- Health care providers are grappling with unprecedentedly high labor costs amid ongoing challenges that show no signs of abating. To cope, hospitals and health systems are resorting to innovative strategies such as hefty investments in talent acquisition and retention, surpassing billions of dollars. Inflation and escalating wage expectations have further intensified costs, necessitating the use of contract workers to fill critical care gaps in some regions. The competition for health care professionals has become fierce, not only within the industry but also across other sectors. Providers are revamping compensation packages with incentives like tuition reimbursement and flexible scheduling to attract workers, while exploring hybrid care models and apprenticeship programs to temporarily fill staffing voids. These efforts, though costly and time-consuming, are seen as crucial investments in securing long-term operational stability and growth amid persistent labor shortages and rising expenses. (Article here)
June 21, 2024
Providers | Tea Leaves