US hospitals are feeling the pinch in a big way, and the current nursing shortage is to blame. When there's a shortage of the workers that care for the people in the beds, hospitals have to scramble to staff up so they can keep those beds occupied. It doesn't look like the travel nurse industry is weakening anytime soon. In fact, according to estimates by Strategic Industry Analysts, the travel nurse market is projected to grow to $5.1 billion in 2018, accounting for about a third of the entire temporary medical staffing market. Staffing Industry Analysts are reporting that 15,000 to 20,000 traveling nurses are used each week in U.S. hospitals.
Short On Staff: A nationwide nurse shortage is forcing US hospitals to spend billions to recruit and retain nurses rather than risk patient safety or close down departments.
Some states are experiencing shortages as much as a 10-16% vacancy.
Case studies from various sources show that some states are experiencing greater shortages than others, as much as a 10-16% vacancy, which literally forces hospitals to address the shortage from a short-term and a long-term approach. It's true that relying on short term contract healthcare workers won't fix the systemic problem, but it's clear that travel nurses play an important role in the short term solution.
While many hospitals are resorting to hiring nurses from overseas, improving pay and benefit packages, and even paying for a nurses higher education, strategies like this will literally take years to move the needle a percent or two.
In Louisiana, they're experiencing what's been called the continual "entry to exodus" scenario as well. "It's projected that by 2024, we're going to need over another million nurses added to the workforce," said LSU Health New Orleans Nursing Dean Demetrius Porche, DNS, Ph.D.
According to a new report published by Grand View Research, the global healthcare staffing market is expected to reach USD 43.6 billion by 2025. The rising geriatric population has increased the demand for healthcare services around the globe.
"We're in the unique position to be able to see the travel nurse movement across the US," says Payne, "and keep close watch on the top hospitals hiring travel nurses so we can ensure our housing inventory is sufficient enough to support the influx of nurses in those areas." Brian Payne, the co-founder of Furnished Finder and Principal of Travel Nurse Housing.com, also mentioned, "Property owners of all types are listing their properties on our sites because they see the potential a nursing shortage provides... and because they just like renting to traveling healthcare professionals as a whole."
Suffice it to say, that with the rise in travel nurses being hired everyday in the US, it automatically increases the demand for affordable short term furnished housing throughout the US. Extended stay hotels and apartment complexes play a large role in housing travel nurses, but private owners are beginning to position themselves to capitalize on the surge of traveling nurse tenants hitting the market as well.
Furnished Finder and Travel Nurse Housing are sites where property owners list their furnished rentals in order to connect with the travel nurses who need short term accomodations for 13 week assignments throughout the US. Property owners with all property types (basement, backhouse, room, condo, apartment, complex, hotel) use Furnished Finder, and its sister-site, Travel Nurse Housing.com, to find and rent to the influx of healthcare travelers coming to their area who need housing.
Traveling nurse housing represents a bit of freedom to many property owner's because in addition to renting to higher quality tenants, a 13 week stay means more predictability with less turnover. Also, if you're one of the many landlords affected by city ordinances limiting furnished rentals for less than 30 days, the travel nurse tenant may be just the thing you've been looking for.
Since the number of active nurses can dictate the number of beds a hospital can fill, any way you look at it, the medical staffing industry is faced with a problem that includes traveling nurses as a solution.