Becker's Healthcare September 9, 2024
While payroll increases and labor shortages continue to challenge hospitals, there is some good news. Wage inflation is leveling off, according to Fitch Ratings.
Year-over-year average hourly earnings growth for hospital employees dropped 3% while ambulatory healthcare services employees saw year-over-year wage growth of 3.4% in 2024.
“This development follows an extended period of above-average salary and wage increases for hospital employees, which were implemented to reverse persistently high turnover and external contract labor use,” according to the Fitch report. “Healthcare leadership has been satisfied with this labor exchange, and it has resulted in more predictable monthly expenses, qualitative benefits and improved organizational culture.”
Hospital payrolls have increased for the last 32...
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