The State of US Healthcare: Insider View
The US healthcare system is a hot topic among patients and industry participants. I recently had the privilege of talking to three industry insiders: Michelle Bousquet from Floyd Lee Locums (a marquee player in physician and RN recruitment), Todd Thieschafer from Recruiting Resources (an upstart in physician recruitment), and Dr. Burgundi Herring, PhD from Focal Point Staffing (an RN turned entrepreneur in RN recruitment).
Four major trends stood out in my discussions: -
No Time Like Today to be a Physician
By 2034, the United States will have 125,000 unfilled physician positions. This means the doctor-to-patient ratio will worsen, stretching our healthcare system even further and potentially lowering the quality of care. To put it in perspective, with a population of about 332 million and roughly 500,000 primary care doctors, each doctor would have to care for around 664 patients.
However, every crisis presents an opportunity. In this case, the rising demand for locum tenens staffing—doctors working on short-term assignments ranging from a few weeks to a few months—has emerged as a crucial solution. This sector, which started in the late '90s, is now a $20 billion industry with 300+ locum staffing companies and growing at a robust 10-15% annually. The locum staffing model attracts health systems and doctors because it helps alleviate doctor shortages and reduces burnout rates among doctors.
Nurse Staffing Plummets: Alarming Trends Post COVID-19
While physician and locum staffing is growing quickly, the opposite is true for nurse staffing. Nurse recruitment surged before and during the COVID-19 crisis and reached its peak. However, the last two years have been brutal. Most nurse staffing players have seen a drop in demand, and some have seen almost a 50% drop in revenue. This sub-segment seems to be headed for an overhaul, with some staffing agencies acquiring and others reinventing their business models.
Retaining Talent: The Biggest Challenge for Staffing Firms and Healthcare Systems
Healthcare practitioners are exiting healthcare at a faster clip than at any other time in history. The aging population, staffing shortages, and workplace stress lead physicians and nurses to retire 3-5 years earlier than usual. While flexible work models like locum tenens and travel nursing offer some respite, well well-being of the healthcare practitioners is the #1 challenge to manage, according to all the insiders.
Michelle from Floyd Lee Locums shared how they could retain practitioners by micro-managing their experience. Pillar #1 was
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investing time in building strong relationships with locums, understanding their needs, and consulting them to make informed choices.
Pillar #2 was making sure to
communicate across the board with clients, CS team, and clinicians to get them in the best situations.
Dr. Burgundi from Focal Point Staffing highlighted that
investing in robust technology systems for scheduling, onboarding, and managing nurses was another crucial pillar of talent management.
Todd and Michelle both underscored the final pillar— managing the travel experience with care. The point was remarkable in its simplicity:
Take the stress out of travel and witness much better physician engagement.
Building Momentum for Professional Travel Partners Like ITILITE
As locum staffing companies grow, they make a clear choice: handle physician travel either with a travel partner's assistance or by integrating doctors into a reliable online booking system. This shift is a big change from simply relying on airline and hotel websites for travel arrangements.
The key reasons for the shift are:
Final Thoughts
It’s always exciting to geek out on the intricate world of US healthcare with seasoned players. The challenges are significant, but so are the opportunities for innovation and improvement. I’ll be back with more insights and updates, so stay tuned!
Feel free to share your thoughts or experiences in the comments. Let’s continue this important conversation.