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Baltimore-Towson, MD


Baltimore-Towson, MD
Q3 2011 – Market Summary

The near-term demand for health care workers in the Baltimore metropolitan area remained relatively flat during Q3. Of note, Johns Hopkins Bayview announced plans for a $60M expansion to its ER and cancer facilities on its East Baltimore campus. Also of note, St. Joseph Medical Center plans to open a new health center in Harford County, where it seeks to tap into a swelling demand for medical services.

On a comparative basis, the Baltimore health care labor market weakened slightly during the quarter like most of the rest of the country. Its Q3 LMPI score of 45.8, just below the national composite of 48.0, was down 3% from the prior quarter.


Q3 Workforce Announcements

Remedi SeniorCare, led by Bronfein, lands $300M investment. August 31, 2011
Remedi SeniorCare said it closed a $300 million investment commitment from a New York private equity firm.
Baltimore’s Remedi, a pharmacy services provider for senior health care facilities, plans to use the infusion from Centerbridge Partners LP for national expansion, acquisitions and growth of its medication administration system.
Remedi provides pharmacy services for skilled nursing facilities, assisted living centers, group homes and some independent living communities.
http://www.bizjournals.com/baltimore/news/2011/08/31/remedi-seniorcare-backed-by-bronfein.html

St. Joseph lured to Harford by county’s BRAC growth. July 22, 2011
St. Joseph Medical Center plans to open a new health center in Harford County, where it seeks to tap into a swelling demand for medical services. The hospital hopes to establish the outpatient facility at the Box Hill Corporate Center in Abingdon next spring.
St. Joseph is one of several Baltimore-area hospitals weighing expansion plans in Harford, where thousands of workers are being shifted to Aberdeen Proving Ground under the Pentagon’s Base Realignment and Closure plan. More than 2,000 government workers and two dozen defense contractors have moved to the county since BRAC was adopted in 2005, and economic development officials say as many as 25,000 government and private contracting jobs could be shifted to Aberdeen during the next several years.
Meanwhile, Upper Chesapeake Health is working on plans for a $60 million cancer center in Bel Air and eyeing a much larger site in Havre de Grace for a new hospital. Others have made smaller steps into the market, such as Johns Hopkins Community Physicians medical clinic at the Water’s Edge Corporate Campus in Belcamp and Franklin Square Hospital’s Women’s Center at Bel Air.
http://www.bizjournals.com/baltimore/print-edition/2011/07/22/st-joseph-lured-to-harford-by.html?page=all

Johns Hopkins Bayview plots $60M expansion to ER, cancer care. July 22, 2011
Johns Hopkins Bayview Medical Center plans to spend about $60 million to expand the emergency and cancer care facilities on its East Baltimore campus.
The hospital notified the Maryland Health Care Commission that it expects to build two additions totaling about 65,000 square feet that should help Bayview decrease the wait time in its emergency room, better coordinate care for its cancer patients and even alleviate a lack of space for its expecting mothers.
http://www.bizjournals.com/baltimore/print-edition/2011/07/22/johns-hopkins-bayview-plots-60m.html

University of Maryland Medical to take over Dimensions Healthcare System. July 21, 2011
After years of false starts and failed efforts, there is once again a plan in place to bail out struggling Dimensions Healthcare System and build a new regional medical center in Prince George’s County.
Maryland Gov. Martin O’Malley and six other top officials announced an agreement to pursue a three-step process that would lead to beginning construction on a new hospital in early 2014.
http://www.bizjournals.com/baltimore/news/2011/07/21/maryland-will-take-over-dimensions.html

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansions and Closures

No notable education program expansions and closures announced during Q3 2011.

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 Baltimore-Towson, MD market.

Source: www.census.gov accessed 10/10/2011

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 Baltimore-Towson, MD market.

Source: www.bls.gov accessed 10/10/2011

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 2,667,117, #20 largest market
  • U.S. Census Bureau Population #121 oldest market
  • U.S. Census Bureau Population Growth 4.5%, #235 fastest growing market


   

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