3 Reasons Medical Job Growth May Double by 2020
The healthcare industry is driving job growth throughout the country. According to the Bureau of Labor Statistics, it created 2.2 million jobs in 2016.
The healthcare industry is driving job growth throughout the country. According to the Bureau of Labor Statistics, it created 2.2 million jobs in 2016. This is more than any other sector of the economy. In December alone, healthcare employers accounted for nearly a third of all jobs created.
Factors Driving Employment in the Healthcare Sector in the Coming Years
The healthcare industry is expected to continue creating more jobs in the years to come, as shown in this infographic from the Denver College of Nursing.
Here are several reasons employment in the healthcare field is growing at a remarkable rate.
An Aging Population
The Census Bureau estimates that there are approximately 76.4 million baby boomers. They started the reaching retirement age of 65 a few years ago. As baby boomers continue to age, they will need more healthcare services. The need for specialists to provide services to patients with diabetes, heart disease and glaucoma will rise sharply, because these are all healthcare problems that tend to affect the elderly the most.
H&HN Daily predicts that the baby boomer generation will transform the healthcare industry as they age. They will create a strong demand for new healthcare jobs, unlike anything we have seen with previous generations.
Greater Access to Healthcare
President Trump is threatening to dismantle the Patient Protection and Affordable Care Act, the signature legislation of his predecessor. However, Congressional Republicans have failed to secure enough votes to repeal the law.
The political reality is that universal healthcare is a top priority for most Americans. The Republicans probably won’t be able to overturn the healthcare law without losing their seats in Congress. Since they have been unable to get enough votes for a repeal, they will most likely leave the law in place until the democrats regain control in the government. Considering the party that controls the White House tends to perform poorly in future elections, the democrats have a strong chance of reclaiming power by 2020. This would give them the political capital they need to push for universal healthcare.
A universal healthcare system would create stronger demand for healthcare, which would likely lead to more healthcare jobs.
Creation of More For-profit Healthcare Practices
Contrary to popular belief, most hospitals are nonprofit entities. However, Dr. Robert Rodriguez, a faculty member with AIU Online states that a growing number of specialty for-profit healthcare businesses are being launched every year, which is fueling growth in the healthcare sector as a whole. These practices are fueling demand for many different types of skilled jobs, including accountants and IT staff.
“Physicians are breaking away from hospitals and setting up their own ambulatory healthcare practices,” Rodriguez pointed out. “That’s where I think we are going to see a real need for managers as well as for those who can do strategic planning. We are seeing is diversification, so hospitals are now opening their own skilled nursing facilities. They are getting into other businesses. They are looking for people with more of a business background rather than promoting a clinician to an administrative job, because it’s an entirely different mindset, skill set. So they are starting to look for people who can do accounting, people that can set up records and manage large record systems.”
Many of these practices are also dabbling in new types of treatments, such as CBD.
Healthcare Jobs Will Continue to Surge Over the Next Few Years
The healthcare industry has experienced rapid job growth over the past few years. Job growth will likely accelerate in the years to come. People that are looking for new employment opportunities should consider healthcare.