According to statistics, the US healthcare market was valued at $24.1 billion in 2021 and is expected to expand at a compound annual growth rate of 5.6% from 2022 to 2030. Some factors responsible for the market growth are the increasing demand for healthcare staffing agencies for medical professionals due to the rising population and the lack of skilled nursing staff across the country. Expertise in the healthcare industry is vital for the longevity and growth of your staffing agency. PLEX Capital’s specialization in your industry has allowed us to gain the critical knowledge necessary to make the right decisions that will ultimately impact your business.

An Increase in Life Expectancy Increases the Need for Healthcare Staffing Agencies

According to the US Census Bureau, the number of adults aged 65 or older is on track to grow an estimated 80% between 2020 to 2030. People over 65 are three times more likely to visit a physician’s office than the rest of the population. An aging population is expected to significantly impact healthcare delivery because they are highly susceptible to lifestyle changes and chronic conditions. According to the American Nurses Association, there will be a need for 3.44 million nurses by the end of 2022. Many hospitals and other medical facilities are partnering with recruiting agencies to fulfill vacant positions on a temporary or permanent basis. Healthcare staffing is already stressful enough without worrying about if you can pay your employees this pay cycle or not. PLEX Capital is here to provide you with immediate relief through payroll funding so you can focus on what you do best, getting your staff to the patients that need them most.

COVID-19’s Impact on the US Healthcare Staffing Market

As a result of the pandemic, there has been a massive shift in the market landscape. The requirement for travel nurses is at a record level, while non-critical procedures have witnessed a spike in cancellations. Since COVID, care providers are depending on recruiting agencies for assistance in scaling up to care for COVID-19 patients. They are offering services to efficiently respond to changes in the patient count and optimize workforce spending. 

Healthcare staffing agencies experienced double-digit revenue gains owing to the drastic increase in demand for temporary nurses. Due to the stress and burnout created by the pandemic, many nurses and physicians are planning to retire early. This will increase the existing shortage of medical staff further, resulting in high demand for temporary nurses. 

Healthcare staffing is at an all-time high and will continue to rise. For agencies struggling to keep up with the growing demand, PLEX Capital is here to help! We’ll provide the working capital you need to pay your employees and expand your business. Contact us today!