Evolving Schools, Evolving Workplaces in the Bluegrass August 5, 2014

Healthcare Economics “ The U.S. health care industry is highly regulated and capital- and labor-intensive, factors which confound efforts to radically and/or quickly change its workforce composition. Complicating the situation, the industry faces talent management challenges that call for new and distinctive skill sets, workers who think and operate differently, and leaders capable of managing in a fast- changing industry with increased margin pressures and performance expectations.” Paul H. Keckley Deloitte Center for Health Solutions

Healthcare Economics Healthcare projected to grow annually 2.6%, adding 5-million jobs between 2012 and 2022 RNs demand grows 19.4% reflecting a need for 526,800 nurses 198,000 APN needed by 2020 due an aging population, new jobs and retiring RNs, which is up 4% in 2014 Over 70% of hospital executives rated staffing…RNs, APNs…as top priorities in 2014.

Allied Health Shortage MACRO VIEW 60% of the healthcare workforce is made up of Allied Health Professionals Allied Health Professional shortage is predicted to reach 1.6 to 2.5 million by 2020 Schools produce only 4,500 graduates annually, resulting in a 36% annual national shortage The pool of qualified allied healthcare providers is shrinking as the demand for healthcare is increasing

CATEGORY 2016 Physical Therapist 39% Respiratory Therapist 27% Occupational Therapists 32% Speech/ Language Pathologists 9% Clinical Lab Scientists/Medical Technologists 29% Medical Lab Technicians 18% SHORTAGES

Sources: PRWeb PRWeb, BNA,Kennedy Information Recruiting Trends, BNA,Kennedy Information Recruiting Trends, k; DOL, BLS, DOL, BLS, CATEGORY 2016 MRI Imaging Technologists 36% Mammography Imaging Technologists 44% Ultrasound Technologists 23% Nuclear Medicine Technologists 29% CV Technologists 24% Radiation Therapists 27% TOTAL ALLIED PROFESSIONAL SHORTAGE 36% SHORTAGES

The shortage of registered nurses, in combination with an increased workload, poses a threat to quality of care.  More than 587,000 new nursing positions will be created thru 2016 (a 23.5% increase) (BLS ). By 2015, BLS projects 40 states will have RN shortages, rising to 46 within 6 years, for a total national deficit of 526,800 RNs Significant RN workforce shortages continue over the next 6 years with the west, southwest, southeast regions having the largest shortfalls Nursing schools struggle to educate the future workforce even as demand for nurses is surges From 2012 to 2013, enrollment in BSN programs increased 2.6% (lowest in 5-years) BSN enrollment slowed in 2013 with 53,819 applicants were turned away Strong demand for continuing education among experienced has increased

CEDIK Data Profile Website:

Bluegrass Region Top OccupationsMedian Hourly EarningsEducation Level Registered Nurses$26.65Associate's degree Nursing Aides & Orderlies$10.91Postsecondary non-degree award LPN and LVN$18.60Postsecondary non-degree award Medical Assistants$13.00Moderate-term on-the-job training Home Health Aides$10.30Short-term on-the-job training Pharmacy Technicians$11.99Moderate-term on-the-job training Physicians and Surgeons$102.29First professional degree Radiologic Technologists and Technicians$23.59Associate's degree Pharmacists$54.81First professional degree Dental Assistants$14.34Postsecondary non-degree award EMTs and Paramedics$14.02Postsecondary non-degree award Physical Therapists$38.22First professional degree Veterinary Technologists and Technicians$13.46Associate's degree Massage Therapists$15.59Postsecondary non-degree award Healthcare Support Workers, All Other$12.52Short-term on-the-job training Respiratory Therapists$20.27Associate's degree Medical Records Technicians$17.44Postsecondary non-degree award

Needed Healthcare Workforce Competencies Ability to engage in collaborative, interdisciplinary teams Effective use of communication, esp., interprofessionally Computer Literacy (telemedicine, electronic health records, etc.) Cultural Competencies (to provide appropriate and effective care to individuals from diverse backgrounds) Ability to think strategically

Student competencies Need for STEMI core courses Earlier introduction to math and science courses Encouragement to apply to advanced courses Better preparation of Guidance Counselors

Objective To bring together hospital leaders in the greater Lexington area to identify recruitment, training, and retention strategies for their prospective and current employees in the areas of nursing and health science professionals.