Will travel nurse pay decrease? Why was my travel nurse contract cancelled? How are healthcare employment trends affecting the healthcare travel industry? If you’ve asked any of these questions in the past few months, you’re not alone. Healthcare travelers across the country have been feeling the effects of a turbulent healthcare market and the changes its bringing. Here’s what changes you can expect in the healthcare staffing industry, and how to prepare for them.
Travel nurse rates dropping
Travelers have been wondering “will travel nurse rates stay high?” for the past year, and the answer is unfortunately, no. While there is still some higher demand in certain states, the bubble of crisis pay rates has burst and pay for travel nurses is leveling off to pre-COVID rates. As COVID-19 hospitalizations slowly decrease across the country, staffing levels are slowly improving which means lower travel nurse pay. Some nurses have even reported their travel nurse rates decreased as much as 50 percent mid contract.
Travel nurse contract cancellations
Additionally, nurses have reported losing contracts altogether. Other travelers are experiencing their rates being lowered after signing the contract, sometimes even in the middle of an assignment. Depending on the terms of your contract, this may be a breach of terms. The chances of extending a contract under the same agreement are also unlikely in the current landscape. While you may be able to extend your assignment, it’s highly unlikely you’ll be able to keep your current rate.
“As market conditions change, hospitals and other healthcare facilities may change the terms of travel nurse contracts,” Stephen Dwyer, senior vice president and chief legal and operating officer of the American Staffing Association, the trade group that represents the travel nurse staffing industry, said in an emailed statement. “For rate reductions or contract cancellations that take place mid-assignment, staffing companies often recommend advance notice.”
Why is this happening to travel nurses?
So, what’s causing this change in travel nurse salary and the overall healthcare market? Isn’t the demand for healthcare workers still high? While it’s true healthcare jobs are still on the rise, the funds for these positions are not continuing to rise with the demand. Federal and state COVID relief funding is drying up in a lot of areas, which means healthcare travel contracts that were once abundant and lucrative are diminishing.
Some hospitals are also choosing to focus on recruiting permanent staff with promises of incentives and stability in an ever-changing market, which has resulted in some travel nurses transitioning back to staff nurses. We’re also seeing healthcare workers come out of retirement, which is bringing staffing levels back to normal. While economists were anticipating a slower return of 55-64-year-olds in the workforce due to COVID-19 causing early retirements, there’s “increasing evidence that the early-retirement narrative was overblown,” the New York Times reports. Plus, the fastest inflation in decades has put on pressure for people of all ages to go back to work.
Tips for adjusting to market changes
This change in the market is undeniably jarring for travelers and will require a shift in perspective and expectations. It’s going to take more effort and patience to land assignments, especially those that are high-paying or in desired areas. Travelers will also need to prepare for this change with budgeting and more thought-out plans for traveling and taking breaks. Traveling as a healthcare professional will still be beneficial, but it’s important not to expect it to be like it was during the peak of the pandemic.
Be flexible & set new expectations
The best thing you can do as a traveler right now is be flexible and open-minded. There aren’t going to be as many high-paying jobs as before, so it’s crucial to be open to different contracts and locations. Keep in mind that if you have certain requirements, you may have to wait a little longer for an opportunity that fits your needs to become available. For some travelers, it may be worth it to use this time to take a relaxing break and reevaluate your traveling priorities and what traveling will look like for you going forward. However, there’s no need to panic as there are still travel opportunities available.
"We are seeing both fewer travel nurses being used with the hospital because of supply and demand rates are coming down but travel nursing will still be a significant part of the overall picture for a while. Right now, we have about 3x the openings for nurses that we had before the pandemic but just a few months ago it was 8x the openings," Brian Tabor from the Indiana Hospital Association said.
In addition, specialties that may have been harder to find travel positions for due to cuts to elective procedures during COVID may be more in demand now, and it’s a great time to take another look at what’s available. Overall, there are still more opportunities in healthcare travel than there was pre-COVID, and travel nurse wages are still higher than they were pre-COVID, pay for travel nurses just isn't as high as it was during surges. This isn’t to say travel nurse salaries won’t increase in the future, but the reality is that they’re not going to be what they were before.
Remember the other reasons you travel too: flexibility, the opportunity to see new places, gain experience in new fields and settings. Healthcare travel offers high reward because it requires high risk and fluidity from travelers. Although the changes in the market can be stressful at times, know that you have support behind you.
Prepare for travel nursing pay rates to even out
If you’re currently in a higher-paying contract, now is a good time to start saving a little extra where you can from your paycheck, as odds are your next assignment won’t pay as well. It’s also crucial that going forward you create a travel nurse budget that accounts for a slight rate decrease. This will help you lessen the stress before you start a new contract of whether you can afford your lifestyle and bills.
This is also a good reminder to choose agencies, recruiters, and contracts carefully. Make sure you’re researching who you’re working with and look out for any recruiter red flags. You can start by evaluating ratings and reviews on Fusion Marketplace. Trust and transparency are going to be key going forward and building a relationship with your travel nurse recruiter will help ensure you’re still getting the best opportunities possible.
Use Fusion Marketplace to take back control
In times where a lot is unknown, Fusion Marketplace is here to give you back control of your career. With Fusion Marketplace, you can get real-time insight into the healthcare market by browsing jobs with transparent pay rates that are constantly being added to our platform. Our pay transparency also allows you compare healthcare travel jobs and compare travel pay in one place so you can be sure you’re getting the best contract possible.
Leveraging your Fusion Marketplace profile also helps you market yourself as the best person for the job and stand out from the competition for the highest-paying jobs. And in the event your contract is cancelled, Fusion Marketplace gives you the ability to quickly change course and find another healthcare travel assignment.
It’s totally valid if this shift in the market is making you feel like your career is a little out of your hands. Stay patient, stay positive, and use Fusion Marketplace to get back into the driver’s seat of your career by comparing jobs and finding your next assignment.
