Philadelphia-Camden-Wilmington, PA, NJ, DE, MD
Philadelphia-Camden-Wilmington, PA, NJ, DE, MD
Q2 2010 - Market Summary
The near-term demand for health care workers in the Philadelphia metropolitan area declined during the 2nd quarter of 2010, but still remained relatively strong. The number of workers required to meet announced expansion plans will likely exceed the number of announced positions eliminated or deferred.
Of note, Albert Einstein Healthcare Network completed two rounds of layoffs this quarter, of 28 and 48. Also, Doylestown Hospital laid off 20 employees and Abington Hospital laid off 100, both due to declines in patient volumes. On a positive note, Wilmington Hospital is undergoing an expansion and renovation that will add 337,000 square feet to the hospital and add 600 more jobs. Holy Redeemer Hospital has completed its first phase of expansions with a new 15-bed neonatal intensive-care unit, seven more triage beds and six additional post-partum beds.
On a comparative basis, the Philadelphia health care market remains strong, registering an LMPI score of 67.47 for Q2 2010, compared to the national composite index of 58.6, yet the score is down 13% from the prior quarter.
Q2 Workforce Announcements
Jobs, hours cut for some at Einstein Healthcare. June 16, 2010
Albert Einstein Healthcare Network is undergoing its second round of layoffs in as many months. It told 48 employees this week that their jobs are being eliminated or hours reduced.. Philadelphia-based Einstein, which has 7,400 employees, had another small layoff of 28 employees in May.
http://www.philly.com/philly/business/homepage/20100616...
20 workers laid off at Doylestown Hospital. June 13, 2010
Doylestown Hospital has laid off 20 employees, the first time in recent memory, citing significant declines in patient volume, as well as an increase in insurer denials.
http://www.phillyburbs.com/news/news_details/article/262/2010...
AstraZeneca gives $1M to Wilmington Hospital. May 21, 2010
Pharmaceutical company AstraZeneca contributed $1 million to Wilmington Hospital to support an expansion and renovation project. The expansion, which began last year, will add 337,000 square feet to the 241-bed medical center, which anchors the Christiana Care Health System, and ultimately add nearly 600 jobs.
http://philadelphia.bizjournals.com/philadelphia/stories...
Abington Hospital to Cut 100 Jobs. April 2010
Officials at Abington Memorial Hospital in Montgomery County have now put a number on how many people will lose their jobs because of declining inpatient volumes. The CEO Larry Merlis says they’ll cut approximately 100 full and part-time employees along with relief and casual pool workers. The layoffs represent less than two percent of the hospital’s workforc
http://www.kyw1060.com/Abington-Memorial-Hospital-to-Cut...
Holy Redeemer completes first phase of $10M OB project. April 23, 2010
Holy Redeemer Hospital and Medical Center has completed the first phase of its $10 million maternity department expansion project. The initial phase of the three-phase project provides the hospital with a new 15-bed neonatal intensive-care unit, seven more triage beds and six additional post-partum beds.
http://philadelphia.bizjournals.com/philadelphia/stories/2010/...
Main Line Health renews its effort to expand in Delco. April 23, 2010
Main Line Health’s plans for expanding its presence in Delaware County are back on track. Its proposal was for a $350 million health complex that would include a hospital - 90 beds to start and expanded over time to as many a 300 - and an adjoining medical office building and ambulatory-care center.
http://philadelphia.bizjournals.com/philadelphia/stories/2010/...
Hospitals and Health Systems
Source: US News & World Report
Education Programs Expansions and Closures
No notable education program expansions or closures during Q2 2010.
Education Programs
Source: The Integrated Postsecondary Education Data System
Health of the Local Economy
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 Philadelphia-Camden-Wilmington, PA, NJ, DE, MD 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 Philadelphia-Camden-Wilmington, PA, NJ, DE, MD market.
Source: www.bls.gov accessed 6/28/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 5,838,471, 5th largest market
- U.S. Census Bureau Population #110 oldest market
- U.S. Census Bureau Population Growth 2.7%, 270th fastest growing market
- Executive Summary
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