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Good News! The Healthcare Jobs Market is Booming!

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Based on recent reports, this is a great time to be a physician or an advanced practitioners who is looking for a hospital job. As Dan Diamond writes over at Forbes, the hospital job market is booming, a trend that has been developing since 2012.

Last year, Diamond recalls, he was wondering why hospital growth was so “flat,” since “hospital jobs growth was dramatically lagging the rest of the economy, as well as related sectors like doctors’ offices and outpatient care centers.”

But now? The most recent jobs report showed “the 10th straight month of jobs growth for hospitals, and the sector’s 14th month of jobs gains in the past 15. The hospital sector has now gained more than 100,000 jobs in the past year, the Bureau of Labor Statistics reported on Friday,” June 2.

He goes on to note that this type of growth hasn’t occurred since 2008 prior to the full impact of the recession hitting. This growth also reflects the economy in general, which “has been marching upwards since March 2010 — coincidentally, the month that the Affordable Care Act was signed into law. The private sector has gained 12.3 million jobs since the depths of the recession.”

The debate still rages as to whether or not healthcare reform is killing jobs, which makes these figures simultaneously encouraging and puzzling. Diamond takes notes of this, pointing out, “The law’s effects have been especially felt in the past year, as the ACA’s dual strategy for coverage expansion — the launch of the insurance exchanges, and growth of the Medicaid program — have kicked in. The nation’s uninsurance rate has fallen to a record low of about 11 percent, nearly half of what it was just a few years ago. That means less bad debt for hospitals, and more revenue. And hospitals increasingly are reporting their best financial performance in years.”

While Moody’s has called 2014, when hospital revenue increased, “a bounce-back year,” Diamond writes that the “dark side” to this growth is the spending, which must “go somewhere” and “may or may not be helpful for our economy.”

Regardless, the proof is in the numbers. If you’re a physician or an advanced practitioners who is looking for a job, the market seems to be yours for the taking. The only question we have is: Do you as a medical professional think this is sustainable growth?

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