Key Findings:

• In aggregate, travel nurse revenue declined 33% in 2023, driven by a 17% decrease in volume (hours billed) and by declining bill rates. The average travel nurse bill rate was $106.78 in 2023, down from $133.47 in 2022.

• The percentage of aggregate travel nurse staffing revenue generated through an MSP increased to 70% in 2023, up from 65% in 2022.

• While all costs declined last year (as revenue dropped), some costs increased as a percent of revenue while some decreased. For example, payroll costs (excluding internal workers) declined from 53% to 48% while SG&A costs rose from 9% to 11%. Respectively, gross margin and EBITDA declined from 23% and 15% in 2022, to 21% and 9% in 2023.

• As demand for travelers partially normalized in 2023, there was less revenue per recruiter and per account manager. Aggregate revenue per recruiter declined from $7.4 million to $4.9 million. Aggregate revenue per account manager declined from $36.3 million to $25.5 million.

• As most of the data in this survey pertains to 2023 activity, relative to 2022, this report reflects a substantially declining market. However, in our latest US staffing industry forecast report, SIA estimates that the travel nurse market is still more than twice the size it was before the COVID-19 pandemic. Many changes from 2022 to 2023 reflect some normalization from the pandemic instead of long-term trends.

Corporate members can read the selected findings by downloading the report below.