Spending on health care reached $3.4 trillion in 2016 and is expected to rise, report says

Sabriya Rice, Business of Healthcare Reporter (2/16/2017)

Americans spent nearly $3.4 trillion on health care in 2016 and those costs are outpacing the averageimages1 projected increases in the gross domestic product, according to data published Wednesday.

Health spending grew 4.8 percent in 2016, slightly less than the year before when it rose 5.8 percent.
However, don’t expect the expenditures to stall for long, the report found. They could account for nearly 20 percent of U.S. spending by 2025.

The new data from the federal Centers for Medicare and Medicaid Services was published online in the policy journal Health Affairs.

According to the analysis, health care spending will grow at an annual average of 5.6 percent from 2016-2025, leaving the nation’s health care tab at $5.5 trillion in less than a decade. That would account for about one-fifth of the economy and dip into the budgets needed to fund other national priorities.

To continue reading this article please visit: http://www.dallasnews.com/business/health-care/2017/02/15/spending-health-care-reached-34-trillion-2016and-expected-rise-report-says

Healthcare Job Growth Set Records in 2015

John Commins, January 12, 2016

Healthcare jobs accounted for 18% of the 2.6 million new jobs created in the United States in 2015. Coincidentally, healthcare spending represents nearly 18% of the nation’s gross domestic product.

Hospital job growth exploded in 2015, with 172,200 payroll additions reported, a 306% increase over the 42,400 jobs created in 2014, according to the Bureau of Labor Statistics.

Overall, the healthcare sector reported record job growth in 2015, with 474,700 jobs created, which represents a 53% increase over the 309,000 healthcare jobs created in 2014.

To read more: http://www.healthleadersmedia.com/hr/healthcare-job-growth-set-records-2015

 

Hospitals: Are you marketing to the right audience?

Written by Emily Rappleye | April 27, 2016 | Becker’s Hospital Review

Hospitals and health systems trying to capture a greater portion of their market should take a closer look at their marketing campaigns.

According to a report from Adweek, marketers may be missing an important segment of their audience. Here are three tips from the report on finding that audience and crafting the right message to reach it.

1. Women are the chief healthcare decision makers.
Women are the “chief medical officers” of their families, according to Adweek. It cites a 2015 study from healthcare communications company GreyHealth Group that found women make decisions for their families 94 percent of the time.

“Women lean into healthcare and are typically a more captive audience” than men, TBWAWorldHealth CEO Sharon Callahan said, according to Adweek. “Our goal should be to further fuel and meaningfully tap into this curiosity. Marketers need to respect their knowledge and not operate at the 101 level — but still keep it simple.”

2. Understand what women are looking for.

Read more: http://www.beckershospitalreview.com/hospital-management-administration/hospitals-are-you-marketing-to-the-right-audience.html

2015 PHYSICIAN TOTAL CASH COMPENSATION BY SPECIALTY

Written by Emily Rappleye | September 11, 2015

Primary care physicians this year are experiencing bigger increases in total cash compensation than their specialist peers, according to the 2015 “Physician Compensation and Productivity Survey” from Minneapolis-based Sullivan, Cotter and Associates.

Combined with other findings in the survey, this may suggest the trend toward value-based, coordinated care — which puts primary care physicians in the driver’s seat — could be starting to take hold. According to SullivanCotter, Primary care physicians saw a 3.4 percent median increase in total cash compensation between 2011 and 2015, compared to medical and surgical specialists, who saw 2.5 percent and 2.3 percent increases, respectively.

The table below breaks down median total cash compensation in 2015 by physician specialty and is ranked in order of highest to lowest percent change over last year, as presented by SullivanCotter. The information is based on data from 560 organizations and nearly 115,000 physicians and advanced practice clinicians.

12KK

http://www.beckershospitalreview.com/compensation-issues/2015-physician-total-cash-compensation-by-specialty.html

BABY BOOMERS ARE OPENING THEIR WALLETS

Baby boomers are often portrayed in the popular press as a monolithic group of individuals who behave in roughly the same ways and possess the same attitudes. But do these observations hold for all boomers? Or are they emblematic of just some?
Recent Gallup analysis of boomers’ personal spending patterns suggests that these patterns vary more than stereotypes suggest. These differences matter most to marketers who hope that boomers are finally re-opening their wallets after the global financial crisis and will spend some of their discretionary income with their companies.

chart1

The global financial crisis hit baby boomers particularly hard. According to Gallup Daily tracking research, self-reported daily spending among Americans aged 50 to 64 years old (roughly the ages of the baby boomer cohort) reached a low of $55 in March 2009. About one year earlier (February 2008), daily spending in this group had been at $114. By last December, this cohort’s daily spending had rebounded to a five-year high of $105 per day. Nonetheless, the trend suggests that the daily spending among boomers has been increasing since bottoming out in 2009. But exactly what are they spending more on?

