With the introduction of Obamacare, more and more patients are signing up for healthcare coverage. As more people obtain insurance, doctors’ offices and hospitals are becoming overwhelmed with patients. As a result, a staffing shortage is prevalent among nurses and doctors.
According to hospital executives, there has been a continuous shortage of doctors, nurses and advanced practitioners. The 2013 Clinical Workforce Survey released by AMN Healthcare Services Inc. revealed that 78 percent of hospital executives share the belief that there is a shortage of doctors across the country. Furthermore, 66 percent said there is a shortage of nurses, and 50 percent believe that a shortage exists among advanced practitioners. Regardless, more than 70 percent of hospital executives said they viewed staffing of doctors, nurses, nurse practitioners and physician assistants as one of their highest priorities in 2013.
Nevertheless, as more patients acquire coverage through the new healthcare marketplace, the physician shortage is likely to grow into an even bigger problem. With more people insured, medical offices are bound to become a lot more crowded in the next few years.
Meanwhile, the number of medical students in residencies has not been promising. Between 2011 and 2012, the total number of residency slots amounted to 113,000, showing little growth from 96,000 a decade earlier. Hospitals, doctors and med students link this lack of growth directly to Congress. Typically, Congress provides subsidies for the majority of residencies. However, Congress put a freeze on the number of subsidies it would provide in 1997, and hospitals believe that the best way to introduce more doctors into the medical workforce is for Congress to offer more funding.
Although many costs are associated with funding residencies, salaries earned by residents remain relatively low, at about $50,000 to $65,000 a year. However, instead of hiring additional nurse practitioners or physician assistants, hospitals can benefit from residencies, since they provide fairly inexpensive, skilled labor.
If your healthcare facility is preparing to staff more nurses and physicians, learn about how medical staffing factoring can help you manage growth. Instead of waiting 30, 60 or even 90 days for insurance companies, Medicare or Medicaid to pay, factoring medical receivables can provide quick funding to meet your cash flow needs today.
Medical staffing factoring and nurse staffing factoring are ideal for both healthcare facilities and staffing agencies. If you’re ready to expand your workforce, contact us today to learn more about funding payroll with accounts receivable factoring.