Today’s healthcare market is currently very hot and the temperature just keeps rising. For those agency owners that are looking for a way to substantially increase profits in the staffing business, integrating healthcare staffing markets into it may be the way to go.
As Denis Waitley so aptly noted, many people take their health for granted. Healthcare has always formed an important part of society and continues to play an even greater role today.
Today’s healthcare market is currently very hot and the temperature just keeps rising. For those agency owners that are looking for a way to substantially increase profits in the staffing business, integrating healthcare staffing markets into it may be the way to go. As Ralph Steeber, Founder and CEO of Medsearch Consulting, adamantly states, “The drastic need for healthcare workers has caused a very large increase in the potential profits for those agencies that can provide the types of personnel that hospitals and other medically associated businesses are looking for. We are all well aware of the healthcare markets need but what many of these staffing agencies don’t realize is that it isn’t just about nurses and pharmacists. These agencies need to open their eyes and see the bigger picture.”
What Steeber is referring to is that, in healthcare, there are several markets that coexist within one very large one – healthcare staffing. These sub-markets, if you will, contain such professional titles as dental hygienist, physical therapist, medical assistant, etc. and cover several different areas of the larger healthcare arena. The staffing agencies trying to get into this quickly expanding arena may be focusing singularly on only one sub-market, which is fine at first, but what about the others? Is there ever a plan to expand into other areas of the market? These are questions that are commonly asked of individuals when they visit a consultant for advice.
The consultant will explain to the business owner that integrating a healthcare service into the existing business can be very financially rewarding. Unlike the rollercoaster economies of markets such as IT, sales, accounting, engineering and general clerical; the need for healthcare staffing continues to grow exponentially. The medical world is evolving faster than we realize and people are continuing to live longer because of it. These facts alone prove that this market can offer a very profitable addition to your current business as well as a constant generator for those times when other markets run cold.
The Promising Future of Healthcare
I do not need to tell you about the Baby Boomer generation and all of the statistics because I know that you have more than likely heard enough about it to get the general idea that it is seriously expanding. The nursing shortage is phenomenal, yes, we know; but what about all of the other aspects of healthcare? Did you know that by the year 2014 that there will be a 52.1% projected increase of Medical Assistants? This will create a whopping 202,000 jobs for these clinical/administrative workers. How about the home health aide? Were you aware that these godsends to disabled and elderly individuals will experience a 350,000 position increase within the next 6 -7 years? A 56% increase for any position really is quite a large number but, when you consider that it will happen in such a short period of time, it makes it so much more amazing and exciting!
Obviously, the healthcare staffing industry will continue to benefit from significant changes in the healthcare system. Consequently, demand for reliable medical personnel far exceeds supply. For example; the median age for nurses is currently around age 50, which means that many are perched for retirement. The gap that will be created by these retiring nurses will have the hospitals scrambling to fill the positions. This demand, like many others, will only continue to grow. This, again, only justifies the fact that it would be a wise decision for existing agencies to get on board while the boat is still docked. No one wants to be left behind when the ship pulls away from the shore but, inevitably, someone will be.
Take this opportunity and read further to advance your knowledge of the healthcare staffing industry and at least see what your options are when considering the integration of healthcare staffing into your current agency. Several staffing agencies are currently attempting to implement healthcare staffing into their business in an attempt to take advantage of the large profits that are there to be made. However, many of these agencies do not understand the field of healthcare staffing and it is fairly safe to say that they could rake in much higher profits if they did more to raise their awareness of the policies and procedures as well as the common business mistakes of this growing industry.
Cost Effective Solutions
The healthcare industry is a very complicated but extremely rewarding field. Consulting services will help you avoid costly mistakes as you enter a niche market with many challenges.
If you’re entering the healthcare field for the first time, you have 3 choices:
1. Attempt to figure out the requirements through trial and error
2. Purchase a franchise of an established company
3. Hire a consulting company to educate, assist and support you
The first option can be very costly. Most companies that take this route often experience unnecessary frustration and expenses. Without years of valuable experience, education or training they often make poor decisions. Trial and error can result in costly mistakes in the healthcare industry. In fact, these mistakes may end up ruining your business!
