As an economic recession looms, there are many industries at risk of experiencing some serious trouble. However, the healthcare industry is commonly perceived as being recession-proof for a few reasons. According to Healthcare Dive, experts believe the healthcare sector will respond differently than other industries in the wake of a recession, which is promising for healthcare practitioners. According to the U.S. Bureau of Labor Statistics, overall employment in healthcare occupations is expected to grow 13 percent by 2031. While it’s safe to say that healthcare careers are generally “recession-proof,” here are some things to keep in mind about the industry as the economy is expected to take a downturn.
There will be an increased need for outsourced staffing.
As healthcare facilities undergo financial challenges and experience staffing fluctuations, there will be an increased need for outsourced healthcare professionals to fill staffing gaps and maintain patient care. As a healthcare professional, there will be ample opportunities to be employed in an outsourced capacity, which can often present very lucrative salaries and advancement.
Larger facilities will have an advantage.
Unlike small medical clinics or rural hospitals, larger health systems will have a financial advantage in combatting challenges from a recession. Generally, large healthcare organizations have a greater ability to consolidate services and budget according to their circumstances. They also tend to have more access to virtual care technologies or outpatient clinics which can cut down on operational and management costs.
Continued demand in certain medical specialties.
The emergence of the COVID-19 pandemic a couple years ago has increased demand for healthcare practitioners and nurses with certain medical specialties, such as pulmonary care, infectious diseases, and emergency medicine. Healthcare professionals with experience and expertise in these areas of medicine will continue to have an edge in finding employment and obtaining high-paying positions.
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