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Washington-Arlington-Alexandria, DC-VA-MD-WV

Washington-Arlington-Alexandria, DC-VA-MD-WV
Q2 2010 - Market Summary

The near-term demand for health care workers in the Washington DC metropolitan area improved notably during the second quarter of 2010. Of note, Inova Fairfax Hospital will begin building a new patient tower that will add 43 licensed obstetrics beds and Inova Mount Vernon Hospital announced that it is planning a new patient tower as part of a renovation and expansion of its campus. Shady Grove Adventist also announced plans to open a new radiation oncology facility in Germantown early next year and HCA’s Stonespring Medical Center received approval for its new 164-bed Loudoun County hospital.

On a comparative basis, the Capital health care labor market improved markedly during Q2, registering an LMPI score of 54.7, up 19% from the prior quarter, and compared to the national composite of 58.6, up 18% from the prior quarter.



Q2 Workforce Announcements

Inova Fairfax Hospital charts $621M long-term expansion plan. June 25, 2010
 Inova Fairfax Hospital, already Greater Washington’s biggest hospital by revenue, will in July begin building a new patient tower. Overall, Inova Fairfax will add 43 licensed beds to its existing 833, all for obstetrics.
http://www.bizjournals.com/sanfrancisco/othercities/washington...

Inova Mount Vernon hospital plans upgrades. June 18, 2010
Inova Mount Vernon Hospital in Alexandria announced it plans to spend $43.6 million to renovate and expand its campus, with construction scheduled to begin in 2012 pending regulatory approval. The 65,000-square foot project will add a new patient tower, two new operating rooms, space for further growth and infrastructure upgrades.
http://washington.bizjournals.com/washington/stories/2010/…
http://www.bizjournals.com/sanfrancisco/othercities/washington...

Adventist to open new oncology facility in Germantown. June 7, 2010
Shady Grove Adventist Hospital has announced plans to open a new radiation oncology facility in Germantown early next year.
http://washington.bizjournals.com/washington/stories/2010/06...

HCA Virginia wins OK for Loudoun County hospital. May 12, 2010
HCA’s StoneSpring Medical Center plans to build a new Loudoun County hospital were finally approved by the Loudoun County Board of Supervisors. It will still be a 164-bed hospital.
http://washington.bizjournals.com/washington/stories/2010/05...

D.C. takes control of United Medical Center. April 15, 2010
The District has forced out Specialty Hospitals of America LLC as owner of United Medical Center for defaulting on the loan and grant agreements that saved the Southeast hospital from total collapse less than three years ago.
http://washington.bizjournals.com/washington/stories/2010/04...

Previous market news

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

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 Washington-Arlington-Alexandria, DC-VA-MD-WV 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 Washington-Arlington-Alexandria, DC-VA-MD-WV 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 Washington-Arlington-Alexandria, DC-VA-MD-WV market.

Source: www.bls.gov accessed 6/28/2010

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 5,358,130, #9 largest market
  • U.S Census Bureau Population #170 oldest market
  • U.S. Census Bureau Population Growth 11.7%, #105 fastest growing market
   

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