How To Start A Business In Clinical Staffing Market
Tech mistake |Apart from doctors and surgeons, an important part of the healthcare framework is the clinical staff, which includes all roles ranging from nurses to medical technicians, dental assistants to veterinary assistants and personal care aides. The clinical staffing market is poised for massive growth, led by aging populations, expansions of the healthcare industry, personal healthcare, and medical trials; all fields requiring clinical staff.
According to the Bureau of Labor Statistics, employment in healthcare occupations is expected to grow 18 percent from 2016 to 2026. With expansions of healthcare services, there is a greater demand for qualified and talented clinical staff, offering an ideal void for starting a clinical staffing business. Healthcare service providers are typically under pressure to find capable clinical staff, and rather prefer hiring from clinical staffing businesses to speed up the hiring process and procure skilled personnel. Apart from healthcare service providers, life sciences, pharmacy and biotechnology companies also seek experienced clinical staff.
Clinical Staffing Business
Considering the demand for clinical staff, a business in the field can be profitable, however, it involves substantial investment, as the salaries of clinical staff are expensive and it may take time for a staffing business to establish itself. While competition is increasing in the market, there is plenty of opportunity due to rising demand for trained clinical staff, for newcomers in the business to establish themselves.
Here are a few tips on how to start a clinical staffing business.
For a successful clinical staffing business, it’s essential to have a thoroughly researched and well thought out business plan. Consider the local business environment and the target industry, analyze the local competition and needs of the market. Potential clients would include hospitals, nursing homes, physicians’ offices, pharmaceutical research, assisted living centers, schools, insurance companies and other businesses with health centers. A clinical staffing business will also have to adhere to local legal regulations, related to business licensing and insurance. Identify the USP of the business, which will help in differentiation from the competition.
The business model of clinical staffing is based on providing clients with required trained personnel. In order to do so, it is vital for a clinical staffing business to have personnel that are qualified and verified. Since there are a multitude of roles in the clinical staffing market, it’s important for a business to identify which roles it will recruit for, such as registered nurses, medical assistants, medical technicians, pharmacy assistants, personal aides, physical therapists, etc.
Once it’s decided which roles the business will be recruiting for, it’s necessary to set up a screening process to verify the proficiency of potential candidates. It’s vital that prospective candidates have both the required technical skills and practical skills. Recruitment may also be possible from nearby colleges and clinical training institutes. For a new business, it may be difficult to attract suitable candidates for recruitment purposes, in which case it is advisable to offer flexibility and benefits to potential candidates to encourage joining and build a personnel base for clinical staffing.
Once a business has a plan and recruitment of personnel, the final step is securing clients and finalizing contracts. Based on recruited personnel, identify potential clients and approach them with the staffing solutions. Keep prepared a sales pitch to aid in securing the deal with possible clients. The engagement contracts can be temporary, long-term, for a fixed period or flexible, based on the preferences of all parties involved. Typically, the staffing business is responsible for the performance of the personnel, even at the location of the client.
To bring in more clients, consider investing in marketing to establish a brand name. Identify the highlights of the business that can be used to draw in more clients, for example, how qualified the candidates are, conversion rates, and follow-up procedures.
Clinical Staffing Market Outlook
The US clinical staffing market is currently estimated to be worth $2.5 billion and is projected to be growing at CAGR of 6 percent, while the European market is growing at a CAGR of 5.7 percent. Among the key drivers of the market, is the increase in demand from multiple client bases and an increase in clinical trials, resulting in an upsurge in the demand for trained and qualified personnel. Outsourcing the hiring procedure for clinical staff provides companies with added flexibility in addressing any fluctuations in demand or attrition. The main constraint faced by the clinical staffing market is limited resource availability, along with local regulations.
The market for clinical staffing is growing at a rapid pace providing plenty of opportunities for new businesses. Establishing a successful business in the clinical staffing field depends on having a concise business plan, recruiting top candidates and building a steady client base. Due to the massive demand for trained clinical personnel, staffing solutions are in great demand, especially by companies that require a quick and efficient hiring process.