Chicago-Naperville-Joliet, IL
Chicago-Naperville-Joliet, IL
Q3 2011 - Market Summary
The near-term demand for health care workers in the Chicago metro area remained flat during Q3. Of note during the quarter, Oak Forest was given approval to become an outpatient clinic with a 24-hour urgent care center, the planned purchase of Holy Cross Hospital by Vanguard Health Systems of Tennessee was called off, and Advocate Health Network announced that it was nearing expansion of its flagship medical center in southwest suburban Oak Lawn with a $202-million building for outpatient care and research.
On a comparative basis, the Chicago health care labor market remained flat during Q3 as measured by its Q3 LMPI score of 45.8, up slightly from 45.5 in the prior quarter, and just below the national composite of 48.0.
Q3 Workforce Announcements
Oak Forest Hospital can become outpatient clinic, state panel says. August 16, 2011
South suburban Oak Forest Hospital can turn into an outpatient clinic with a 24-hour urgent care center.
http://www.chicagobusiness.com/section/search?q=health%20care&mode=text#ixzz1ZpSll0QD
Holy Cross Hospital, Vanguard combination canceled. August 12, 2011
The planned purchase of Holy Cross Hospital by Vanguard Health Systems of Tennessee is off, and Holy Cross President and CEO Wayne Lerner blames the economy.
http://www.chicagobusiness.com/section/search?q=health%20care&mode=text#ixzz1ZpSxudIc
Medicaid cuts in debt deal threaten safety-net hospitals. August 6, 2011
Even though the new federal debt deal doesn’t touch Medicaid and caps Medicare cuts to 2% a year, it threatens layoffs and cutbacks in patient care at Chicago’s safety-net hospitals, if not their survival.
http://www.chicagobusiness.com/section/search?q=health%20care&mode=text#ixzz1ZpTAFpIw
Advocate planning $202-mil. expansion of Christ Medical Center. July 7, 2011
Advocate Health Network is getting ready to expand its flagship medical center in southwest suburban Oak Lawn with a $202-million building for outpatient care and research.
http://www.chicagobusiness.com/section/search?q=health%20care&mode=text#ixzz1ZpU3PQ1l
Chicago Market Facts 2011: Health care. July 2, 2011
An estimated 407,000 Chicago-area jobs are supported by hospitals, hospital operations and hospital construction.
http://www.chicagobusiness.com/section/search?q=health%20care&mode=text#ixzz1ZpTJJyg8
Hospitals & Health Systems
Source: US News & World Report
Education Program Expansion 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
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 Chicago-Naperville-Joliet market.
Source: http://www2.standardandpoors.com accessed 10/10/2011
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 Chicago-Naperville-Joliet 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 Chicago-Naperville-Joliet market.
Source: www.bls.gov accessed 10/10/2011
Additional Factors Influencing HWS Labor Market PulseTM Index
- U.S. Census Bureau Population 9,569,624, #3 largest market
- U.S. Census Bureau Population 246th oldest market
- U.S. Census Bureau Population Growth 5.2%, #221 fastest growing market
- Executive Summary
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