Purchasing a franchise is a viable and preferable alternative to the trial and error approach. Unfortunately, the high costs can be prohibitive to a new business. In addition to high start up fees, you must pay ongoing royalties to the franchiser. The average franchise costs around $60,000.00 to start and royalties of around 35% are common. This only gives you a well known name to operate under and help to run and manage your back office procedures. Is it really worth it?
Hiring a medical consulting company is, by far, the most cost effective solution. Most of these consultants work at an hourly rate. They are professionals who are familiar with the healthcare staffing industry and these are the people who can provide you with the proper training, education and support that you need when you are trying to get into this market. They will help you make the right decisions to grow your business and minimize your risk of wasting money and resources. Their knowledge and expertise far outweighs the cost of their services and, with an average cost of around $10,000.00 versus the cost of trial and error and franchising, I think that this is probably the best way to go.
What Else Can A Consulting Group Offer?
Companies such as Medsearch Consulting can help you build a solid medical staffing foundation. These types of consulting firms can offer your company valuable information and proven methods to help you launch your agency’s new branch – the healthcare staffing service. The medical staffing arena caters to hospitals, pharmacies, long-term care, surgery centers, as well as physician and dental practices to provide them with clinical and clerical support personnel. These consulting firms can help educate you and your employees on the policies and procedures that you should be aware of as well as the related costs of insurance and other business necessities.
Medical consulting services offer a comprehensive range of services. They work closely with established non-medical staffing-recruitment organizations to expand their marketplace into the ever-growing healthcare staffing field. These organizations can assist you with every aspect of your healthcare business, from business plans and marketing to recruiting and staffing needs.
With years of valuable healthcare experience, professional consultants can help you:
Build A Business Identity
Design An Impressive Website
Conduct A Detailed Market Analysis
Provide Planning Support
Offer Services Education
Develop An Internal Plan
Establish Service Offerings
Set Margin Pricing
Manage Business Goals
Assist With Staff Hiring
Design & Implement A Company Business Plan
Making a commitment to take your organization into a new specialized area such as healthcare staffing is not a light decision. Healthcare includes 5-6 major specialties that each present their own unique requirements. Consequently, you need to find the right consulting company that will allow you to gain a competitive edge. Look for a consulting service that is already familiar with your particular market. An experienced medical consulting team will help you define your strategic goals and establish intelligent and strategic business plans to meet your unique business needs.
More Professional Business Image
Conveying a polished, professional image is paramount. Your image is intrinsically linked to your success if you enter the healthcare staffing field. Patients currently have a much wider range of available healthcare options. Therefore, it’s crucial that your company provides a favorable first impression. Individuals won’t risk their health by choosing an unprofessional healthcare company so why would it be any different with a healthcare staffing agency?
The well known name of a franchise may seem prestigious to some but what is most important is quality and a dynamic plan of action. If you are planning on operating under a franchise, you must be prepared to deliver the quality that others expect or you will be handing over what little profit you’ve made to the franchiser year after year.
Medical consulting companies realize that your business image is much more than your company name and website. They will add a professional touch to every facet of your business; they can create professional proposals, contracts, certifications and office forms. This will help you project a more professional image throughout the community. You’ll gain leverage over your competitors and attract a greater number of clients.
Assistance with Solving Business Challenges
The healthcare staffing industry presents business challenges that are difficult to overcome without proper education, training and experience. Fortunately, reputable consulting companies can provide invaluable assistance to your company. Experienced medical consultants are intimately familiar with all aspects of the medical staffing industry. They can help you solve your business challenges and operational issues.
If you decide to enter the healthcare staffing industry, really give the choice of how you plan to integrate this market a lot of thought and lay out all of the pros and cons of the options that you have available. Look at cost, the services that each can offer to you, and how effective each can be for your business over a set amount of time. I’m sure that you will make a decision that is beneficial to your company if you really weigh those options.
Ralph Steeber is a 30-year veteran of Medical Recruiting and Staffing and CPC, CEO and founder of Ohio-based Medsearch Staffing Services Inc. He has recently launched Medsearch Consulting to assist owners interested in establishing a successful healthcare business.
Featured Local Company
TheraTemp Staffing Corporation
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6393 Penn Avenue - Suite 290
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