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KSM Blog | Katz, Sapper & Miller CPA

Latest Economic News Release Does Not Bring Confidence to the Healthcare Industry

Posted 3:26 PM by

 

The economic state of the healthcare industry is under higher scrutiny since the recent announcements of mass layoffs from Indiana’s largest health networks. In September, the Indiana University Health network announced the layoff of 800 employees, which followed St. Vincent Health’s June announcement of 850 employees. Unfortunately, the recent jobs report released by the U.S. Bureau of Labor Statistics did not provide much confidence for the industry.

According to the Bureau’s industry detail report, only 6,800 jobs were added in September in the healthcare industry. This is down significantly from the 42,800 jobs added the month before. Overall in 2013, the monthly average of healthcare jobs added to the economy is 19,000. This compares to an average of 27,000 jobs added each month in 2012.

Some healthcare services have fared better than others. Ambulatory health care services added the most jobs to the industry, with 8,100 employees added in September. Hospitals remained constant, with only 300 jobs added. Nursing care facilities had the bleakest results, with a decrease of 4,300 jobs.

With the upcoming changes to the healthcare world, it is impossible to know exactly how the economy of the healthcare industry is going to react. This recent economic data, however, does not seem to set a positive benchmark.  

For more details related the results of the recent jobs report, visit the Bureau of Labor Statistics web site at bls.gov/.

About the Author
Lesley Freeman is a member of the Katz, Sapper & Miller Healthcare Resources Group. Lesley provides services in tax planning and preparation, financial statement compilation and analysis, healthcare consulting, and retirement planning. Connect with her on LinkedIn.

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