Healthcare job openings have been historically high in 2021, while the unemployment rate has fallen. This is creating major labor supply and demand problems.
The biggest expense for hospitals is staffing. Average hourly hospital wages increased by 8.5 percent in August compared to February 2020. Nursing and residential care facility hourly wages increased by 11.5 percent.
These challenges are especially difficult for smaller and rural hospitals as they often cannot compete with larger hospitals when it comes to nurse compensation. Higher-rated, larger hospitals have more financial cushion.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
