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Recession Now Hits Jobs in Health Care
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| Contributor | Jason |
| Last Edited | Jason Apr 13, 2009 04:12am |
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| Category | News |
| Media | Newspaper - Wall Street Journal |
| News Date | Sunday, April 12, 2009 10:00:00 AM UTC0:0 |
| Description | Employment in health care, the only major industry outside the federal government still adding jobs, is succumbing to the recession.
In the latest sign, the president of New York City Health & Hospitals Corp. wrote Friday to community organizations as well as employees and unions at its 11 hospitals and four nursing homes, saying the agency will lay off more workers even after slashing 400 jobs last month.
"We now project that HHC's deficits will worsen, even if we are spared further state cuts," Alan Aviles wrote to the staff of 39,000. "The challenges will deepen." He blamed the job losses on state cuts in Medicaid payments to the public-health system.
Across the country, hospitals are taking financial hits. They are seeing losses in the portfolios that they rely on for investment income. The number of uninsured patients is rising. Elective procedures -- which reap big profits -- are down at a third of hospitals nationwide. Nursing homes are trimming payrolls. And with state governments continuing to cut budgets and talk of health-care reform from Washington, industry executives are preparing for even leaner times. |
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