The fastest projected continual growth in terms of dollars is the medical field. Entering the medical staffing industry and tapping into the billion dollar industry assures many entrepreneurs with potential million dollar success. In the nursing field alone a 300,000 nurse shortage is estimated in the U.S. Supply and demand dictates higher wages for nurses and negotiating power for healthcare agencies.
The different areas to start a business in the medical field are based on what we will see hospitals needing in the near future.
The list above illustrates potential markets to tap into within the industry. They all are expected to experience double-digit deficiencies within hospitals, nursing homes and imaging centers. In fact the U.S. Bureau of Labor Statistics (BLS) predicts that more jobs will be created in the medical industry, yet the labor pool will not be available. Those individuals either having or starting a staffing agency to fill those needs will be positioned to attract the labor pool by increasing the pay rate and charging higher hourly rates to facilities needing these professionals.
The costs associated with starting a staffing agency are low and therefore allows professionals to begin quickly and cheaply. It can and it does require certain legal structures, forms and software, but often times having a phone and computer is all you need to get started.
Why professionals choose this industry?
More and more professionals have learned that they can work less and earn more by working with an agency. The labor shortage allows medical professionals to ask and expect more pay. Hospitals and medical centers are often unable to compete with medical staffing agencies and are forced to pay the higher hourly fees charged by these companies. More medical professionals then enter and become employed by these healthcare temp agencies. This type of action then adds to the shortage hospitals and medical centers are experiencing.
Another reason professionals look into getting hired is because often hospital policies prohibit increasing pay to the medical professionals and working for a outside company allows an individual to avoid internal politics
The shift to work for staffing agencies has taken hold of this industry and knowledge has spread to new graduating student. Students graduating within these particular professions are looking to make top dollar. The former idea that new grad’s cannot make as much as seasoned professionals no longer holds true. The need for these professionals has shifted the paradigm allowing much more latitude for new grads.
Seasoned professionals understanding this paradigm then expect higher wages from hospitals. When they cannot earn higher wages from hospitals they then turn to outside agencies. The cycle then takes hold forcing hospitals to pay higher wages to the temp groups, thereby allowing the professional to realize their true financial potential.