Talk of a looming physician shortage has set the healthcare industry abuzz for the last few years, now new studies are attempting to quantity just how severe these personnel shortages could be. The Association of American Medical Colleges recently produced a study projecting that by 2025 the healthcare industry will likely see a shortage of between 46,100 and 90,400 physician. The study reportedly anticipates patient demand to increase by 17 percent over this period, while physician supply will increase by only 9 percent, which could potentially leave thousands of patients untreated each year. Specialty physicians, such as surgeons, will reportedly experience the highest shortfalls.
Furthermore, physicals aren’t the only medical professionals America will be lacking. According to the an industry study recently released by the Georgetown University Center on Education and the Workforce, there will also be a serious shortage of qualified nursing professionals. Their study projects that over 1.6 million job openings will be created for nurses through 2020, however there will not be nearly enough nurses to fill those openings. The study’s authors project that the nursing workforce will be facing a shortfall of roughly 200,000 nursing professionals in the next 5 years. By these projections, the nursing shortage will be over twice as severe as the physical shortage in the next decade.
One of the largest reasons for the growing demand is due to changing industry demographics, according to many experts. As older healthcare professionals retire in large numbers, thousands of job openings will be created, in many cases more openings than there are incoming professionals to fill them. The Affordable Care Act (ACA) is also commonly sited as a major factor which increases the demand for healthcare providers. The ACA expanded health insurance coverage to millions of Americans, thus resulting in increased demand for healthcare services and creating thousands of job openings. Many healthcare industry experts worry that current healthcare employment and education pipeline does not have the capacity to match the growing demand.
The looming personnel shortage is especially impactful for the Medical Staffing Industry. Medical Staffing Firms have the combined challenges of recruiting and employing qualified medical professionals, and these responsibility are getting more complex. Medical Staffing Firms face a myriad of Workers’ Compensation and liability challenges, complications stemming from co-employment, and countless other risk exposures. As such, these operations need unique and flexible business insurance programs which can will adapt to their ever changing needs.
Manchester Specialty Programs is committed to both commitment to the health care and medical staffing industry for many years, provides an all-lines insurance solution that is designed to put into place the coverages needed to safeguard a Medical Staffing Firm’s people, property and financial assets. From General Liability insurance to protect an agency as a result of damaged property at the workplace or sustained injuries at the place of service, to Professional Liability and Workers’ Compensation for on-the-job injuries, we have an insurance solution tailored to meet your firm’s unique needs. To learn more about our operation and all our offerings, contact us today at (855) 972-9399.