Gallup research conducted last spring revealed that while 45% of U.S. consumers reported that they were spending more than a year ago, their increased spending was on household essentials, including groceries, gasoline, utilities and healthcare rather than on discretionary purchases such as travel, dining out, leisure activities, consumer electronics and clothing. About four in 10 baby boomers (44%) in that same study reported that they were spending more than a year ago, and their increased spending followed the same pattern — more on things they need, not on things they want.

According to demographers, there are really two different cohorts of baby boomers. “Leading-edge” boomers were born between 1946 and 1955 and came of age during the tumultuous Vietnam War and Civil Rights eras. “Trailing-edge” boomers were born between 1956 and 1964 and came of age after Vietnam and the Watergate scandal.

In general, a higher proportion of leading-edge baby boomers report that they are spending more today than a year ago compared with trailing-edge boomers. Net spending change — defined as the percentage of consumers indicating that they are spending more today than a year ago minus the percentage saying they are spending less — is positive for leading-edge boomers but negative for trailing-edge boomers. This 23-percentage-point gap between the cohorts means that more leading-edge (older) boomers are spending more overall and more trailing-edge (younger) boomers are spending less.

chart2

For the full article click here.

HOSPITALS ADD NEARLY 18K JOBS IN OCTOBER

The healthcare industry added 44,900 jobs last month, contributing to the nation’s 271,000 new jobs in October, according to the most recent jobs report from the Bureau of Labor Statistics.

This is an increase from September’s numbers, when healthcare added 34,400 jobs. Over the past year, healthcare has added 495,000 jobs.

Within the healthcare industry, hospital employment grew by 17,800 jobs in October. However, ambulatory healthcare services added the most, with 26,900 jobs. Most of those came from physician offices (8,300) but outpatient care centers (1,700) and home healthcare services (8,100) also contributed.

Written by Kelly Gooch | November 06, 2015

http://www.beckershospitalreview.com/workforce-labor-management/hospitals-add-nearly-18k-jobs-in-october.html

Baby Boomers Are Opening Their Wallets

Baby boomers are often portrayed in the popular press as a monolithic group of individuals who behave in roughly the same ways and possess the same attitudes. But do these observations hold for all boomers? Or are they emblematic of just some?

Recent Gallup analysis of boomers’ personal spending patterns suggests that these patterns vary more than stereotypes suggest. These differences matter most to marketers who hope that boomers are finally re-opening their wallets after the global financial crisis and will spend some of their discretionary income with their companies.

Graph for Baby Boomers

The global financial crisis hit baby boomers particularly hard. According to Gallup Daily tracking research, self-reported daily spending among Americans aged 50 to 64 years old (roughly the ages of the baby boomer cohort) reached a low of $55 in March 2009. About one year earlier (February 2008), daily spending in this group had been at $114. By last December, this cohort’s daily spending had rebounded to a five-year high of $105 per day. Nonetheless, the trend suggests that the daily spending among boomers has been increasing since bottoming out in 2009. But exactly what are they spending more on?

Gallup research conducted last spring revealed that while 45% of U.S. consumers reported that they were spending more than a year ago, their increased spending was on household essentials, including groceries, gasoline, utilities and healthcare rather than on discretionary purchases such as travel, dining out, leisure activities, consumer electronics and clothing. About four in 10 baby boomers (44%) in that same study reported that they were spending more than a year ago, and their increased spending followed the same pattern — more on things they need, not on things they want.

According to demographers, there are really two different cohorts of baby boomers. “Leading-edge” boomers were born between 1946 and 1955 and came of age during the tumultuous Vietnam War and Civil Rights eras. “Trailing-edge” boomers were born between 1956 and 1964 and came of age after Vietnam and the Watergate scandal.

Leading-Edge Boomers Spend More Than Trailing-Edge Boomers

In general, a higher proportion of leading-edge baby boomers report that they are spending more today than a year ago compared with trailing-edge boomers. Net spending change — defined as the percentage of consumers indicating that they are spending more today than a year ago minus the percentage saying they are spending less — is positive for leading-edge boomers but negative for trailing-edge boomers. This 23-percentage-point gap between the cohorts means that more leading-edge (older) boomers are spending more overall and more trailing-edge (younger) boomers are spending less.

Graph 2

For the full article click here.

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