Analysis Of The Labor Market

Baby boomer aging is one of the large causative factors of this increase in demand (Glicken & Miller, 2013, p.1883-1889). According to Glicken & Miller (2013), the elderly population will nearly double in the next fifteen years putting a strain on the healthcare workforce. Also, more than half of physicians have intentions on limiting care access with regards to Medicare patients. Many medical doctors are refusing to care for Medicaid patients. This is a result of the growing number of individuals now with the means to afford healthcare due to the

One dominant economic feature of the healthcare industry is the growing need for both basic and specialized healthcare due to the continued aging of the “Baby Boomer” generation. This generation consists of over 79,000,000 individuals born in the US between 1946 and 1964. As this generation has aged, the need for healthcare has increased dramatically. Let us take a look at some statistics:

The debate continues as to whether or not America is really experiencing a healthcare workforce shortage. This debate continues to rage as commercial areas experience an overflow of healthcare professionals with the option to offer per diem employment to job seekers in these areas. However, rural areas continue to suffer from a lack of professional healthcare workers; specifically, those who specialize in specialist areas. The Alliance for Healthcare Reform (2011) has highlighted the following points as the factors which will be deemed responsible for this shortage:

The current system of healthcare in the US evolved from a circumstantial set of laws passed during World War II. Because wages were limited by law, employers resorted to fringe benefits as a means for attracting top talent. Healthcare plans existed prior to the conflict, but due to the war, these plans became an ingrained national phenomenon (Blumberg and Davidson). Tying health insurance to employment proved problematic because the unemployed, or self-employed, often lacked coverage. Around the beginning of the 1970s, increases in healthcare costs began to diverge from the Consumer Price Index (CPI). This trend has only increased since then and has

Throughout the past few years the healthcare industry has taken some precautions due to the recent bill passed that affect it, that being the healthcare reform or the Affordable Care Act (Kavilanz, 2010). In the past years healthcare has not been a concern of the average American, but this is changing rapidly. Though in 2014 healthcare was not among the top three concerns it did fall at number four (Cook, 2015). While at number four on the list last year it’s surely to increase in concern as the healthcare act becomes in full swing in 2015 (Cook, 2015). As Lindsay cook points out in her U.S News article on health care 2015 will be the year doctors see a pay cut and Americans without insurance see a penalty (Cook, 2015). Just like the rule of supply and demand, when the money supply of hardworking Americans decrease, the demand or concern in this case will increase.

Although, it is important to note that the increase in healthcare spending directly influences the economy of the United States and its economic development. As healthcare prices increase, employers, those who carry a significant portion of the burden, attempt to pass healthcare spending to their employees. As a result, employees are less attracted to join such companies, which in turn results in decreased productivity. The result of this chain is obvious: a slowdown of overall nation’s economic growth.

According to Hunt (2013) “the industry was one of the few that continued to grow and hire during the Great Recession” (para. 6). With the help of Obamacare a more rapid change among job opportunities will be available in this practice (Hunt, 2013). Obamacare will most likely bring forth a shortage in our primary care physicians and nurses (Vincent, D., & Reed, P., 2014). This shortage will allow for an increasingly large amount of job opportunities in the nursing practice. A significant advancement “According to the report, Affordable Care Act of 2010: Creating Job Opportunities for Racially and Ethnically Diverse Populations, the healthcare sector could add 4.6 million jobs over the next decade - a 31 percent increase in the industry”(Hunt,2013, para.3). Such a modification is critical because the nursing practice will immensely grow to more suitable standards. There will be an increased number of people with health insurance therefor an increase number of people will seek medical help. When many more individuals are seeking medical help, hospitals will need to accommodate the large inflow of

Labor Force Participation or the percentage of adults, sixteen years and older, seeking work or working is around 63% and has not been as low since the 1970's. The only reason why it was so low in the 1970's, Long says, is because a lot more

According to Miller, buyers are outsourcing health services at least 4 times the normal rate. In reality, outsourced benefits are about 5.4 billion annually. The BAO market was powered over the years by employers seeking for help to comply with health care reform according to Miller. This pushed organizations to outsource due to finding saving and steering though the difficulties of the healthcare reform. All of this derived from the Patient Protection and Affordable Care Act. This act was created to provide Americans with healthcare. The healthcare reform played a major impact on outsourcing. It is essential to discover the impact of health services and how it impacted HR sourcing.

