What will be the ultimate consequences of Obamacare?
Will health care costs rise?
Will we reach a point where there is more demand for health care than supply?
All of these concerns ultimately come back to one thing - the healthcare workforce. In a service-based business such as healthcare, the workforce will be the difference between providing high quality care to all, or the ultimate failure of universal coverage.
Because of this importance, we’re keeping an eye on 4 workforce trends in the healthcare industry that could affect the coming changes.
1. Shortage of Skilled Healthcare Technology Professionals
With the projected increase in demand for healthcare when Obamacare is enacted in 2015, comes a need for increased workforce supply. Unfortunately, there is already a lack of healthcare technology professionals in the industry and the situation isn’t getting better. As we’re seeing across the country right now, there is a high demand for engineering, and other technical professionals, that is not being met. If we do not see an increase in skilled technical employees, healthcare organizations could face tough circumstances in 2015.
2. High Turnover
We are seeing an unprecedented amount of turnover in the healthcare industry right now. With the economy recovering, and the increase in demand for talent, healthcare employees are more open to moving to new organizations where they may be paid more. This means that there is increased management time spent evaluating and hiring new employees that could be spent in more productive areas that help build and manage the business.
3. The Increasing Importance of Culture
With the high demand for the best healthcare professionals, as well as the importance of trying to keep them, comes an increased need for developing the proper culture. It’s a common business saying that products attract customers but culture attracts employees. That’s no different in the healthcare industry. The industry as a whole has come a long way since the culture problems at Rhode Island Hospital, but there continues to be an increased emphasis by top management to create a work environment that attracts and retains the best people.
4. The Boomers Are Retiring
The retiring baby-boomers will bring different consequences for different industries. In the healthcare industry, these retiring baby-boomers are arguably the ones that would be able to handle the increasing demand the best. They have the most knowledge and experience dealing with high pressure situations. The millennial generation, which is replacing them in the workforce, doesn’t have the same level of skill or experience and will have to step up in a big way to meet the coming demand.
No matter how the world looks in 2015, the healthcare workforce will be front and center of how well the Affordable Care Act does in practice. At The WFC Group, we help healthcare organizations manage their workforce and ensure they have the proper staff on hand at all times to meet the demand. Along with the rest of the healthcare industry, we all must continually innovate on our practices to keep up with trends such as these. We look forward to taking on the challenges ahead, and helping healthcare organizations continue to thrive!