Posts Tagged ‘fiscal crisis’

I’ve Got One Word for You – “Healthcare”

Tuesday, April 7th, 2009

If Benjamin Braddock graduated from340x1 college today, the clueless Mr. Robinson would likely tell him to go into healthcare – not plastics — as he advised the befuddled young man in the classic 1967 movie “The Graduate”.

Although the economy is shedding jobs at an alarming rate, the healthcare industry added 371,600 jobs during 2008.  That momentum has not slowed, despite the fiscal crisis and recession.  While the economy lost 1.9 million jobs during the fourth quarter of 2008, healthcare added 93,200 jobs.  Hospitals hired 11,900 new workers in December, bringing the nation’s total hospital workforce up to approximately 4.71 million.  Physicians’ offices hired 5,600 more staff, bringing that workforce up to nearly 2.3 million employees.

Ambulatory-care centers saw 1,100 jobs vanish during December, a 0.2 percent loss.  Still, that fast-growing sector grew to 521,700 jobs during all of 2008, a 1.7 percent increase compared with the previous year.

“The only major private industry sector that continued to add a significant number of jobs was healthcare”, notes Keith Hall, commissioner of the Bureau of Labor Statistics.

According to a new Ernst & Young study on business risk, the global war for talent will be top of the mind for CEOs.  Nowhere will this be more evident than in healthcare.  There remains a chronic shortage of surgeons and family-practice doctors.  Part of this is because U.S. medical schools held enrollment to 16,000 students a year from 1980 to 2005, fearing a glut of doctors under managed care.  Perhaps the hiring by hospitals is a correction to 25 years of no-growth within certain specialties and the continuing dearth of nurses.