Proprietary Labor Tracker; April 2026 Data Shows Physician Hiring Remains Pressured Early into 2Q26 While Nursing Improves

Research evidence excerpt

Proprietary Labor Tracker; April 2026 Data Shows Physician Hiring Remains Pressured Early into 2Q26 While Nursing Improves

Healthcare Services

EQUITY RESEARCH Industry Report

May 14, 2026

Proprietary Labor Tracker; April 2026 Data Shows

Research Analysts:

Sarah James Physician Hiring Remains Pressured Early into 2Q26

212-829-5203 While Nursing Improves Sarah.James@cantor.com

Gabie Ingoglia

212-610-2238 Our April 2026 labor tracker suggests the physician labor environment

Gabie.Ingoglia@cantor.com could sequentially worsen in 2Q26 while nursing improves. This is an early

2Q26 read, we will wait until May & June data develop to call a trend, but

our caution flags around physician hiring are raised after bonus metrics

stepped up / worsened across the board. In nursing we track improvements

across all specialties - psych, acute & ASC/Outpatient - off already stable &

low bases. Data is most positive for HCA as it was a consistent peer leader

across nursing specialties.

●April 2026 inpatient psych labor trends show a sequentially easing

environment. 3/3 providers % of inpatient psych openings are stable to

improving in April 2026 vs. 1Q26. This coupled with the most significant

M/M improvements in bonus metrics (3/3 providers improved on each

metrics) that we have tracked in recent labor trackers reads through

that the environment is increasingly easing.

●Inpatient acute metrics in April 2026 mirror inpatient psych, as

hiring data improves in tandem with bonus metrics. 3/3 providers

early 2Q26 metrics suggest pricing discipline is being utilized across

the industry. The alignment in trends is a rarity and reads through

positively to the group. Position openings and geographic pressure

improved at 3/3 providers while bonus data was stable to improving at

3/3.