In dollars, the size of the global health care staffing market accounted for $30.3 billion in 2019, according to Precedence Research, and is expected to reach $48.3 billion by 2027 at a compound annual growth rate (CAGR) of 5.1%. Health care or medical staffing organizations are comprised of firms, service personnel, partnerships, corporations, and other business entities engaged in offering physician, nursing, and other allied health personnel to healthcare entities. Temporary and contract employees represent 9% of health care staffing, according to the American Staffing Association (ASA).
The major factor behind the projected increase in the medical staffing industry is the growth in the geriatric population. Additionally, healthcare firms are looking to address high nursing turnover rates and shortages, and the fact that many nurses are retiring. One million “Baby Boomer” age nurses in the United States are expected to retire in the next decade. The rapid spread of COVID-19 in 2020 here has also only further highlighted the challenges health care facilities are facing as a result of the nursing shortage.
The search is on for a new generation of skilled nurses, as health care leaders take several important initiatives to overcome this shortage and open up new opportunities for market growth. Some programs include highlighting career advancement opportunities, workplace variety and flexibility, and “perks” such as hospital-based training programs, tuition reimbursement, signing bonuses and relocation expenses.
Manchester Specialty provides an all-lines insurance solution to medical staffing firms to safeguard an operation’s personnel, property and financial assets. From General Liability to protect a firm against third-party injuries on the premises to Professional Liability to protect against claims against the entity for negligence or malpractice, we provide you with the ability to offer insureds customized insurance solutions to address their risks. Workers’ Compensation coverage is also available in our national program for medical staffing firms. For more information about our products and services, please contact us at 855.972.9399.