Boston-Cambridge-Quincy, MA-NH
Boston-Cambridge-Quincy, MA-NH
Q3 2010 – Market Summary
The growth in near-term demand for health care workers in the Boston metropolitan area remained steady for Q3 2010. Of note during the quarter: Boston Medical Center’s layoff of 119 employees, the elimination of Addison Gilbert Hospital’s cardiac care services, and Massachusetts’ plan to reduce the number of psychiatric care beds. On a positive note, Whittier Street Health Center is undergoing an expansion and some delayed building projects have been re-started.
On a comparative basis, the Boston health care labor market remained steady for yet another quarter. The Boston LMPI score for Q3 2010 was 45.41, slightly lower than last quarter’s 47.14 and the national composite index of 50.62.
Q3 Workforce Announcements
BMC lays off 119 employees. September 15, 2010
The Boston Medical Center laid off 119 employees as part of an “efficiency push” meant to deal with significant monetary losses.
http://www.healthleadersmedia.com/content/LED-256460/…
http://boston.bizjournals.com/boston/stories/2010/09/13/...
Cardiac care cut at Addison Gilbert. September 14, 2010
The Cardiac Rehabilitation Maintenance Program at Gloucester’s Addison Gilbert Hospital is the first of two outpatient services to be eliminated as part of Northeast Health Corp.’s cost-cutting plan.
http://boston.bizjournals.com/boston/blog/mass_roundup/2010/09/…
http://www.boston.com/business/healthcare/articles/2010/09/09/...
Community clinics widen reach. September, 13, 2010
Whittier Street Health Center will break ground for a $35 million facility that will accommodate two-thirds more patients than its current cramped quarters.
http://www.boston.com/news/health/articles/2010/09/13/…
http://www.cityofboston.gov/news/default.aspx?id=4764
Stimulus funds aid long-delayed hospital projects. August 20, 2010
There are expected three relatively large projects getting under way in the coming months. Lowell General’s expansion project began in earnest this month with the addition of a six-story, 190,000-square-foot tower. The project will create 190 permanent jobs. Also, the Lowell Community Health Center received $9.4 million toward a projected $33 million project to convert a vacant mill building into 100,000 square foot facility. The project will create 100 permanent jobs. The Whittier Community Health Center in Roxbury will create 50 permanent jobs.
http://boston.bizjournals.com/boston/stories/2010/08/23/focus4.html
Leominster hospital cuts staff. August 20, 2010
HealthAlliance Hospital in Leominster is losing about 50 full-time positions as it faces declines in reimbursement for federal programs and other budget shortfalls
http://boston.bizjournals.com/boston/blog/mass_roundup/2010/08/…
Psychiatric hospitals face cuts. August 5, 2010
Massachusetts officials plan to cut about 100 beds and make staff cuts in continuing care psychiatric hospitals.
http://boston.bizjournals.com/boston/blog/mass_roundup/2010/08/...
Hospitals and Health Systems
Source: US News & World Report
Education Program Expansion and Closures
No notable education program expansions and closures announced during Q3 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 Boston-Cambridge-Quincy, MA-NH market.
Source: http://www2.standardandpoors.com accessed 10/1/2010
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 Boston-Cambridge-Quincy, MA-NH market.
Source: www.census.gov accessed 10/1/2010
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 Boston-Cambridge-Quincy, MA-NH market.
Source: www.bls.gov accessed 10/1/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 4,522,858, #10 largest market
- U.S Census Bureau Population 119th oldest market
- U.S. Census Bureau Population Growth 3%, #264 fastest growing market
- Executive Summary
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