FHA Collateral: Growing the Health Care Workforce

Florida’s Hospitals’ Strategic Investments are Re-Building the Health Care Workforce

Florida hospitals are seeing a 38% reduction in nurse turnover and vacancy rates, according to the Florida Hospital Association's 2023 survey. Despite these improvements, the state anticipates significant healthcare professional shortages by 2035. Read the full report for a comprehensive overview.

Nursing Vacancy and Turnover

Florida’s hospitals have poured immense effort and resources into addressing workforce challenges. By partnering with educational institutions, implementing their own recruitment and retention strategies, and collaborating with policymakers on stateside funding initiatives, hospitals are all in to tackle this crisis.

Allied Heath Vacancy and Turnover

Allied Health Professionals are Essential: Comprising nearly 60% of the healthcare workforce, allied health professionals are vital to patient care, providing a wide range of services from laboratory testing and emergency medicine to wellness promotion and administrative support. Their diverse roles are critical in maintaining the overall health system's efficiency and effectiveness.

Hospital Labor Cost Analysis

Florida hospitals and health care systems continue to face critical workforce shortages, exponential growth in their labor costs, and ongoing dependency on temporary staffing. The dramatic rise in hospital labor costs—combined with inflation and significant losses in hospital budget reserves from the stock market decline—increases the financial strain on hospitals.

Nurse Pipeline Funding

During the last legislative session, FHA helped to secure $125 million in new state funding for nursing education. Part of these funds also create incentives for collaboration between nursing education programs and health care partners to meet changing workforce demands.

Increasing Healthcare Workforce Retention

One of the most significant challenges for health care leaders is the recruitment and retention of the health care workforce. Each organization is unique and has many complexities that influence their recruitment and retention plan. In the next 10-15 years, the projected demand for health care workers will exceed the supply and is expected to outpace the growth of other industry sectors.