Price gouging? The traveling nurses industry, fueled by labor unrest and the COVID-19 pandemic, has turned hospital staffing into a national bidding war, with healthcare facilities paying outside a…
“Turn Your Nursing Passion into Profit. Contact Us Today!”was one of many that attracted thousands of replacement nurses to fill positions left empty this week by the first nursing strike at Stanford Hospital in two decades. Crossing the picket lines comes with the promise of up to $13,000 a week in salary plus free food, housing and transportation. And the staffing agencies that hire them, increasingly owned by private equity firms, are reporting record profits.
“Stanford can’t say, ‘Oh, well, I’m just going to borrow some nurses from, say, Valley Medical Center, because they probably have extra,’ ” she said. The estimated average hourly rate for strike nurses can reach $216.67, about 2.5 times the average hourly rate of comparable clinical nurses. They do not receive benefits, such as health insurance. By comparison, the average hourly rate of a clinical nurse at Stanford ranges from $87 to 89.50. Travel nurses are also paid more than staff nurses, although less than strike nurses.
One of the nation’s top agencies, AMN Healthcare Services, reported a 109% increase in gross profits in the fourth quarter of 2021, compared to 2020, Yang said. Cross Country Healthcare, another health care staffing agency, saw its revenue jump 93% between the third quarters of 2020 and 2021.
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