Health Care Market
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- Date Submitted: 04/02/2010 09:48 AM
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Health Care Market
Introduction
Healthcare suffers critical shortages worldwide in licensed professional staffing, such as nurses, radiology technicians and pharmacists. This scarcity is expected to intensify in the coming years as baby boomers age, the demand for services increases, the workforce is aging and also because there are more options for women.
Concerns are raised that the public mission is threatened; a shortage of nurses could endanger quality of care and place patients at risk for increased illness and death.
Almost everything comes with a price tag including quality nursing care. Like in every market, when there is a demand, wages escalate. Rising wages, specifically nursing wages, could take its toll on hospital budgets.
Influencing the market.
The market is driving nursing salaries and hospitals have to stay competitive. This market follows the law of supply and demand, which holds true for any profession; when there is a demand, wages escalate.
Stakeholders will have to use innovative strategies to increase the number of new nurses entering the workforce and later retaining them.
▪ Focusing on those under represented in the current workforce.
▪ Making these careers attractive to 18 to 25-year-olds.
▪ Providing better recruitment and career information to prospective candidates.
▪ Upgrading the image of their work.
▪ Integrating workforce recruitment and retention strategies.
▪ Creating public understanding of the worker shortage and the will for action.1
Additional recommendations from a broad range of stakeholder organizations include: increasing supply through educational capacity; increasing the visibility of nursing contributions to the quality of patient outcomes; increasing compensation, expanding career options and strengthening nursing leadership at every level.
Nurses themselves made the following suggestions for addressing...
Introduction
Healthcare suffers critical shortages worldwide in licensed professional staffing, such as nurses, radiology technicians and pharmacists. This scarcity is expected to intensify in the coming years as baby boomers age, the demand for services increases, the workforce is aging and also because there are more options for women.
Concerns are raised that the public mission is threatened; a shortage of nurses could endanger quality of care and place patients at risk for increased illness and death.
Almost everything comes with a price tag including quality nursing care. Like in every market, when there is a demand, wages escalate. Rising wages, specifically nursing wages, could take its toll on hospital budgets.
Influencing the market.
The market is driving nursing salaries and hospitals have to stay competitive. This market follows the law of supply and demand, which holds true for any profession; when there is a demand, wages escalate.
Stakeholders will have to use innovative strategies to increase the number of new nurses entering the workforce and later retaining them.
▪ Focusing on those under represented in the current workforce.
▪ Making these careers attractive to 18 to 25-year-olds.
▪ Providing better recruitment and career information to prospective candidates.
▪ Upgrading the image of their work.
▪ Integrating workforce recruitment and retention strategies.
▪ Creating public understanding of the worker shortage and the will for action.1
Additional recommendations from a broad range of stakeholder organizations include: increasing supply through educational capacity; increasing the visibility of nursing contributions to the quality of patient outcomes; increasing compensation, expanding career options and strengthening nursing leadership at every level.
Nurses themselves made the following suggestions for addressing...