For years, economists have been nervous about a severe nursing shortage looming on the horizon as the baby boomer generation approaches retirement age. The aging generation presents a bilateral problem for the health care industry—more people than ever will be elderly and require care while, simultaneously, the lion’s share of the nursing industry will be retiring themselves. There will be more people to take care of and fewer nurses to administer healthcare.
Some are not so worried about the fate of the industry. The nursing community has, so far, responded very well to the potential threat. Nurses and healthcare institutions have been very active in trying to recruit millennials into nursing programs, and their efforts are beginning to come to fruition– national campaigns have caused nursing school enrollment to double, according to the Montana State University College of Nursing.
Nonetheless, the community is still on-edge concerning a lingering shortage. Despite the encouraging enrollment statistics, there is a visible lack of nurses throughout the healthcare industry. Many school districts nationwide are having to contract part-time nursing services, oftentimes having several weekdays without one at all. Throughout hospitals and medical clinics, it is plain to see that the average nurse is approaching retirement age—according to the journal of the American Public Health Association, over one million RNs are older than age 50. That means that in ten years, the industry will have to compensate for over one million retirees, a feat which is not statistically feasible unless recruitment sees a stark increase.
Despite increased enrollment in collegiate programs, there remains a nursing shortage at the moment, and statistics suggest that it is still projected to worsen. By 2020, the supply of nurses will be 20% below the required levels— the country’s healthcare facilities are clearly struggling to find the proper number of qualified, young nurses. Hopefully, the healthcare industry can find a way to keep up with the rising demand for nurses. If not, both the industry and society as a whole will be in trouble. Are you and your healthcare company already experiencing trouble with cash flow? PRN Funding can help. Give us a call at 216-504-1000 and ask us about Nurse Staffing Factoring, increase your cash flow, and expand your business.
