Growth and Flexibility: Healthcare Hiring Trends and Salaries for 2024
An aging population with a need for advanced medical technology and treatment makes healthcare one of the fastest-growing U.S. industries. More jobs and increased competition mean candidates are still in the driver’s seat. That’s especially true with high demand for revenue cycle and operational roles, from medical collection specialists to practice managers.
It’s becoming a hiring tug of war as healthcare organizations tighten budgets due to economic concerns while candidates ask for higher wages and benefits. Competition is adding even more pressure – companies have to go the extra mile to get the best candidates. For example, many are adding more 30-60-90-day retention bonuses.1 Here are some of the top healthcare hiring trends for 2024:
Flexibility Still Drives Retention
What’s one thing most healthcare job seekers won’t give up? Flexibility. While many organizations aim to get workers back on-site, there’s pushback on full-time, on-site work. Compromising with a shift to hybrid work from fully remote roles is increasing, outside of data analytics positions which have been remote for
Employers who hope to win over and retain professionals should consider the potential cost of attrition with remote vs. on-site candidates. The Cleveland Clinic reports that their top job search keywords are still ‘remote’ and ‘work-from-home’, and lack of flexibility is a top reason for people leaving the organization.3
Healthcare Hiring Trends in 2024: Growth in Data Based Roles
With AI advancements transforming the consumer healthcare experience as well as an ever-improving IT infrastructure, the demand for tech-focused roles continues to be high. Healthcare information management and medical coding are two of the most in demand roles – not surprising considering these positions are anticipated to grow up to 17% by 2031.5
As technology increases, so do the cyberhackers who aim to steal patient data. Today, some hospitals produce nearly 50 petabytes of data daily, an incredibly large volume of information to process, let alone safeguard.6 Organizations that experience data breaches, risking patient privacy and identity, can face serious reputational damage. All of this is paving the way for a huge influx of cyber security professionals.
While the healthcare career outlook is strong, some healthcare organizations are experimenting with using AI to replace certain tasks such as medical necessity, prior authorization position, and scheduling. Employers considering this need to know the costs to implement, maintain, and update – which can cost up to a $1,000,000.7
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1 ADDISON GROUP, 2023
2 U.S. BUREAU OF LABOR STATISTICS
3 CLEVELAND CLINIC, REIMAGINING THE NON-CLINICAL HEALTHCARE WORKPLACE, 2022
4 YAHOO! FINANCE, WE’RE NOW FINDING OUT THE DAMAGING RESULTS OF THE MANDATED RETURN TO THE OFFICE–AND IT’S WORSE THAN WE THOUGHT, 2023
5 U.S. BUREAU OF LABOR STATISTICS, 2022
6 FORBES, HEALTHCARE CYBERSECURITY SPECIALISTS WILL FACE UNPRECEDENTED DEMAND IN THE COMING YEARS, 2023
7 FOLIO3, THE FINANCIAL COST OF AI IN HEALTHCARE – A COMPREHENSIVE GUIDE FOR 2023, 2022