In 2019, the healthcare industry was one of the fastest-growing sectors in the United States, employing 22 million American workers and comprising 14% of the country’s entire workforce. During the Covid-19 pandemic, however, the healthcare industry reached a tipping point. In 2020 and 2021, total national healthcare
spending increased by nearly 10%, the number of workers in the industry plummeted by 95,600 according to the Bureau of Labor Statistics (BLS), and hospitals lost $54 billion in net income. In 2022, nearly 1 in 5 health care workers resigned from their jobs and those who have stayed in their roles are teetering on the edge of turnover. The current nurse turnover rate
hovers around 19%, nurse vacancy rates are up almost 25% from 2020, and 31% of hospitals have reported critical levels of staffing shortages.
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