The Affordable Care Act (ACA) has changed the healthcare landscape, but the long-term impact on the healthcare industry is still unknown. One often overlooked area of healthcare that is already feeling the effects of the ACA is the medical device industry.
Job-market analysts are already predicting that the ACA will result in an increase in hiring of medical professionals, like physicians, nurses, and medical assistants. Hiring in pharmacy jobs, diagnostic technicians, and other allied health occupations is also expected to increase, as increased funding for prevention and increased access to preventative care increase the number of patients.
The connection between funding and hiring in other areas of healthcare would appear to imply that hiring in the medical device industry will decrease, as the industry is facing a 2.3 percent excise tax on medical devices that was passed into law in 2010. However, some analysts predict that as health care reform places increasing demands on the current system, the resulting need for cost-effective care will spur both innovation and hiring in the medical device industry. Likewise, increased demand for medical devices from newly-insured consumers will increase the need for production of these devices.
Facing Increased Hiring Demand
With a likely increase in demand on the horizon, how should medical device industry respond? Consider the following tips:
- Establish your employee value proposition (EVP). An employer’s EVP, in short, is the “total package” it offers employees – the things that make current employees brag about where they work and makes job candidates want to contribute to your company. Clarify your company’s EVP and use it to present your “brand” to the type of top candidates you wish to attract when hiring.
- Give care to your hiring process. Make sure that hiring managers have the training and experience they need to interview effectively and give proper attention to ensuring a good candidate “fit.”
- Work with a recruiter. A recruiter who specializes in placing top talent in the medical device industry can help your company streamline the hiring process. Your staffing firm can also help you unearth “passive candidates” who would be open to working with your firm if the offered EVP is right.