2016 brings a continued demand for talent in the healthcare industry
The healthcare industry continues to be one of the fastest growing job sectors throughout the United States, with the Bureau of Labor Statistics predicting 19% growth through 2024. The increased demand for healthcare talent comes from a combination of the aging US population and an expanded population with health insurance.
Simply put, an aging population needs more healthcare. As we grow older, the likelihood that extensive care is needed greatly increases. With millions of Baby Boomers approaching 65, the demand for both specialized healthcare and long-term care is only going to increase. We can expect to see continued hiring across the board in 2016 and beyond, as healthcare networks and medical groups prepare for the influx of patients.
In conjunction with increasing the demand for healthcare, an aging population also puts pressure on its supply due to retirements. Now that the economy has settled down after several years of turbulence, Baby Boomers are beginning to retire in large numbers, creating a shortage of qualified employees, especially nurses. By 2024, there will be more than 439,000 additional RN jobs, a 16% increase.
The second factor affecting increased demand for healthcare is the full rollout of the penalties associated with the ACA. Americans without coverage, either through their employer, Medicare/Medicaid, or a private insurance policy, now pay a penalty each year. By the end of 2015, the number of uninsured Americans dropped to around 11.4% of the population. Primary Care and Family Medicine have seen the largest increase in demand as a result.
We can also expect hiring to transition from hospitals and medical centers to outpatient facilities and individual offices. As the healthcare industry shifts towards preventive care, the demand for providers and support staff alike will increase in these areas.
As in all industries with high demand for talent, employers must be prepared to hire new employees quickly. The length of time in the hiring process is going to have to shorten. The current average is over 23 days to fill a position. With top candidates often getting multiple job offers, companies must be ready to make a decision as soon as the right candidate is identified. This is especially true for new graduates. Pre-graduation offers contingent upon receiving the appropriate licenses and state credentials will become the norm for the industry, not just at the provider level.
If your organization is having trouble finding and retaining qualified healthcare workers, look to Key Resource Group for help. With more than ten years’ experience specializing in healthcare for private specialty offices, medical billing groups and local hospitals, Key Resource Group has the connections to the top talent in WNY. You take care of your patients—we’ve got your staffing needs covered. Contact a recruiter today!