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Home > Coronavirus > CHART OF THE DAY: As vaccination begins, health care remains underemployed

CHART OF THE DAY: As vaccination begins, health care remains underemployed

Jan. 11, 2021 by Matt Wolf

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The pandemic brought about a rare reduction in health care jobs at a time when they are most needed, for both patient care and for the effort to vaccinate millions of Americans against COVID-19. Hospitals reduced headcount by 126,200 jobs last April, which was the largest reduction since the Bureau of Labor Statistics began tracking the figure in 1989. The total health care sector shed more than 1.5 million jobs in March and April of last year.

While some of these jobs have returned, the sector is still below pre-pandemic levels of employment. Hospitals remain 65,000 employees below their March peak, despite adding 31,000 jobs in December.

The health care sector remains 500,000 jobs below its pre-pandemic peak.

The health care sector remains 500,000 jobs below its pre-pandemic peak. Many individuals have left the labor market to tend to families, care for children or because of concern for their own safety.

Clinical labor shortages, particularly among non-physicians, have plagued the health care system for years. The Bureau of Labor Statistics estimates the demand for nursing jobs will grow 7% per year through at least 2029 as the need for health care increases and current nurses retire. The American Association of Colleges of Nursing most recently reported a modest 5% increase in nursing school enrollment.

As the country seeks to vaccinate hundreds of millions of people, we will need creative solutions and every available clinician.

For more information on how the coronavirus is affecting midsize businesses, please visit the RSM Coronavirus Resource Center.

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Filed Under: Coronavirus, Health Care Tagged With: coronavirus, Covid-19, health care, health care employment

About Matt Wolf

@MattWolfHC

Matt leads RSM’s health care valuation consulting group. In this capacity, Matt helps health care clients evaluate mergers, acquisitions, joint ventures, and other growth strategies.

In January 2018, Matt was selected as a senior analyst RSM’s cutting edge Industry Eminence Program, which positions its senior analysts to understand, forecast and communicate economic, business and technology trends shaping the industries RSM serves. These senior analysts advise clients on conditions impacting middle market leaders. Matt’s focus is the health care and life sciences space.

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