HOOPP for Incorporated Doctors – Some Non-Financial Considerations

This is my third instalment in regards to the announcement that incorporated doctors can now join the Healthcare of Ontario Pension Plan (HOOPP).  Our first blog discussed the initial news release and the second some financial considerations.  This third will discuss some non-financial matters you should consider before making a final decision.  HOOPP has provided a great page to get more details on the overall plan and costs and I would be remiss in not sharing this with you once again.  These details can be found here.

As I noted before, the decision to join HOOPP involves more than just evaluating the financial benefits (see our January Blog). While the financial aspects are crucial, there are several non-financial factors that you should consider:

1. Work-Life Balance

Joining HOOPP can influence your work-life balance. The stability and security provided by a defined benefit pension plan like HOOPP can reduce your overall financial stress, allowing you to focus more on your personal life and professional development as you progress in your career.

2. Employee Retention and Satisfaction

For those of you who run your own medical practice, a clinic, an operating room or are part of a larger medical group/clinic, offering HOOPP membership can be a powerful tool for employee acquisition, retention and satisfaction. Employees value the security of a good pension plan leading to higher morale and lower turnover.

3. Peace of Mind

One of the most significant non-financial benefits of joining HOOPP is the peace of mind it offers. Knowing that you have a secure retirement plan in place can alleviate a lot of the anxiety associated with financial planning for the future allowing you to focus more on your patients, your practice and your personal life.

4. Managing Cash Flow

Once you join HOOPP you will have consistent cash withdrawals from your corporate bank that are placed into the HOOPP plan.  By having this occur automatically you avoid the ups and downs of cashflow that often comes from self-investing plans. 

As discussed in my previous posts, before making the decision to join HOOPP you should consider the financial benefits, financial costs and the non-financial considerations as a whole.  Only after you have considered all aspects can you make the right decision for you.

If you have any questions on this article or any other matters with respect to your medical practice please do reach out to me or your Welch trusted advisor.

Discover how our Welch LLP Healthcare Accounting Team can support your practice with expert financial guidance and personalized solutions. Let’s talk about how we can help your organization succeed.

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