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Good Samaritan Board Approves 2024 Budget with 2% Wage Increase and No Rate Increase for Patients

Good Samaritan Board Approves 2024 Budget with 2% Wage Increase and No Rate Increase for Patients

The Good Samaritan Board of Governors approved the hospital’s 2024 budget at a special meeting held Thursday evening. The budget prioritizes the well-being of the hospital’s dedicated caregivers and the community it serves.

Good Samaritan President and CEO, Rob McLin, said the board and hospital leadership is pleased to share the budget includes investing $1.5 million in employees for merit increases and market adjustments. “This decision reflects our commitment to recognizing the hard work and dedication of our talented health care professionals who play a crucial role in delivering high-quality care to our patients,” he stated.

Tara Ellermann, Good Samaritan’s Executive Director of Human Resources, said hospital employees will receive a 2% wage increase, plus some employees will be receiving an additional market adjustment. The wage increase will align with performance evaluations and the market adjustments are determined on an individual basis. Merit and market increases will take effect the first pay period in April.

“We strive to be competitive in the job market,” stated Ellermann. “This is why each year we compare all of our positions to Indiana Hospital Association data to see if our compensation is in line with hospitals of similar size throughout the state and region. This is why some employees may be receiving an additional market adjustment on top of the 2% increase.”

In other good news, hospital leaders also shared that there will be no rate increase for patients in 2024. “We understand the economic challenges faced by our community, and we are committed to ensuring our pricing is competitive to keep health care costs low in our service area,” stated Matt Schuckman, Good Samaritan’s Chief Financial Officer.

In 2024, Good Samaritan will continue to have a focus on controlling costs throughout the organization, while also increasing revenue in areas with expected volume increases. The hospital’s budget is set to reflect just a 1% net margin for the year, based on an anticipation of increased outpatient volumes and reduced costs.

Good Samaritan ended 2023 with a long list of accomplishments. One of those was launching the Good Samaritan Direct Health insurance product. The health plan is through a partnership with SIHO and the Knox County Chamber of Commerce. “We are thrilled that in the first year we enrolled more than 1,000 members to this health plan,” stated McLin. “In furthering our commitment to this new product, Good Samaritan Direct Health will be the new health insurance provider for all Good Samaritan employees on the hospital’s health plan.”

Also in 2023, Good Samaritan became one of the first hospitals in the state to implement virtual nursing. Through a partnership with Banyan Medical Solutions, Good Samaritan is now utilizing virtual nurses who are registered nurses working remotely to assist with completing admission and discharge paperwork, as well as patient education. “This has allowed our nurses on-site to spend more one-on-one time delivering direct care to our patients,” stated Rachel Spalding, Good Samaritan’s Chief Nursing Officer.

Good Samaritan ended the year with some big news regarding nursing care. The hospital learned it earned Magnet designation for the fourth consecutive time. This credential from the American Nurses Credentialing Center is the highest national honor for professional nursing practice.

Other awards and accreditations in 2023 included: Level three trauma reverification, Commission on Cancer accreditation, and Primary Stroke recertification.

Good Samaritan was proud to welcome seven new physicians and two new advanced practice providers to its employed medical staff. The new additions include: Infectious Disease physician Emilian Armeanu, MD; Oncologists Maqbhool Amed, MD, Manga Kodali, MD, and Robert Siegel, MD; Interventional Cardiologist Dalvir Gill, MD; Family Practice physician Tom Kirkwood, MD; Pulmonologist Mohanad Soliman, MD; Family Nurse Practitioner Mason Flaningam, FNP-C and Certified Anesthesiologist Assistant Jessica Wilkins, CAA.

McLin said he is looking forward to accomplishing much more in 2024.