From the effects of the COVID-19 pandemic to physicians reaching retirement age, healthcare openings across the country have increased. With this increase comes an increase in the need to fill these positions, which has caused the healthcare staffing and locum tenens industry to skyrocket.
According to new research from Staffing Industry Analysts, in 2021, the healthcare staffing industry grew by 85% to nearly $40 billion.
By 2022 and 2023, the report predicts that two key groups that contributed to this boom—travel nursing and allied health—will decrease. In fact, SIA predicts a 20% decline in travel nursing after an explosive year in 2021 (a 150% increase). In addition, allied health will likely see a 10% decrease after 2021, however the market is still expected to exceed pre-pandemic levels.
The good news for the future of healthcare staffing? Locum tenens revenue is projected to reach $4.7 billion by 2022 according to the new research. As the need to bridge gaps and fill vacancies continue, the demand for locum tenens will increase as well.
Locum tenens, which translates to “one holding a place”, are physicians or advanced practice providers who are not employed permanently by a hospital or healthcare setting and instead act as a fill-in, allowing them to create schedules and complete work they desire while also helping fill a critical need identified by the hospital. Aside from flexible scheduling, locum tenens often experience several additional benefits including additional income, enhanced skills and the ability to see and explore new parts of the country.
At Hyr, we’re already ahead of the trends. We know that physicians are looking for flexibility and freedom in their careers, and we're here to help them create the life they desire. Improving physician well being is a top priority at Hyr, while also making it easier for healthcare systems and hospitals to hire top quality physicians to fill these needs as they continue to increase.
Physicians or healthcare systems looking to get (and stay!) ahead of the trend: contact Hyr today to learn more about the easiest, most transparent platform for all your hiring and staffing needs.