Insights Into Health Care: On The Road Again
Candace Berk
June 1, 2008
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A
s economic confidence continues to waver, everyone's looking for that magic bullet.
Stocks that'll outperform the markets. Jobs that'll be here a year from now. No area is recession "
proof." But there are some that are more recession "resistant" than others. Food, energy and health
care come to mind.
Health care is one of the hottest industries. Not only is it one of the fastest growing, but it's expected to generate more than three million jobs over the next 10 years.
Health care employment continues to be strong, regardless of economic indicators, because of a higher demand for health care services, an aging population and increased life expectancy. Medical technology advances mean more people are being diagnosed earlier and survival rates are higher.
So while we're seeing strong growth in the health care industry, we're also experiencing an extreme shortage of skilled workers.
If you combine the aforementioned areas, you'll see incredible job opportunities for workers in many areas, particularly physical and occupational therapy and speech language pathology.
The overall national unemployment rate was 5.1 percent in March. The unemployment rate for speech language pathologists was just .01 percent; .02 percent for occupational therapists. The average salary for a physical therapist is $70,000 to $90,000 a year, but many hospitals can't fill their openings. Job opportunities for occupational and physical therapists are expected to increase by almost 30 percent in the next 10 years.
The number of job orders we're receiving far outpaces the number of available employees. That means the wages for our clinical employees are high, have increased annually and are expected to continue.
One trend we're seeing is therapists and nurses working "travel" or "contract" assignments. Many health care facilities are relying on contracted temporary staff when they need additional staff. In the area of rehabilitative services, we're seeing an increased demand for providers needing contract workers in the short-term as they look for full-time staff.
Many health care workers enjoy the benefits that contract work offers. For example, they might take advantage of the opportunity to travel to different parts of the country. Contract work allows them to determine if they like a facility or city without committing to a full-time position.
With high demand, many facilities are touting their location, climate, amenities and local attractions as a way to woo talent. Some offer thousands of dollars in sign-on and completion bonuses. Take rural areas, where the demand for travel therapists often is higher than in larger cities where the talent pool in larger. That means higher bonuses, pay and compensation.
One therapist we worked with was an avid rock climber. With our clients in the west, we were able to find her contract opportunities in Colorado and New Mexico.
After 15 years of working in hospitals, nursing homes and home health agencies in the southeast, a speech therapist took her first travel assignment with us close to home in Kentucky. She's been traveling for two years, and has taken assignments in Florida, Arizona and Oregon. An avid photographer, she chooses assignments based on location.
Other travelers choose assignments as a way to build their resume. One of our physical therapists only had experience in one department of a hospital.
Since then, she's broadened her skills with assignments in various health care facilities and hospital departments.
By The Numbers
* In 2006, health care provided 14 million jobs – 13.6 million for wage and salary workers and about 438,000 for the self-employed.
* Seven of the 20 fastest growing occupations are health care related.
* Health care will generate three million new wage and salary jobs between 2006 and 2016, more than any other industry.
* Most workers have jobs that require less than four years of college education, but health diagnosing and treating practitioners are among the most educated workers.
Candace Berk is president of MDI Medical.
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