Community Health Systems, Inc. Announces Significant Investment in New and Enhanced Benefits for Employees

Rhea-AI Summary

Community Health Systems (CYH) has announced new employee benefits valued at approximately $40 million annually. These initiatives aim to assist employees in managing student debt and pursuing further education. Key offerings include a student loan repayment program, reimbursement for licensure renewals, and an expanded tuition reimbursement program. These benefits are part of the company’s strategy to attract and retain talent, particularly in frontline healthcare roles, where they employ about 66,000 individuals.

Positive

• Investment of approximately $40 million annually in new employee benefits.
• Student loan repayment program that can offset loan balances up to $20,000 per employee.
• Expansion of tuition reimbursement up to $5,000 for continuing education.

Negative

• None.

Employees of CHS Affiliates Eligible for New Benefits Valued at Approximately $40 Million

FRANKLIN, Tenn.--(BUSINESS WIRE)-- Community Health Systems, Inc. (NYSE: CYH) announced today that the organization’s affiliates will offer new and enhanced employee benefits valued at approximately $40 million annually. The major investment in new benefits is designed to help employees eliminate existing student debt faster, pursue additional professional education, and advance their careers. The new benefits are part of the organization’s strategies to attract and retain a strong workforce for each CHS-affiliated healthcare system, especially frontline nurses, technicians, therapists and other clinicians and caregivers, along with support personnel at affiliated hospitals and outpatient care locations.

Benefits include a new student loan repayment program that enables employees with outstanding student debt to consolidate their loans, reduce interest rates, and benefit from employer sponsored payments. For most clinical employees, their employer will directly pay a portion of loan premiums as long as the employee remains current with payments, offsetting student loan balances up to $20,000 per employee.

A new employee reimbursement program has been established for licensure or certification renewals required for all job classifications and can be used for any license or certification testing or renewal not already offered for free by the Company’s Advanced Learning Center.

In addition, a long-standing tuition reimbursement program that provides employees up to $5,000 in tax-free reimbursement annually is being expanded and can now be used for continuing education for any employment track offered within the organization. Previously, employees could only use the tuition reimbursement program toward studies in their current field of work.

“We are constantly looking for ways to support the amazing team members who work across our organization in support of our purpose – to help people get well and live healthier,” said Tim Hingtgen, Chief Executive Officer of Community Health Systems, Inc. “We want all of our employees to know they are valued, that we are invested in their professional development, and that we sincerely hope they will continue to build and advance their careers within our organization.”

Affiliates of Community Health Systems, Inc. employ approximately 66,000 people and offer competitive compensation packages with comprehensive benefits including health, dental, vision and prescription plans, a 401(k) retirement plan, life and disability insurance, paid time off, and many other benefits and incentives.

About Community Health Systems, Inc.

Community Health Systems, Inc. is one of the largest publicly traded hospital companies in the United States and a leading operator of general acute care hospitals in communities across the country. The Company, through its subsidiaries, owns or leases 83 affiliated hospitals in 16 states with an aggregate of approximately 13,000 licensed beds. Healthcare services are also provided in more than 1,000 outpatient sites of care including affiliated physician practices, urgent care centers, freestanding emergency departments, imaging centers, cancer centers, and ambulatory surgery centers. The Company’s headquarters are located in Franklin, Tennessee, a suburb south of Nashville. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.” More information about the Company can be found on its website at www.chs.net.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220426005520/en/

Media Contacts:

Community Health Systems

Tomi Galin, 615-628-6607

Executive Vice President, Corporate Communications, Marketing and Public Affairs

Investor Contacts:

Community Health Systems

Kevin Hammons, 615-465-7000

President and Chief Financial Officer

or

Ross W. Comeaux, 615-465-9012

Vice President, Investor Relations

Source: Community Health Systems, Inc.

FAQ

What new employee benefits did Community Health Systems (CYH) announce?

Community Health Systems announced new employee benefits valued at approximately $40 million, including a student loan repayment program, reimbursement for licensure renewals, and expanded tuition reimbursement.

How much can employees reduce their student loan balances through the new benefits at CYH?

Employees can offset student loan balances up to $20,000 through the new student loan repayment program.

How many employees does Community Health Systems (CYH) have?

Community Health Systems employs approximately 66,000 people across its affiliated healthcare systems.

When did Community Health Systems (CYH) announce these new benefits?

Community Health Systems announced the new employee benefits recently, although the exact date is not specified in the press release.