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Charlotte-Gastonia-Concord, NC-SC

Charlotte-Gastonia-Concord, NC-SC
Q2 2011 - Market Summary

After healthy growth during Q1, the Charlotte health care labor market weakened somewhat during Q2. Of note, MedCath Corp. reported increased losses for its second quarter and announced the sale of two hospitals for $192 million, Carolinas HealthCare System opened a specialty care clinic in Gastonia and announced plans to build a $24.5 million mental health facility in Huntersville, and CMC-NorthEast announced a new timetable for building a $264.4 million bed tower on its Concord campus that had been delayed for two years amidst the economic downturn.

On a comparative basis, the strength of the Charlotte health care labor market as measured by the HWS Labor Market Pulse Index fell off by 23% during Q2, registering a Q2 LMPI score of 50.9. This score was till above the national composite of 49.9, down 3% from the prior quarter.


Q2 Workforce Announcements

S.C. to decide on Fort Mill hospital Sept. 9. June 29. 2011
 S.C. health-care regulators say they’ll decide by Sept. 9 which of three hospital systems will build a long-proposed - and hotly contested - hospital in Fort Mill.
Staff members of the S.C. Department of Health and Environmental Control heard presentations from Tenet Healthcare Corp. ’s Piedmont Medical Center, Charlotte’s Carolinas HealthCare System and Presbyterian Healthcare parent Novant Health Inc. on their respective plans for Fort Mill.
http://www.bizjournals.com/charlotte/news/2011/06/29/sc-to-decide-on-fort-mill-hospital.html

CMC-NorthEast readies for $264.4 million tower. June 3, 2011
CMC-NorthEast expects to set a new timetable this fall for building a $264.4 million bed tower on its Concord campus. That project has been delayed for about two years amid the economic downturn and management changes at the hospital. But now the timing is right to move forward.
http://www.bizjournals.com/charlotte/print-edition/2011/06/03/CMC-NorthEast-readies-for-tower.html

MedCath losses increase; sells two hospitals. May 9, 2011
MedCath Corp. is reporting increased losses for its second quarter, and has announced the sale of two hospitals for $192 million. Total uncompensated care, which includes charity care and bad-debt expense, rose to 13 percent of its hospital-division net-patient revenue, up from 12.5 percent a year ago.
http://www.bizjournals.com/charlotte/news/2011/05/09/medcath-losses-increase-sells-two.html

Carolinas HealthCare System opens Gastonia center. May 3, 2011
Carolinas HealthCare System has opened a location in Gastonia to provide specialty-medical care. CMC-Gastonia Specialty Center will increase patient access to heart and vascular, weight-management, physical medicine and rehabilitation services.
http://www.bizjournals.com/charlotte/news/2011/05/03/carolinas-healthcare-system-opens.html

Carolinas HealthCare plans mental-health hospital in Huntersville. April 20, 2011
Carolinas HealthCare System wants to build a $24.5 million inpatient behavioral-health hospital in Huntersville. Plans call for a roughly 53,000-square-foot facility with 44 adult-inpatient beds. Those beds will be transferred from Broughton Hospital in Morganton. That psychiatric facility is operated by the N.C. Department of Health and Human Services. If approved, the Huntersville facility could open in 2013. The project will create the equivalent of more than 100 full-time jobs.
http://www.bizjournals.com/charlotte/news/2011/04/20/carolinas-healthcare-plans.html

Specialty unit plans $22M hospital at CMC-Pineville. April 1, 2011
A small specialty hospital that treats some of the Charlotte region’s sickest patients plans to expand by building a $22 million facility in Pineville. Carolinas Specialty Hospital is seeking state approval to construct a four-story, 56,000-square-foot facility on the campus of CMC-Pineville. Plans call for 40 patient rooms, radiology and CT services. The facility also will have space for physical, occupational and speech therapies.
The project requires a certificate of need from the N.C. Division of Health Service Regulation. A decision is expected by late summer.
http://www.bizjournals.com/charlotte/print-edition/2011/04/01/Specialty-unit-plans-22M-hospital.html

Previous market news

Hospitals & Health Systems

Source: US News & World Report

Education Program Expansion and Closures

No notable education program expansions and closures announced during Q2 2011.

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 Charlotte-Gastonia-Concord, NC-SC market.


Source: http://www2.standardandpoors.com accessed 7/7/2011

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 Charlotte-Gastonia-Concord, NC-SC market.

Source: www.census.gov accessed 7/7/2011

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 Charlotte-Gastonia-Concord, NC-SC market.

Source: www.bls.gov accessed 7/7/2011

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 1,701,799, 34th largest market
  • U.S Census Bureau Population 228th oldest market
  • U.S. Census Bureau Population Growth 27.9%, 16th fastest growing market
   

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