PAs (and others) go on a union organized strike.

[Boatswain2PA]

Here is the entirety of the corporate glitter-fest from USUCKS.

I’ve got exciting news I want you to hear from me before you hear about it online. Based on a solid Q4’23 and a very strong Q1’24, plus improved bond market conditions, we are testing the market for a refinancing of our bonds today. You could hear something about it online if financial news publications pick it up.  

 

A few things you should know:

• A combination of good USACS performance and good market conditions will secure us the most favorable interest rate for the next five years.
• Our bonds don’t expire until March 2026, but if we can lock in a good rate now, there’s no reason to wait.
• We expect to pay a higher rate based on the global interest rate environment, but we believe we can execute this deal at a favorable rate in light of the environment changes since 2021.
• This locks our borrowing cost in place for another five years. It means we don’t have to worry about interest rates going up more than they have already.
• If rates go down, we can always refinance again later.

 

If all goes as planned, this will be great news and a reflection of market confidence in our clinician-ownership model, our financial stability, and our growth prospects. If we don’t like what we see in the markets today, we have the luxury of waiting. Please do your best to keep it confidential while the pricing and closing process plays out over the next few days, and we’ll report at the end of the week.

 

[sas5814]

when I was on the hospital board the CEO talked about our bonds and bond ratings all the time. I never got all the nuts and bolts but it would affect our perceived financial strength and well being and our rates if we borrowed money. It had no effect on the employees at all.

[Boatswain2PA]

On 5/2/2024 at 9:48 AM, sas5814 said:

when I was on the hospital board the CEO talked about our bonds and bond ratings all the time. I never got all the nuts and bolts but it would affect our perceived financial strength and well being and our rates if we borrowed money. It had no effect on the employees at all.

I think with 20+ years of stupidly low interest rates we have a generation of people who think that debt can be perceived as "financial strength", whether it is corporate bonds or personal debt.

It kind of made sense with 1% interest rates to borrow money to expand/build as the cost of borrowing was minimal to the cost of build.  And of course, if it didn't work out you could just default on bonds. 

But the risk was always there, especially with short term bonds.  Like with USUCKS who is now having to restructure at a time of much higher rates. 

They have been squeezing lemonade from the docs for years.  They will squeeze some more.

Edited May 6 by Boatswain2PA

[UGoLong]

I think many of us are beginning to understand the role of unions. Yes: they can go off the rails but, as corporations get so big they rival countries, they can be valuable to level the playing field a bit.

[ventana]

4 hours ago, UGoLong said:

I think many of us are beginning to understand the role of unions. Yes: they can go off the rails but, as corporations get so big they rival countries, they can be valuable to level the playing field a bit.

I honestly think the only thing to push back against all these huge companies that are just making life miserable for use lowly PAs is union.

Ask people who have unionize how the next 5-10 years go and I have universally heard vast improvments in work conditions.  Higher pay, better autonomy, less BS, better benefits.  

 

These companies are making millions and then trying to figure out how to spend it.    Lets instead "remind" them we are the earners of this money and entitled to a fair wage.    BTW almost every other professional I spoke to through the last 3-4 years has had huge raises, and face it the pandemic was not that bad if you were not in health care.   

[rev ronin]

22 hours ago, ventana said:

Ask people who have unionize how the next 5-10 years go and I have universally heard vast improvments in work conditions.  Higher pay, better autonomy, less BS, better benefits. 

Talking to private ambulance EMTs, I get a different message. Career IAFF members love their union. I don't think there's a one-size-fits-all response to what a union can do. I'm guessing the more skilled the represented workforce is, the more leverage a union has.

[AbeTheBabe]

I worked for a private practice owned by the surgeons for 5 years after PA school. They pay was mediocre at best and benefits lackluster. Worst part was we had no say in anything, it was really just dependent on the surgeon you worked with and HR and management didn't give a crap because they can hire another new grad to take advantage of.

Now I'm in a union, working for a large non-profit. The union consists or RNs and NPs and PAs. The NPs/PAs are on the same pay scale. Best pay/benefits I'll ever have.