Becker's Hospital Review

40 CEO / STRATEGY Worsening $7 trillion retirement savings shortfall stirs second thoughts By Molly Gamble U .S. market volatility erased $3.4 trillion from 401(k)s and IRAs in the first half of 2022, making for an anxious time for many workers trying to plan their retirements. e 2022 losses suggest the retirement savings shortfall among U.S. households is worsening from its $7.1 trillion valuation in 2019, an estimate that came out of Boston College. At that time, half of working families faced were at risk of not being able to maintain their standard of living once they retired. is proportion likely hasn't changed much since, Alicia Munnell, director of Boston College's Center for Retirement Research, told Bloomberg. e people who profited from gains to stock and housing prices over the past three years "were people who weren't at risk in the first place," she said. "Living standards are going to decline for a large portion of the population who are in retirement — that's the concern," Richard Johnson, a retirement expert at the Urban Institute, told Bloomberg. "For people who are not in that age group, it's still concerning because it could strain the social safety net." Boston College's 2019 report on the national retirement risk index concluded that "the only way to make a dramatic dent in the retirement risk problem is to combine saving more with working two years longer." e average age for retirement is the highest it has been for the past 30 years, sitting at 61. Nonretirees' target retirement age has increased from 60 in 1995 to 66 today, meaning the average retirement age will increase even further in coming years if active workers retire when they plan to. n Top 10 hospitals for consumer loyalty in 2022 By Mackenzie Bean N RC Health has recognized 100 hospitals nationwide with its 2022 Consumer Loyalty Award, the healthcare data firm said Aug. 16. To identify the recipients, NRC Health used results from its national market insights study, which polled more than 310,000 consumers across the U.S. from April 2021 to March 2022. To qualify for the list, an organization had to secure at least 150 top-of-mind mentions from customers in the survey. NRC Health does not publicly share each hospital's ranking on the list. The top 10 Consumer Loyalty Award-winning hospitals for 2022, listed in alphabetical order: • California Hospital Medical Center (Los Angeles) • The Christ Hospital (Cincinnati) • Hospital of the University of Pennsylvania (Philadelphia) • Mayo Clinical Hospital-Florida (Jacksonville) • Mayo Clinic Hospital-Rochester (Minnesota) • Morristown (N.J.) Medical Center • NewYork-Presbyterian Allen Hospital (New York City) • Pennsylvania Hospital (Philadelphia) • University of Iowa Hospitals and Clinics (Iowa City) • University of Utah Hospital (Salt Lake City) n Top HCA executive to retire after 36 years By Ayla Ellison H CA Healthcare National Group President Chuck Hall is retiring at the end of the year after nearly 36 years with the Nashville, Tenn.-based company. Mr. Hall, who oversees HCA operations at 96 hospitals across 13 states, joined HCA in 1987 as COO of Sam Houston Memorial Hospital in Texas. He served in various leadership roles before being named National Group president in 2006. "Chuck's career and expertise as an operator are unmatched, and his influence on our company extends well beyond hospital operations," Sam Hazen, HCA Healthcare's CEO, said in a news release. "His leadership during many natural disasters, as well as his focus on better care processes and technology, helped ensure the safety and care of our colleagues and patients. We wish him all the best in retirement." HCA, a 182-hospital system, said a search for Mr. Hall's replacement is underway. n

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