Are We Listening to the Warning? Nurse Tsunami Ahead

186326391No matter how we use the term “tsunami,” it means disaster. In the next five years, we’ll see a higher number of people requiring more healthcare from an expanded range of service options. Growth in the demand for nurses is expected to continue. Yet, as nursing demands increase, baby boomer nurses are nearing retirement. When we pair the tsunami concept with anticipated nurse demand and pending retirements, the projected impact on Staffing and the Healthcare Industry suggests massive waves of pandemonium may lie ahead. Borrowing ANA health economist Peter McMenamin’s tsunami metaphor, let’s look at the projected impact of the baby boomer nurse population on multiple aspects of our industry.

Why will nurse demand grow? We currently are in a nursing shortage, partly due to a shortage of instructors for nursing programs. Lack of instructors is expected to continue, especially as more nurses choose to move into more financially rewarding careers in Advanced Practice. According to the Bureau of Labor Statistics, the demand will become much greater in coming years. On top of our current nurse shortage, demand by 2022 will increase by 574,400. By 2022, 555,100 nurses are expected to retire. In short, just to meet the expected demand, we will need 1.13 million new nurses by 2022.

PREMIUM CONTENT: 2014 Allied Health and Advanced Practice Benchmarking Summary Report

Economics feeds the nurse shortage, as well. Though many baby boomer nurses are not retiring as early as in past years, they are stepping out of traditional nursing into roles that are not as physically demanding. For example, instead of acute care hospital settings, they may choose management positions, education, telehealth, consulting and other alternative settings.

How will current and future nurses be affected? Experienced nurses will stay in the labor market longer. They will require a higher wages based on their experience. Nurses will also be seeking flexibility in their work schedules. Changes in the healthcare industry will offer a growing number of alternative settings, as well as increased opportunities for advanced practice nursing professionals.

Upon graduation, new nurses typically seek work within the hospital. As the healthcare industry changes, new graduates will have to expand their job search into alternative healthcare settings, such as home health, nursing homes, surgery centers, clinics, telehealth or teaching.

How can staffing companies best serve our clients and staff? Healthcare staffing companies can expect to see more nurses seeking work. Instead of more traditional staffing positions, they will be seeking flexibility to enjoy increased work/life balance as they delay their full retirement. These employees will tend to be highly skilled and experienced, requiring a higher pay rate. As an added benefit for both agencies and clients, many of these nurses will be qualified to work in a variety of healthcare settings. In addition to the traditional hospital environment, they may be equally qualified in variety of healthcare delivery settings.

Looking at the future beyond baby boomer nurse retirement, we can expect the nurse shortage to increase yet again, exacerbated with additional needs as these retirees require healthcare services. Retention of quality nurses of will be critical for successful healthcare staffing and the healthcare industry.

MORE: Finding new solutions to an old healthcare staffing problem

 

Cathy Vollmer

Cathy Vollmer
A registered nurse, Cathy Vollmer is VP of operations at Conexus Medstaff.

Cathy Vollmer

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  22. As in too many nurses?  I was told that the nursing shortage was fake.  Surely the Philippines will give us all their nurses if we ask.  I am not kidding.  We can pay more!

    http://poetryman6969.hubpages.com/hub/Why-Your-Retirement-Could-Be-Scarier-Than-An-Invasion-of-Brain-Eating-Space-Alien-Zombies

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