Traveling Medical Professionals - Lodging Market Size in $USD
This research could not answer any part of this question as there was no such data available in the public domain. The helpful findings provided address the growth of the US business travel industry. In 2016, American businesses organized 514 million business trips and spent $424 billion. Depending on the assignment, traveling medical professionals may spend a significant amount of time in a location hence the need for lodging facilities. Below is a step-by-step walk-through of our research strategy followed by some helpful findings.
RESEARCH STRATEGY #1
We started by searching through news websites and credible blogs aimed at medical professionals, including Very Well Health and Blue Pipes. We did not any data on the market size of lodging for traveling medical professionals. However, we got details on top traveling jobs in the medical field and the average cost of housing for a travel nurse per month and frequency of travel per year. In addition, we also gathered information on career growth in health care professions that involve travel and the top cities that have well-known leading hospitals and medical centers that attract travel nurses. We assumed that many nurses traveling to these cities would cause an increased demand for lodging facilities.
RESEARCH STRATEGY #2
We searched for data that could be triangulated to get the market size. In this research, we collected data points like the number of medical professionals that travel to the United States every year. Here, we used employment and labor databases like U.S. Bureau of Labor Statistics, OECD — Employment Database, and Public insights. However, these databases only gave general statistics on medical care professionals and not specific to traveling professionals. Data collected from this search was not adequate to triangulate and deduce any meaningful inference.
RESEARCH STRATEGY #3
We searched through common online job portals for traveling medical professionals like Monsters, and American Traveler to find any information about the number of job openings for traveling professionals hoping we could find the number of professionals that travel every year. However, these websites did not reveal the number of available for traveling medical care professionals. We went deeper and searched for benefits offered by traveling medical care professionals' employers. We wanted to see if these organizations offer any accommodation to their employees. However, we found that most of these organizations offer lodging stipends according to the GSA rates per diem. From there, we searched for Diem rates published by GSA. Still, we could not get the cost of lodging as the rates differ according to location. Finally, we searched for any statistics on lodging facilities like Airbnb and furnished finders and leading hotels like Marriot. We wanted to see if they have any clients from the medical care field. But we only got data on overall business travelers. The following are helping findings we gathered during our research.
Top 7 jobs that involve a lot of traveling
- Sales representatives
- Travel nurse
- Locum Tenens Physicians
- Health care consultants
- Military health careers
- Home care workers
- Humanitarian works
other helpful findings
- A study shows that there are 11.6 nurses in the US for every 1000 citizens, while there are 2.6 doctors for every 1000 citizens.
- The monthly housing cost for a traveling nurse ranges between $1,500 and $2,500 depending on the location. Nurses work for 46 weeks in a year.
- Cities with high housing costs include San Francisco, Los Angeles, and New York City.
- The “General Services Administration” (GSA) establishes per diem rates for all federal employees. These rates published by GSA can be defined as the maximum allowances that federal employees are reimbursed for expenses incurred while on official travel. On the other hand, private companies with traveling professionals provide stipends according to GSA Diem rates.
- There has been an increase of traveling medical care professionals, which signals a positive effect on market size of lodging for health care professional.
Common places that traveling professionals get lodging facilities.
- Apartment listing platforms like ex Furnished finder, Airbnb, Craigeslist.
- Local agents.
- Long term stay hotel
- Ask co-workers
- Social media groups like Travel Nurse Housing: The Gypsy Nurse and Gypsy Soul Travel Nurse Housing Options
- The above methods allow visitors to select their preferred housing facility i.e room, apartment, shared houses, etc, depending on housing stipends offered by the company.
- The Greater Boston Metropolitan Area, The New York Metropolitan Area, and the Greater Los Angeles Metropolitan Area attract a lot of traveling medical professionals on different assignments, which suggest high demand for lodging facilities for medical professional.
- Research shows that business travelers account for 70% of room nights in the U.S. lodging industry.