The baby boomers are growing older and developing issue’s because of their age, their is more of a demand for health care workers. Their is a high demand for trained professionals in every area of health care because of the baby

A reversal of the health care cost curve as a result of slower growth in healthcare spending promises to create employment opportunities for many Americans. According to Fiedler (2013), America has, since enactment of the PPACA, experienced a relatively slower growth in healthcare costs compared to the years before its enactment. This has meant that employers have incurred lower healthcare benefit costs, a factor that has increased most firms’ incentives to employee more individuals thus contributing to greater employment opportunities for Americans. Howard (2011) also notes that slowing down the rate at which insurance premiums are increased by insurance firms for employer-based healthcare insurance coverage has the potential to allow employers to shift their firms’ scarce resources to other areas such as employment creation and/or an

With incredibly high costs and a lack of high quality care, the multitier healthcare system of the United States has several major flaws. The system we have established has proven to no longer be practical in most, if not all major areas. Improvement initiatives (i.e. Oregon Health Plan, Leapfrog, Lean Manufacturing, and Pay-for-Performance) have been implemented into the current system, and all of them are under experimental measures to determine if they can bring pressure off of the healthcare system. With the increasing support for universal health coverage in order to decrease health disparities in the country, the current quality initiatives seem to be the best ways to improve the quality of care, reduce costs, and increase equality in healthcare. The purpose of this paper is to scope this social problem over the last 30-50 years and carefully examine and predict future problems that may arise if the system is not corrected promptly (Pushman & Chung, 2009).

“Demographics of the US population have changed dramatically in the last three decades. These changes directly impact the healthcare industry in regard to the patients we serve and our workforce” (Borkowski, 2012). In fact, Voutsas (2011) argues that the U.S workforce is the most demographically heterogeneous workforce in the world and he believes that this is due to major changes and diversity .Borkowski (2012) also states that the significant changes in the US populations has been seen greatly in regards to gender, age ,and race and ethnicity .

The healthcare system plays a key role in the economic stability of our country, as every year trillions are spent in attempt to combat disease and health issues that plaque humanity. As it makes up a significant amount of the expenditures in the economy, so the costs associated with health care of those in pain from illness and injury, including lost productivity, increased need of assistance in living and also the cost of death in some cases, is important to the economic stability and over all standard of living in our country. The key to economic prosperity is balancing the need for care with the costs of illness to keep as many people healthy and well without breaking the bank of collective society. The costs of healthcare have been increasingly problematic in recent years with so many issues surrounding the current system. With the “total health care spending in the United States expected to reach $4.8 trillion in 2021, up from $2.6 trillion in 2010 and $75 billion in 1970, meaning that health care spending will account for nearly 20 percent of gross domestic product (GDP), or one-fifth of the U.S. economy, by 2021” (Aetna). With this in mind it is apparent that as we look at the trillion-dollar industry of the medical community it seems that it needs to be a major focus of our nation as a whole and with the many issues come many creative solutions. First let us analyze the reasons behind the current cost and the major problems facing this industry and than discus what

America has a bleak outlook towards the costs associated with employee turnover, productivity decline, and increased employee healthcare costs due to chronic health care conditions. The cost of healthcare is increasing, and employers typically bear the brunt of these costs. Employers also face financial loss in regards to productivity decline and retention. In a Rand report, commissioned by the U.S. Government and compiled, by Matke and others, showed that the cumulative losses of all three domains associated with chronic