Miami-Fort Lauderdale-Miami Beach, FL
Miami-Fort Lauderdale-Miami Beach, FL
Q3 2010 - Market Summary
The near team demand for health care workers in the Miami-Fort Lauderdale-Miami Beach metropolitan area continued to improve during the third quarter of 2010. Of note, construction workers are putting the finishing touches on West Kendall Baptist Hospital, the region’s newest, which will open in 2011 with 133 beds, create nearly 1000 new jobs, and attract close to 700 physicians who will work at the hospital and a four-story 62,000 square foot medical officer building next to it. Also of note, Palm Beach Gardens Medical Center is set to unveil its $13.6 million emergency department expansion and Miami Childrens opened its first clinic in Palm Beach County.
On a comparative basis, the Miami health care labor market remained strong during Q3 and continued to improve, registering a Q3 LMPI score of 60.36, up 16% from the prior quarter and compared to the LMPI composite of 50.62, down 14% from the prior quarter.
Q3 Workforce Announcements
West Kendall Baptist Hospital will open as a teaching hospital with FIU. September 9, 2010
Scheduled to open in 2011, West Kendall Baptist is projected to create nearly 1,000 new jobs and attract close to 700 physicians who will work at the hospital and in a four-story 62,000 square foot medical office building next to the hospital. West Kendall Baptist Hospital will have an additional role in the community as a teaching hospital. Medical students at Florida International University will rotate through the hospital and the emergency room as part of their training.
http://www.miamiherald.com/2010/09/09/1815021/west-kendall-baptist-hospital.html
Palm Beach Gardens Medical Center to open $14M ER expansion. August 24, 2010
Palm Beach Gardens Medical Center will unveil its $13.6 million emergency department expansion. The Tenet Healthcare Corp.-owned hospital added 9,537 square feet, more than tripling the department’s size.
http://southflorida.bizjournals.com/southflorida/stories/2010/08/23/…
Miami Children’s expands into Palm Beach County. July 19, 2010
Miami Children’s Hospital has opened its first clinic in Palm Beach County, the Nicklaus Care Center. It recently began taking appointments for children who need specialists in craniofacial surgery, endocrinology, gastroenterology, neurology and orthopedics.
http://southflorida.bizjournals.com/southflorida/stories/2010/07/19/…
FIU medical school affiliates with Cleveland Clinic. July 13, 2010
Florida International University’s Herbert Wertheim College of Medicine secured its ninth clinical partner by signing an affiliation agreement with Cleveland Clinic Florida. The state university’s medical program also has affiliation agreements with Baptist Health South Florida, Jackson Health System, Mount Sinai Medical Center, Miami Children’s Hospital, Mercy Hospital, Leon Medical Centers, Broward Health and Memorial Healthcare System.
http://southflorida.bizjournals.com/southflorida/stories/2010/07/12/…
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 Miami-Fort Lauderdale-Miami Beach 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 Miami-Fort Lauderdale-Miami Beach 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 Miami-Fort Lauderdale-Miami Beach market.
Source: www.bls.gov accessed 10/1/2010
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 5,414,772, #7 largest market
- U.S. Census Bureau Population #105 oldest market
- U.S. Census Bureau Population Growth 8.1%, #167 fastest growing market
- Executive Summary
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