The future of the U.S. healthcare system is facing numerous challenges—from a growing aging population to workforce gaps and rising costs—but a new report from TIAA Institute and the High Lantern Group suggests the cure to some of these problems may lie in how health systems hire, train and retain employees and improve productivity, including with AI.
The report, "Creating a Sustainable U.S. Healthcare System," links employee burnout and high turnover rates to 20-years of stagnant productivity—while providing solutions for a major impending demographic shift. According to researchers, by 2050, Americans aged 65 and older are expected to increase by nearly 50% to about 82 million, creating unprecedented demand for healthcare services with fewer younger workers available to provide care.
"As the U.S. population ages, hospitals and health systems face an increasingly critical question: how can they hire, train, retain, and support enough employees to meet the rising demand for care, while still maintaining cost-efficiency and long-term financial health?" said Colin Pierce, Healthcare National Practice Leader, TIAA. "Tackling this challenge means we need to think differently. We should be exploring untapped talent pools, borrowing smart ideas from other sectors, and embracing technologies like AI. When we streamline workflows and cut administrative burdens, we free up healthcare providers to do what they do best—care for people."
The Cure for Employers
As health systems face this challenging environment, researchers suggest implementing a "three lens" approach to address workforce headwinds by asking new questions to work towards fresh responses:
- Cross-Sector Collaboration Lens: Learning from and working with partners outside the healthcare sector, like higher education, which have important parallels, including a shifting demographic.
- Work and Workforce Lens: Tapping into new and overlooked talent pools to create the right mix of roles, skills, and teams, while enhancing the workplace and the work experience itself by adopting technology.
- Longevity and Aging Lens: Positioning for the growth of the intergenerational workforce and people changing careers.
Researchers say new approaches and innovations are critically needed as the sector continues to face staffing shortages despite adding 2.6 million jobs since the pandemic. According to the Bureau of Labor Statistics, nearly half of hospitals report registered nurse vacancy rates above 10%, with rural areas and certain states facing particularly acute shortages.
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