We once again attended the Healthcare Staffing Summit this year. The 2011 summit was held in Philadelphia and it did not disappoint. It was great to network with other companies in the industry, meet new people and catch up with some of our clients. In addition, we were asked to present at the API Healthcare Client Forum. We gave a presentation titled 'How To Improve Customer Engagement and Increase Loyalty – tips, trends and strategies for marketing your healthcare staffing company." We got great feedback on the presentation from staffing agencies in the audience. We'll post info from that talk in some future posts.
Perhaps the best reason to attend the show is to get the industry data from Barry Asin's keynote presentation. This year Barry's keynote was titled 'Capturing Opportunities In A Changing Industry.' Barry kicked off the summit with this keynote providing lots of interesting about the industry.
Many things have changed since last year and the news wasn't quite as bleak as the previous two years. Although there weren't as many big events or all the acquisitions that happened last year, here are some of the highlights we took from his presentation.
- The estimated size of healthcare staffing industry is currently $8.1B and estimated to grow to $8.9B in 2012. Yes, grow. Woot!
- The top 15 staffing companies in the industry have 49% share of the healthcare staffing market.
- Average Gross Margin for top healthcare staffing companies has increased over the years and is presently around 28%.
- At $2.9B, Allied health is now the largest segment in the healthcare staffing industry.
- Locums is now $2.1B (23% of the entire market) – larger than travel nursing.
- Within the locums market, Hospitalists make up the largest segment (17%).
- Per diem staffing is growing while travel nursing is still on the decline.
- Healthcare reform is still predicted to have a dramatic effect on healthcare staffing.The positive: increased volumes. The negative: cost controls.
- The number of people leaving the healthcare workforce as a 'quit' is once again increasing.
- Revenue results for public staffing companies are improving.
- EMR requirements are driving massive growth for IT Health Staffing.
- IT Health staffing is predicted to grow 12% in 2012.
- As stated last year, hospital internal resource pools are still having a major impact on healthcare staffing companies.
- As far as VMS adoption, 55% of Hospitals state they currently have a VMS solution. 10% have an MSP. In the next 2 years these numbers are predicted to be 73% and 40% respectively. There has been a large correction to these numbers over last year. Last year the Staffing Industry Analysts suggested hospitals had adopted VMS at a rate of over 70% and MSP of over 50%. You may remember we questioned these numbers then – looks like a more accurate estimation has now been made.
- Most healthcare professionals are now working outside of a hospital setting. Ambulatory is the largest segment of employment.
So there you have it. If you missed this years summit you definitely missed out. It's not too early though to start thinking about next year! Next year's summit location – Vegas baby! See you there.