Why Investing In Healthcare Career Training Is A Smart Decision

Considering the ever-increasing human lifespan and the evolving nature of diseases, investing in healthcare career training has become a necessity rather than a luxury.

The diseases that dominated the landscape a decade back have become a thing of the past. Presently, we have new problems that need innovative solutions.

The COVID-19 pandemic and its related effects have made the medical fraternity sit for a while and think about the need for medical career training now.

Healthcare Career Training – How Big is the Market?

The Bureau of Labor Statistics (BLS) predicts that healthcare occupations will grow about 16 percent between 2020 and 2030 and may add over 2.5 million jobs. BLS believes that the growth in the employment in healthcare occupations will be considerably higher than the average of all occupations globally. It also observes that the growing demand will be partly due to the rising number of an aging population.

BLS further declares that the median annual wage of people involved in healthcare services is much higher than the average of all other occupations. While the median yearly wage of healthcare professionals, including registered nurses, dental hygienists, physicians, and surgeons, is a whopping US$69870, the average of all other occupations is $41950.

However, when it comes to the healthcare support occupations, including home health aides, medical transcriptionists, occupational therapy assistants, etc., the median annual wage (US$29,960) is much lower than the average of all other occupations.

And, healthcare and medical experts believe that the only way to increase the average pay of healthcare support staff is by exposing them to clinical career training and equipping them with healthcare career programs. Sadly, in the PWC 19th Global Annual CEO Survey, top healthcare Chief Executive Officers or CEOs admitted that skilled human resource availability is their top risk or challenge.

Fortunately, about 75% of them acknowledged that the government or private healthcare organizations need to create a provision for welcoming skilled, adaptable, and educated workforce into the system.

Healthcare career training can uplift the quality of service in a healthcare facility. It equips healthcare professionals and support staff with the know-how to survive in the fast-changing world and cater to new problems with innovative solutions. And, career training solutions from platforms like showd.me are making healthcare training more accessible with top-class, result-driven health career programs.

Why Investing in Healthcare Career Training is a Smart Decision?

The advantages of introducing high-quality health career programs are far too many than anyone can guess. With the dynamics of healthcare facilities evolving rapidly, proper training is essential for organizations to keep up with the industry demands.

The Association of Talent Development’s (ATD) State of Healthcare Training Report 2019 paints a glorious picture of the need for high-quality medical careers training. It reflects the popularity of healthcare career training among world-class, progressive healthcare organizations.

ATD observes that the healthcare sector generated the maximum number of jobs in the United States in 2018. It further predicts that over 2 million jobs will be added to the sector over the next decade. The ATD found that progressive healthcare organizations spent almost US$602 on every employee for upskilling and reskilling them. But, in 2019, employees in healthcare organizations spent an average of 25.5 hours on learning, which is significantly less than the 2018 average of 34.1 hours.

The ATD has been actively tracking the Value-Based Care (VBC) model of healthcare service delivery and found that 24% of healthcare organizations have already shifted to the VBC model, with 26% of organizations promising to switch to the VBC model shortly. And a prime component of VBC is medical career training.

Hence, now is the best time to plan for medical career training solutions to upgrade your progressive organization into a world-class, most sought-after healthcare destination.

More Aging Population Increases the Need for Trained Healthcare Professionals

The World Health Organization (WHO) estimates that the number of senior citizens (people aged 60 and above) will reach from 12% to 22% between 2015 and 2050. As a fact, WHO expects the number of senior citizens to outgrow the number of children aged five years or less. And, low and middle-income countries will lead the pack of senior citizens by 2050, 80% to be precise.

With an increase in the aging population comes the myriad challenges of old-age-related health issues like hearing loss, cataracts, back and neck pain, refractive errors, osteoarthritis, diabetes, chronic obstructive pulmonary diseases, dementia, and mild or severe bouts of depression. However, if you look at the existing healthcare facilities in the low and middle-income countries, you will quickly observe that they seriously lack the infrastructure, resources, and trained human resources required to address the prevailing or upcoming health issues.

The Healthcare industry’s talent development and human resource managers are straddled with the task of creating the right balance between the increased demand for quality healthcare facilities and the shortage of trained professionals.

Healthcare career training solutions can help bridge the gap between the supply of genuine patients and the demand for knowledgeable and understanding medical staff.

Better Utilization of Available Resources

Investing in healthcare career training solutions is always a sensible decision for some obvious reasons. The reasons include better-skilled staff, higher employee retention, excellent organization reputation, optimal patient outcomes, and fewer lawsuits involving medical staff. Moreover, if you do not invest in quality home health care training, your employees may look for greener pastures (read, companies with better training opportunities). Additionally, a low level of staff motivation can have a ripple effect on employee output, patient behavior, and medical outcomes.

A survey by PSI Services found that employee turnover (read, attrition) in healthcare is about 30% higher than in most other industries. As a fact, the attrition rate is as high as 25% among prehospital professionals like EMTs or paramedics. And, when it is about the nursing staff, the annual employee turnover rate is 15%.

On a humble note, it is less expensive to train healthcare professionals than to lose them permanently.

A report by Employee Benefits News observes that employee turnover can make a company poorer by US$15,000 per employee. Hiring a healthcare professional is an expensive endeavor. You have to spend money for conducting a background check, medical tests, screening, and whatnot. And, if National Healthcare Retention & RN Staffing’s survey is any indication, a healthcare organization might lose between US$4.4 million and $6.9 million every year due to employee turnover. It also observes that if the company loses so much on employee turnover, they might have to cut costs on patient services, thereby defeating the ultimate purpose of providing high-quality healthcare services.

Hence, clinical career training programs can help you rejuvenate your employees and motivate them to achieve more. As your employees become more dedicated, your organization’s net productivity is bound to increase.

No Time Loss, No Delay – Trust Online Education

Healthcare organizations delay or avoid training needs because they consider training as a time-consuming task. Many healthcare providers associate training with a loss of precious work hours, high training costs, and also excessive accommodation, traveling, and food costs. Since most healthcare facilities work on optimal capacity, leaving a few employees for many days might not seem a pragmatic decision.

However, if the reasons mentioned above keep you away from introducing healthcare career training in your organization, worry no more. Career training solutions providers like showd.me offer 100% online training your employees can undertake in their leisure time. However, if you want to avoid employee burnout, it will be better to let them keep some time aside for training during working hours.

Back in 2019, the global online EdTech market was a whopping US$76.4 billion, and experts predict the market to expand at a healthy CAGR (Compounded Annual Growth Rate) of 18.1% per annum between 2020 and 2027. Moreover, the year 2020 saw a venture capital investment of US$30 billion in eLearning Digi-health startups.

Hence, if you do not create a provision for online medical career training now, you might regret not making the right decision at the right time.

The EndNote

To address the growing needs of the healthcare industry, organizations need to plan for clinical career training. Healthcare is a dynamic field, and there is a need to introduce the best health career programs to help your organization catapult to the next level.

Showd.me is a leading online, on-demand eLearning solutions provider of online healthcare compliance training. Click on this link to check training programs that suit your budget and training needs.