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New York-Northern New Jersey–Long Island, NY

New York-Northern NJ-Long Island, NY
Q4 2010 - Market Summary



After a dismal year the New York metropolitan area health care labor market improved during Q4 despite some warning signs of continued rough seas ahead. Of note during the quarter, Bergen Regional Medical Center announced plans to cut 50, Shore Memorial announced plans to lay off 52, and St. Barnabas announced possible layoffs later this year of over 600. On a positive note, Queens Hospital unveiled 40 new beds in December that will help alleviate overcrowding in the borough where the closure of three hospitals has left existing facilities scrambling to meet the need for care.

On a comparative basis, the strength of the NYC metro health care labor market improved by 15% from the prior quarter registering a Q4 LMPI score of 44.3 compared to the national composite of 49.8.

Q4 Workforce Announcements


Bergen Regional Announces Layoffs. December 21, 2010
Bergen Regional Medical Center is reducing its workforce by about 50 positions, according to a release sent out. The release said decreases in state and federal reimbursements for treatment of an increasing number of uninsured patients have squeezed the hospital’s budget.
http://paramus.patch.com/articles/bergen-regional-announces-layoffs

Queens Hospital gets 40 new beds. December 16, 2010
Staff members at Queens Hospital Center in Jamaica unveiled 40 new beds Monday and said that the added space for patients will help alleviate overcrowding in the borough, where the closing of three hospitals has left medical facilities scrambling to meet the need for care.
http://www.yournabe.com/articles/2010/12/16/queens/qns_queens...

Buyout, layoffs trim 95 from staff at Shore Memorial. December 15, 2010
Shore Memorial Hospital announced it would be laying off 31 nonunion employees and 21 union nurses in an effort to cut costs after 43 employees accepted its offered buyout package.
http://www.shorenewstoday.com/index.php/mainland-/mainland/...

Shore Memorial Staff Facing Possible Layoffs, December 1, 2010
Some bad news for dozens of employees at one of South Jersey’s hospitals. Officials at Shore Memorial Hospital announced possible layoffs for dozens of their employees earlier today in response to budget deficits the medical facility is now facing. An exact number has yet to be determined because they’ll be offering early retirement to some, and then decide how many will have to be cut from there.
http://www.nbc40.net/news/15612/

Saint Clare’s Health System announces layoffs. November 4, 2010
Saint Clare’s Health System announced yesterday that it will eliminate more than 100 positions, citing the weak economy.
http://www.nj.com/news/local/index.ssf/2010/11/st_clares_health...

NJ’s Saint Barnabas warns of 690 possible layoffs. November 2, 2010
Saint Barnabas Health Care System is warning that as many as 690 employees could lose their jobs when it sells several of its long-term care facilities to a new owner early next month. Saint Barnabas said it anticipates most of the employees will keep their jobs under Pyramid Healthcare’s new management. However, under federal and state laws, the company must warn workers of possible mass layoffs.
http://www.nj.com/business/index.ssf/2010/11/njs_saint_barnabas...

Previous market news

Hospitals and Health Systems

Source: US News & World Report

Education Program Expansion and Closures

No notable education expansions or closures 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY 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 New York-Northern NJ-Long Island, NY market.

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

Additional Factors Influencing HWS Labor Market PulseTM Index

  • U.S. Census Bureau Population 19,006,798, #1 largest market
  • U.S. Census Bureau Population #137 oldest market
  • U.S. Census Bureau Population Growth 3.7%, #248 fastest growing market


   

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