Summit Attendees Include the Nation's Largest Healthcare Systems and Organizations

GlobalSTL, an initiative of BioSTL, is the premier business development platform for digital health companies looking to access Midwest customers.  Our platform of strategic business development partners include 18 healthcare organizations from 5 Midwestern states whose combined revenues are $410B (10% US healthcare spend) and growing. GlobalSTL sources needs-based innovation that addresses strategic interests and pain points for our platform partners.

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US Healthcare Workforce Crisis by the Numbers

Industry experts have been sounding the alarm for decades on an impending US healthcare worker shortage.  Pressures from the pandemic and the subsequent “great resignation” have transformed operational challenges into a full-blown crisis.

American Hospital Association data claims increased workforce costs were driven largely by a 132% increase in the use of agency and temporary workforce with agency contracted RNs comprising over 38% of total RN hours as of January, 2022.

• 20% of physicians reported intending to leave their practice in the next 2 years
• 16% of nurses quit their job in 2021, and
• 34% of remaining nurses say it’s “very likely” that they will leave their roles by the end of 2022
• 40% cited burnout/high-stress environment 
• 27% cited benefits/pay and a lack of flexibility for shifts
• Each 1% increase in RN turnover costs the average hospital $270,000 per year.
• 39% of nurses may turnover in their first year, and, given it takes 3 months to recruit an experienced RN, teams may be losing staff faster than they can backfill. 

“The reality is that not only nurses are leaving the bedside; unlicensed assistive personnel (UAP) have been leaving their hospital roles, too, thereby increasing the registered nurse (RN) workload. The question remains: What is the path forward?” – Excerpt from a Q4 2021 report by Wolters Kluwer, UKG.

• 524,000 fewer US healthcare workers since February 2020. 
• 16% of hospitals cited “critical staffing shortages” as of October 2021.
• 25% and growing of per diem and variable shift healthcare workers offered employment ghost or decline offers.

“This places a materially increased burden on our existing workforce which has been stretched and strained dramatically during the pandemic, and we risk losing even more of our current permanent workforce which will have a significant impact on the ability of our hospitals and other healthcare institutions,” Hilton Raethel, head of the Healthcare Association of Hawaii.

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