Evolving Schools, Evolving Workplaces in

the BluegrassAugust 5, 2014

Healthcare Economics

“The U.S. health care industry is highly regulated and capital- and labor-intensive, factors which confound efforts to radically and/or quickly change its workforce composition. Complicating the situation, the industry faces talent management challenges that call for new and distinctive skill sets, workers who think and operate differently, and leaders capable of managing in a fast-changing industry with increased margin pressures and performance expectations.”

Paul H. Keckley Deloitte Center for Health Solutions

Healthcare Economics

• Healthcare projected to grow annually 2.6%, adding 5-million jobs between 2012 and 2022

• RNs demand grows 19.4% reflecting a need for 526,800 nurses

• 198,000 APN needed by 2020 due an aging population, new jobs and retiring RNs, which is up 4% in 2014

• Over 70% of hospital executives rated staffing…RNs, APNs…as top priorities in 2014.

Allied Health Shortage

MACRO VIEWMACRO VIEW•60% of the healthcare workforce is made up of Allied Health Professionals

•Allied Health Professional shortage is predicted to reach 1.6 to 2.5 million by 2020

•Schools produce only 4,500 graduates annually, resulting in a 36% annual national shortage

•The pool of qualified allied healthcare providers is shrinking as the demand for healthcare is increasing

CATEGORY 2016 Physical Therapist 39%

Respiratory Therapist 27%

Occupational Therapists 32%

Speech/ Language Pathologists 9%

Clinical Lab Scientists/Medical Technologists 29%

Medical Lab Technicians 18%

SHORTAGESSHORTAGES

Sources: PRWeb PRWeb, https://medical.wesrch.com/user_images/pdf/MS1_1217825887.pdf https://medical.wesrch.com/user_images/pdf/MS1_1217825887.pdf; BNA ,Kennedy Information Recruiting Trends, www.recruitingtrends BNA ,Kennedy Information Recruiting Trends, www.recruitingtrends.com/online/news/7181.html .com/online/news/7181.html - 13k; DOL,

BLS, http://www.bls.gov/oco/oco1002.htm#.phys13k; DOL, BLS, http://www.bls.gov/oco/oco1002.htm#.phys

CATEGORY 20162016

MRI Imaging Technologists 36%

Mammography Imaging Technologists 44%

Ultrasound Technologists 23%

Nuclear Medicine Technologists 29%

CV Technologists 24%

Radiation Therapists 27%

TOTAL ALLIED PROFESSIONAL SHORTAGE TOTAL ALLIED PROFESSIONAL SHORTAGE 36% 36%

SHORTAGESSHORTAGES

The shortage of registered nurses, in combination with an increased workload, poses a threat to quality of care.

More than 587,000 new nursing positions will be created thru 2016 (a More than 587,000 new nursing positions will be created thru 2016 (a 23.5% increase) (BLS 2008-09). 23.5% increase) (BLS 2008-09).

• By 2015, BLS projects 40 states will have RN shortages, rising to 46 within 6 years, for a total national deficit of 526,800 RNs

• Significant RN workforce shortages continue over the next 6 years with the west, southwest, southeast regions having the largest shortfalls

• Nursing schools struggle to educate the future workforce even as demand for nurses is surges

• From 2012 to 2013, enrollment in BSN programs increased 2.6% (lowest in 5-years)• BSN enrollment slowed in 2013 with 53,819 applicants were turned away• Strong demand for continuing education among experienced has increased

CEDIK Data Profile Website:http://www.ca.uky.edu/cedik/data_profiles/healthcare

Bluegrass Region Top Occupations Median Hourly Earnings Education Level

Registered Nurses $26.65 Associate's degree

Nursing Aides & Orderlies $10.91 Postsecondary non-degree award

LPN and LVN $18.60 Postsecondary non-degree award

Medical Assistants $13.00 Moderate-term on-the-job training

Home Health Aides $10.30 Short-term on-the-job training

Pharmacy Technicians $11.99 Moderate-term on-the-job training

Physicians and Surgeons $102.29 First professional degree

Radiologic Technologists and Technicians $23.59 Associate's degree

Pharmacists $54.81 First professional degree

Dental Assistants $14.34 Postsecondary non-degree award

EMTs and Paramedics $14.02 Postsecondary non-degree award

Physical Therapists $38.22 First professional degree

Veterinary Technologists and Technicians $13.46 Associate's degree

Massage Therapists $15.59 Postsecondary non-degree award

Healthcare Support Workers, All Other $12.52 Short-term on-the-job training

Respiratory Therapists $20.27 Associate's degree

Medical Records Technicians $17.44 Postsecondary non-degree award

Needed Healthcare Workforce Competencies

• Ability to engage in collaborative, interdisciplinary teams• Effective use of communication, esp., interprofessionally• Computer Literacy (telemedicine, electronic health records, etc.)• Cultural Competencies (to provide appropriate and effective care to

individuals from diverse backgrounds)• Ability to think strategically

Student competencies

• Need for STEMI core courses

• Earlier introduction to math and science courses

• Encouragement to apply to advanced courses

• Better preparation of Guidance Counselors

Objective

• To bring together hospital leaders in the greater Lexington area to identify recruitment, training, and retention strategies for their prospective and current employees in the areas of nursing and health science professionals.