The world of travel nursing is abuzz with speculation about what the future holds, and one question on many minds is whether travel nurse rates will continue to rise or take a dip. While news outlets make bold statements about a potential “bubble burst” or an end to the “gold rush” of travel nursing, some industry insiders remain skeptical. Amidst all the hype and hand-wringing, many nurses simply want to know what salary trends to expect in this dynamic and ever-evolving job market, as the nursing industry continues to shift and adapt to new realities.
What Is A Travel Nurse?
Travel nursing is a lucrative opportunity for registered nurses looking to expand their skills and earn more income. These nurses take on 13-week contracts in different parts of the country, providing crucial assistance to hospitals facing a rise in patient load, seasonal changes, nursing shortages, or fellow colleagues needing time off. With travel nursing, you have the chance to work in diverse areas such as rural, city, or beachside locations, and to gain valuable experience by accepting different roles. The pay rate for travel nurses is higher than that of a registered nurse, as they are in high demand and have more control over their work schedule.
How Travel Nurse Rates Work
It is significant to understand how the pandemic had such a huge impact on travel nursing rates. For instance, Fortune Education published an article explaining how between “January 2020 and December 2021, average travel nurse pay had increased by more than 99%. As of December 2022, travel nursing salaries started to plateau at around $3,100 per week.”
As many nurses can understand, this increase in rates was due to both the massive patient influx and also the incredible nursing shortage. It was imperative for hospitals to hire more staff to help with all of the extra work and when situations are deemed “high demand,” and temporarily positioned, the rates tend to be higher. High demand = higher compensation.
Once again, completely normal. Investopedia explains this perfectly by stating “The law of supply and demand is an economic theory that explains how supply and demand are related to each other and how that relationship affects the price of goods and services. It’s a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demand exceeds supply, prices tend to rise.”
What Is The Future For Travel Nurse Pay?
With the healthcare industry continuing to evolve, there are some big changes on the horizon. Firstly, there will be a new pay floor established, which is great news for travel nurses looking for more stability in their compensation. After experiencing significant rate increases due to the pandemic, the baseline pay for travel nurses is expected to sit around $3,000 per week. While this may be a drop from the previous highs, it’s important to note that travel nurses are still seeing almost double the pay of a registered nurse. With these rate increases and industry changes, it’s clear that travel nurse rates will remain competitive and lucrative in 2023.
The COVID-19 pandemic caused an unprecedented surge in hospitalizations, with medical facilities struggling to accommodate the influx of patients. Ventilators were in short supply, and nurses had to work overtime to keep up with the demand, all while risking their own health. As a travel nurse, this meant that job opportunities were abundant during the height of the pandemic. However, now that the situation has stabilized, some may be concerned that there are fewer positions available. While this may be true to some extent, the demand for travel nurses remains high, and there are still plenty of opportunities to explore.
We do still have the remnants of a pandemic lingering around with patients still needing hospital treatments. We then have patients who have had to wait to deal with their illnesses or procedures now coming forward and on top of all of this, we are still going through a nursing shortage. The U.S. News and World Report states that a “HHS study projected that the demand for registered nurses would hit more than 3.6 million by the year 2030. On top of the existing workforce, the field would have needed to add nearly 50,000 new registered nurses each year since 2014 to meet that demand.” Who will fill the gaps for the shortage of registered nurses? Travel nurses!
The reliance on travel nurses will continue on throughout 2023.
Job Competition
With the evolving healthcare staffing industry, hospitals are becoming more selective in choosing their travel nurses. The competition for highly paid assignments has become more intense, emphasizing the need for travel nurses to be better prepared to secure the job they want. Here are some strategies to increase your chances of getting the assignment you desire:
Have Everything In Order
In order to increase your chances of securing a travel nursing assignment, it’s essential to do your homework and come fully prepared. This means ensuring you have all the necessary documents and licenses up-to-date, as well as taking into account the specific facility and location you may be assigned to. Conducting thorough research beforehand will give you a competitive edge and make you a desirable candidate for higher travel nurse rates.
Be flexible
Although you may have heard about the significant pay increases for travel nurses during the pandemic, it’s important to stay realistic about current travel nurse rates. Instead, remain adaptable to the new changes, be prepared for what’s to come, and approach each assignment with a positive attitude.
Communicate With Your Recruiter
Now that you have a clear idea of where you want to go and what you need for your assignment, it’s time to communicate your priorities to your recruiter. At TheraEx Staffing Services, we understand that finding the perfect travel nursing job can be challenging, which is why we work closely with you to ensure that your needs are met. As healthcare professionals ourselves, we can anticipate your needs and preferences and match you with assignments that meet your criteria. We are committed to ensuring that you have a rewarding and fulfilling travel nursing experience. If you’re interested in learning more about taking on a travel nursing job, contact us to get started. Don’t miss out on the opportunity to explore new locations and expand your skills while earning competitive travel nurse rates.
Are travel nurse rates going up? the answer is that they are stabilizing. Although they may not be rising as dramatically as during the pandemic, they are still high, sitting at a baseline of around $3,000 a week. This rate is significantly higher than that of a registered nurse, making travel nursing a lucrative career option. Even though there have been changes in demand due to the pandemic, travel nursing is still in high demand. At TheraEx Staffing Services, we can help you secure a travel nursing job that meets your needs and provides you with a great income and the opportunity to travel and advance your skills.
