Travel Nursing Statistics 2018
As nurses that have shifts in both their home country and other parts of the world, travel nurses have the unique opportunity for travel. But, like other industry professionals, the landscape is always changing.
It is important to look at the figures to see what to expect from being a travel nurse. Here are some of the statistics that provide of a picture of the travel nurses industry in 2018.
- The American Nurses Association states that 1.1 million new jobs will have to be created by 2022.
The healthcare industry, including nurses, is facing increasing pressure. The industry is tracking to have more demand than supply. According to the US Bureau of Labor Statistics, there will be a need for 1.1 million new registered nurses to prevent a shortage.
This figure takes into consideration that an estimated 500,000 will reach retirement age by 2022. In addition to the gap that their retirement leaves, there is also the issue of an aging population. People require – and have more access – to healthcare, so the medical field needs to prepare for an influx of patients.
The job prospects of travel nurse professionals are on the upward trend. Historically, a high demand leads to more job opportunities. The industry also adjusts median salaries and compensation packages to attract professionals with this specialization.
- Durham, North Carolina is one of the best cities for travel nurses in 2018.
According to a list compiled by AB Staffing, a company specializing in travel nurse and travel therapy professionals, Both Phoenix Arizona, Los Angeles California and even Durham, North Carolina are the top cities for travel nurses.
The reason behind this is a combination of job opportunity and cost of living. It is reported that nursing jobs in North Carolina have risen 19% over a period of five years. There are also excellent medical facilities like Duke University Hospital and Wake Forest Medical Center.
Expenses are also low relative to other parts of the US. In terms of housing, an apartment in North Carolina is 18% less expensive than the national average. Property taxes are also low and is pegged at 0.84%.
- DC offers the highest average salary for travel nurses.
In an article by Nurse Journal, DC was ranked first among average salaries for travel nurses across the country. It represents a good opportunity for travel nurses wanting to find more financial stability.
The average salary for a travel nurse in Washington, DC is $84,000 based on job postings in the area. This figure is 25% higher than salaries posted in the rest of the US. The data was compiled from top job websites like Indeed, SimplyHired, and Career Builder using salary information from 2014.
- Demand for travel nurses increased because of the Affordable Care Act, Medicaid, and Medicare.
The New York Times reported in 2017 that nearly 20 million people gained health insurance since 2010. For the medical industry, including travel nurses, the increased demand for healthcare created an impact on salaries.
According to Cross Country Travel Corps, a company for travel nurses, salaries increased significantly because of the sharp change in demand. However, the market has since stabilized, and compensation packages returned to their normal rates.
It may seem like the pay of travel nurses were reduced, but it is actually the market correcting itself. The pay of travel nurses are based on demand for professionals and how many nurses are looking for employment. The healthcare organizations employing travel nurses also have a say in how much the standard compensation packages offer.
- A survey conducted by Staffing Industry Analysts indicate strong revenue for the travel nurse industry.
Staffing Industry Analysts conducted a survey that indicated that travel nurse revenue grew 23% in 2016. There were 21 companies that responded to the survey. These companies represented 68% of the travel nurse market and had a total of $2.9 billion in revenue.
The survey also noted that 51% of the travel nurse revenue occurred through managed service providers in 2016. On the other hand, 16% through an independent vendor management system.
- The top travel nursing companies in 2018 are Medical Solutions, Travel Nurse Across America, Talemed, and Flexcare Medical Staffing.
Travel Nursing Central, an information website on the travel nursing industry, conducted a survey to rank travel nursing companies. The website received more than 5,500 responses, rating over 215 nursing companies.
Gold winners were Medical Solutions, Travel Nurse Across America, Talemed, and Flexcare Medical Staffing. Silver mentions included Tailored Healthcare Staffing, Fusion Medical Staffing, LiquidAgents Healthcare, and Total Med Staffing. Finally, bronze companies were Medical Staffing Solutions, Inc. Medical Staffing Solutions, LLC, Republic Health Resources, and Next Travel Nursing.
The companies were rated over criteria of 20 factors, including knowledge, pay rate, and honesty.
- Other benefits contribute to the actual value of compensation for travel nurses.
According to Travelnursing.org, travel nurses should consider other benefits like medical benefits, paid housing, and travel cost reimbursements.
For example, in California, travel nurses are typically given a $2,000/month housing stipend. It should be factored in when computing the total cost of the compensation package.
Travel nurses who approach their contracts strategically can improve their earning potential.
- Travel nurses earn more than a regular, full-time nurse.
Travel nurse company MAS Medical Staffing compiled data on the salaries of regular nurses and travel nurses. It discovered that travel nurses earn significantly more.
The Bureau of Labor Statistics lists the average pay of regular licensed nurses at $43,170 per annum. In contrast, the salary of a travel nurse can go as high as $103,893 per year, according to Payscale.com.
Travel nurses, therefore, have the financial advantage. Coupled with additional benefits like housing stipends, it may be a more financially viable career compared to other nursing specializations.
- Contracts for travel nurses usually last 13 weeks or less.
In an article for TravelNursing.com, travel nurse expert Aaron Moore, MSN, RN-BC, indicated that the short contracts of travel nurses can be an advantage. It allows nurses who do not have much employment opportunities in their hometowns to seek employment in other cities.
The ability to migrate where the demand is can be quite a boom for travel nurses because employment opportunities will always be available.