Helping new parents transition back to work with financial support

Solution Financial Solutions

Company Hot Springs Pediatric Clinic

Industry Healthcare

Location Hot Springs, AR

Employees <30

Background

With fewer than 30 employees, Hot Springs Pediatric Clinic needed a solution that wouldn’t require a dedicated HR department. Dr. Jessica Cannon realized that while she couldn’t build a private childcare center, she could leverage the federal tax code to provide immediate relief.

"In a small town, you are competing for a very small applicant pool. If I lose one nurse or one office manager, it's a massive blow to our operations," Dr. Cannon explains. "I realized I had to offer something unique to stay competitive with the bigger hospitals."

The Solution

Dr. Cannon opted for a Dependent Care Assistance Program (DCAP), a pre-tax savings account for childcare. She streamlined the setup to prove that “small” doesn’t mean “complicated.”

“My accountant already knew the ins and outs of DCAPs, and within a month, we had a plan in place.”

Implementation

The clinic’s “success stories” are the employees who stayed.

Read more about HSPC’s success in the Aspen Institute’s Upskill America coverage here.

"I have two employees who were pregnant and are still here today because they could utilize this service. That is a win. The trade-off is huge: if I can keep my people, I’m saving massive amounts of money on recruiting and training. Plus, it has a positive effect on my own tax burden. It’s doing right by my employees while doing right by the business."