Team Aware of IRS and Federal Program Changes?

New federal rulings, forgiveness updates, and evolving IRS policies can dramatically affect your benefits ROI. Staying ahead of regulatory changes is essential for compliance and cost-efficiency.

Action Step: Partner with a provider like PeopleJoy that stays on top of policy changes and ensures your staff always gets the maximum benefit.

✅ 7. Do You Know What’s Working at Peer Hospitals?

Benchmarking your benefits strategy against other non-profit hospital systems can reveal gaps or opportunities. For example, more hospitals are adopting student loan assistance programs as a recruitment advantage.

Action Step: Ask your benefits partners for peer comparisons or case studies. Or explore our white paper on “How PSLF Drives Healthcare Employee Retention.”

Final Thought 💡

As a CFO, you're not just managing dollars—you're investing in people. Optimizing your benefits budget to meet employee needs, reduce turnover, and increase satisfaction is one of the most financially strategic decisions you can make.

📞 Want help evaluating your current benefits ROI? Contact PeopleJoy for a complimentary consultation.