Making the Leap- Basics of Starting a Medical Staffing Agency

With the healthcare industry having such a massive need for more workers, now, more than ever is a great time to dive into the world of medical staffing. After the Affordable Care Act passed, the healthcare industry gained roughly 30 million new patients. According to the Bureau of Labor Statistics, the medical industry has an overall projected growth that is way above average, meaning there are a lot of open positions that need to be filled.

What is a Medical Staffing Agency?

A Medical Staffing Agency is the “middle man” between qualified medical professionals, and healthcare organizations looking to hire. They help connect the two, and get positions filled. This relationship makes it easier for a healthcare organization to find medical professionals, keep positions filled, and reduce the liability that comes with directly hiring employees.

Why are they used?

Medical Staffing Agencies are convenient to healthcare organizations because they take away a lot of the work, and liability that comes with making a new hire. Medical Staffing Agencies often take care of things like: invoices, credentialing, payment, compliances, insurance information, and more.

How to Start

Now that you have a simple definition of what a Medical Staffing Agency does, let’s get to the point. How does a medical staffing agency get started?

Get funds.

In the age of technology, and quickly paced start-ups, this step might feel outdated, but despite uncertainties there is an important reason why this is the first step. A staffing agency has to provide a steady income to every single one of it’s employees.  A staffing agency needs to find what it would take to run the company for six months and double it. It’s easy to  underestimate what will be  needed. Running out of money before the  business is even off the ground is a problem.

Now that the funding is established, get out and find credible investors that can be trusted. Do the research, and take some time.  Investors  have more power over a business than you might  realize.

Find out who the competition is.

Google around. See what other Medical Staffing Agencies are doing, or not doing. Find out what areas within the industry can be improved. Find out what areas within the industry work great, and how they can be modeled. This step is invaluable because it sets the tone in which the future agency will operate.

Purchase insurance.

In order to be a legitimate Medical Staffing Agency, a couple different types of Insurances; general liability, professional liability, and workers compensation insurance are needed. These three are usually the best fit for most companies, but there may be better options for a new agency. It’s best to talk this over with a qualified Insurance agent to get a more personalized look at what coverage a new agency will need.

Establish a payroll system.

How will employees get paid? This would be a great time to talk with a financial advisor. They can provide great direction. Make sure to work with a financial advisor who can be trusted. Someone who will charge fair rates, and look for the most tax efficient options. Money is what keeps an agency running, so it’s always best to hire on someone that can be trusted.

Subscribe to online job boards.

ZipRecruiter is a excellent online job board, and can help an agency looking for qualified medical professionals. There are plenty of other online job boards out there, but this one is one of the best.

Establish a website and online presence.

Having a website and online presence is vital. You can use a website to give a peek into an  agency’s culture, or industry. It can also be used for advice, or as it’s own job board. Word of mouth isn’t the only way to get an agency established. The internet is an impactful marketing tool that  can be used to let people know about an agency. With the right content this can be a key piece to an agency’s success.

Create a workspace.

There’s a reason why this is the last step. That’s because without all of the other steps leading up to this one, there is no point in having an office space. Take this step slow, and make sure that every step has been taken  to get to the point where an office space is needed.

Building a Medical Staffing Agency is a hard process, but in the end, if the right steps are taken, it will be worth it. There is a huge need for new hires in the healthcare industry, and maybe a new agency is the missing piece.