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Boston-Cambridge-Quincy, MA-NH

Boston-Cambridge-Quincy, MA-NH
Q4 2010 – Market Summary



As with a number of major metropolitan areas during Q4, the near term demand for health care workers in Boston weakened somewhat. Of note, UMass Memorial announced plans in October to eliminate 350 jobs or 2.6% of its workforce. Also of note during the quarter, the 24-bed detoxification facility at Tewksbury Hospital closed and Mercy Medical Center in Springfield eliminated its four-person cardiac rehab program.

On a comparative basis, the Boston health care labor market was weaker than much of the rest of the country during the quarter, as measured by its Q4 LMPI score of 41.5, down 9% from the prior quarter and compared to the national composite of 49.8.

Q4 Workforce Announcements



Tewksbury detox facility closes. December 29, 2010
After a last-ditch effort to keep it open, the 24-bed detoxification facility on the grounds of Tewksbury Hospital is set to close. About 50 people will lose their jobs after the closure.
http://www.bizjournals.com/boston/blog/mass_roundup/2010/12/tewksbury-detox-facility-closes.html

Mercy Medical cuts cardiac program. December 8, 2010
Mercy Medical Center in Springfield has eliminated its four-person cardiac rehabilitation program. The unit is separate from the inpatient cardiac care unit at the hospital, which in June laid off roughly 100 people.
http://www.bizjournals.com/boston/blog/mass_roundup/2010/12/mercy-medical-cuts-cardiac-program.html

UMass Memorial Health Care to cut 350 jobs. October 12, 2010
Strained by flat patient volume and pressure from health insurers, UMass Memorial Health Care told employees today that it will eliminate about 350 jobs, nearly 2.6 percent of its 13,700-person workforce, in the state’s largest hospital cutback this year.
http://www.boston.com/news/health/blog/2010/10/umass_memorial_3.html

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

No notable education program expansions and closures announced during Q4 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 1/5/2011

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 Boston-Cambridge-Quincy, MA-NH market.

Source: www.census.gov accessed 1/5/2011

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 Boston-Cambridge-Quincy, MA-NH market.

Source: www.bls.gov accessed 1/5/2011

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

   

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