While emerging Millennials and departing Baby Boomers are huge forces to contend with, other events are also shaping the new workforce. Healthcare is fast moving, fast changing, highly regulated, and becoming more competitive as the economy improves. The future of the ACA notwithstanding, it led to a surge in new healthcare models, including population health management programs, accountable care organizations, and patient centered medical homes. Healthcare organizations are also taking on more risk for patient populations.
The ACA resulted in roughly 16.5 million Americans receiving healthcare insurance, which means healthcare organizations are seeing an influx of patients, in many cases in the emergency room and having to establish new systems for insurance, Medicaid, and charity care screening. Organizations are working more strategically to improve care quality, such as reducing hospitalizations and hospital readmissions, and moving more care out of the emergency room and back to primary care providers. They are also focusing on creating a better patient experience and new ways to engage patients in their care. In the HealthStream HR Executive Survey, respondents say that an increasingly competitive environment (24.5%), the need for improved candidate quality (20.9), and the aging workforce (18.2) are the top three factors driving their talent acquisition strategies.
Such trends impact the workforce in key ways, including driving up demand for staff across the board. Healthcare faces a shortage of important roles. The Association of American Medical Colleges estimates that by 2025 the demand for physicians will exceed supply by a range of 46,000 to 90,000 in the United States. Nursing programs are struggling to expand but not accepting or graduating enough new nurses to keep up. Some government estimates predict a shortfall of nearly 1 million nurses by 2025. Additionally, the Bureau of Labor Statistics’ December 2015 Monthly Labor Review indicates that Healthcare support occupations and healthcare practitioners and technical occupations are projected to be the two fastest growing occupational groups, adding a combined 2.3 million jobs (about 1 in 4 new jobs) by 2024. According to the Bureau of Labor Statistics (2013), the healthcare and social assistance sector is projected to add 5 million new jobs by 2022, accounting for nearly one in three new jobs.
Healthcare organizations are bucking traditional recruiting models to zero in on the best job candidates, accelerate selection, and engage candidates from the start. Our infographic, The New Rules of Healthcare Recruiting, looks at the trends reshaping the healthcare workforce and the new rules of recruiting. Download it here.
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