The healthcare industry is growing rapidly. Due in large part to the aging population demographics, healthcare organizations are seeing the increased volume. To serve the increase in patients, the industry is adding a tremendous number of jobs, including 33,200 new jobs in August of this year. The problem is, filling all of these new jobs is challenging.
The industry is facing a high demand for nurses, physicians, support personnel, technologists, and leaders as jobs are growing faster than the rate that workers are entering the workforce.
Why are healthcare jobs so hard to fill?
Indicators of High Demand
Healthcare spending has been rising over the last few years and is projected to continue to increase. Centers for Medicare and Medicaid Services project spending to hit 5.7 trillion dollars by 2026, which is more than double the spending in 2010. Although it does not specify what constitutes the most spending, it is speculated that labor costs will be the highest contributor.
Another indicator of increased demand is that The US Bureau of Labor Statistics has displayed continuous growth in healthcare employment since 2013. Even as the future of healthcare policy was under debate this past year, the healthcare industry added an average of 24,000 jobs each month. Experts expect growth to continue and follow an upward trajectory.
Job Openings and Labor Turnover Survey, also done by the US Bureau of Labor Statistics, has shown a widening gap of unfilled jobs since 2014 in the healthcare industry. Although openings normally outpace hires in healthcare, hires have been losing much more ground recently.
The evidence is stacking up that demand is increasing, and all charts point to a steady continuation of the trend in the future.
Leading Causes for Demand
As the population continually grows in the US, people are also growing in age. The US Census Bureau tells the tale of our “aging nation” and predicts the number of people over the age of 65 will grow from 43 million in 2012 to 82 million in 2050. Almost doubling!
Older people require more comprehensive and extensive amount of healthcare treatments and services. That leads to a demand for more personnel to meet their needs. Of the population of older people, patients over 75 are more likely to require assisted living and nursing home arrangements increasing the need for more staff.
As our nation grows older, more baby-boomers are retiring, including healthcare professionals. American Association of Medical Colleges reports that one-third of active physicians will turn 65 within the next 10 years. Nurses and Physical therapists are also noticing lots of retirements and project it to continue.
Another factor is our now thriving economy. As we distance ourselves from 2008 and unemployment continues reaching record lows, it allows more people to be insured for their medical needs. With more people insured, there comes more utilization of healthcare services. Experts predict more projected economic growth is on the way, so don’t expect the demand for services to decrease in the future.
Partner with Medical Hiring Experts
Despite the statistics that are stacked against healthcare organizations. Many industry leaders have come up with ideas to change their treatment and practices for a solution. Another way to find expert talent in the industry is to outsource hiring to a healthcare recruiting firm. Working with professional recruiters allows you to search for the very best candidates in the field.
Recruiters have robust networks of professionals making the process quicker and easier. Companies that specialize in recruiting medical professionals that know the industry inside-and-out and are educated on the vision, trends, and terminology of the industry. Recruiters are experts at reaching passive candidates. Many medical professionals are too busy to always be on the lookout for new opportunities and growth. Passive candidates are often the best hires and recruiters are constantly reaching out and networking with these individuals.
Are you looking to fill one of the many open positions and your hospital or clinic? Connect with nFuzion to locate the perfect candidate to match your organization’s goals and meet the demands of the future.