Two personnel issues continue to plague the healthcare industry: student loan debt and employee retention. Vault™ offers an intersectional solution to alleviate the financial burden for healthcare workers while also slowing the pace of employee turnover. The result? Both healthcare employees and their administrators save money in the long run.
Healthcare workers take on a large share of student loan debt in order to obtain their degrees. On average, doctors hold $196,520 in student loan debt, while their nursing colleagues hold anywhere between $19,928 and $23, 711, depending on the degree type. In fact, to enter a career in healthcare, debt is practically unavoidable for most people. More than 84% of students in medical degree programs take out student loans.
Prior to the COVID-19 crisis, the Bureau of Labor Statistics anticipated that an increase in 200,000 registered nurses would be needed over the next 6 years. The problem? In 2019, turnover of registered nurses clocked in at 17.8%. Voluntary terminations accounted for 90.9% of that turnover. Those numbers could very well see a steep increase in light of recent events
Average Debt Per Employee
Average Time to Pay Off Loans
Average Monthly Payment Per Employee
Average Vault Pay Savings Per Employee
