Denver-Aurora, CO
Denver-Aurora, CO
Q2 2010 - Market Summary
The near term demand for health care workers in the Denver metropolitan area improved considerably during the 2nd quarter of 2010. Of particular note during the quarter, the University of Colorado in Aurora announced that it will break ground early next year on a $400 million expansion that includes a 12-story tower which will house 144 new beds and a four-story critical care wing. On a negative note, citing declining Medicare and Medicaid reimbursement Exempla Healthcare laid off 100 people, mostly at its St. Joseph Hospital.
On a comparative basis, the Denver health care labor market outperformed much of the rest of the country during Q2, registering an LMPI score of 67.1, up 41% from the prior quarter and comparing favorably to the national composite index of 58.6.
Q2 Workforce Announcements
Exempla cuts 100 positions from hospitals. June 11, 2010
Exempla Healthcare blamed declining Medicare and Medicaid reimbursement and fewer patients as it laid off about 100 people, mostly at St. Joseph Hospital. The job cuts included a mixture of patient-care and administrative positions, though hospital officials did not release exact numbers.
http://www.denverpost.com/business/ci_15272943
Connected Care rural ‘telehealth’ project launches Tuesday. June 22, 2010
Insurer UnitedHealthcare and hospital system Centura Health officially will launch the system linking Coloradans to urban Front Range doctors via advanced teleconferencing at four rural facilities and three Front Range hospitals.
http://denver.bizjournals.com/denver/stories/2010/06/21/daily15.html
Catholic Health Initiatives will hire 200. June 11, 2010
Catholic Health Initiatives (CHI) will hire more than 200 specialists across the country over the next year to implement a $1.5 billion clinical information technology enhancement program integrating electronic health records at CHI’s 72 hospitals in 18 states.
http://denver.bizjournals.com/denver/stories/2010/06/07/daily76.html
$400M CU hospital expansion breaks ground in 2011. May 25, 2010
The University of Colorado Hospital in Aurora will break ground early next year on a $400 million expansion. The project includes a 12-story tower that will house 144 additional beds, a four-story critical-care wing containing a new emergency department, extra operating space and a cardiac and vascular center; and a six-story parking garage.
http://denver.bizjournals.com/denver/stories/2010/05/24/daily28.html
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion and Closures
No notable education program expansions or closures in Q2 2010.
Education Programs
Source: The Integrated Postsecondary Education Data System
Health of the Local Economy
Declining home prices may cause healthcare employees to seek additional hours from current employers, delay retirement plans and be more willing to relocate for a better job opportunities. Below is the Case-Shiller Home Price Index for the overall Denver-Aurora, CO market.
Source: http://www2.standardandpoors.com accessed 6/28/2010
Lower home ownership rates reduce the impact of home price fluctuations and increase the willingness of healthcare employees to relocate for better job opportunities. Below are home ownership rates for the overall Denver-Aurora, CO market.
Source: www.census.gov accessed 6/28/2010
The recent rising unemployment rates create new demands for health services. Higher unemployment shifts the mix away from higher margin procedures to more primary care in the emergency room and critical care for conditions that should have been treated early at a primary care physician. In general, rising unemployment also reduces turnover and engagement of employed workers, while low unemployment tends to increase intra market churn. Below are unemployment rates for the overall Denver-Aurora, CO market.
Source: www.bls.gov accessed 6/28/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 2,506,626, #21 largest market
- U.S, Census Bureau Population 240th oldest market
- U.S. Census Bureau Population Growth 15%, #74 fastest growing market
- Executive Summary
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