The economy is hot. Every industry is feeling the pinch when hiring and retaining great employees. This is especially true for a rapidly-growing sector like healthcare. There’s also been an unprecedented number of healthcare network acquisitions in the last 24 months. Today’s healthcare networks have to contend with a kind of competition they just haven’t seen before.
Biggest Challenge 1: Employee Retention
Unemployment rates are nearing all-time lows. As of May 2018, the unemployment rate is a meager 3.9%. We have not had an unemployment rate lower since 1969. That means it is more difficult to keep and attract top talent than it was as little as 2 years ago!
Healthcare networks know they have to think outside of the box to retain their top talent. Perks and rewards programs have become a trend in healthcare. Health networks now offer physical wellness programs, financial planning and student loan repayment programs, better retirement packages and even discounted tickets to concerts, amusement parks, and theaters.
But if your competition offers the same or similar programs, what separates you from them? What if your competition is based just down the road from you?
Biggest Challenge 2: Greater regional competition
According to the National Library of Medicine at the National Institute of Health, 75% of hospitals have at least one competitor within 15 miles. And that regional competition has sharp teeth. PCPs and smaller regional networks are being acquired by larger entities at breakneck speeds. Check out Modern HealthCare’s section specific to Merger & Acquisitions, updated once a week. Even mid- or large- size networks are seeing more competition than ever before.
This kind of competition makes it more important than ever that healthcare networks differentiate themselves to potential employees and new patients.