We have all witnessed the considerable expansion of the health care industry (MEDs) and institutions of higher education (EDs) throughout Hudson Valley. Yet many questions remain as to whether or not these critical engines of the regional economy are working together efficiently and effectively to generate both the workforce and employment opportunities in order to spur future economic growth for all.
In 2014, seeing the challenges ahead, the Hudson Valley Economic Development Corp. (HVEDC) launched the Hudson Valley EDs & MEDs industry cluster development initiative to highlight the importance of supporting area health care providers, colleges and universities by strengthening the alliances between these powerful entities through meaningful one-on-one dialogue, targeted educational forums and hands-on, local project development.
FILLING THE VOID
According to the Quarterly Census of Employment and Wages developed by the State of New York and the U.S. Bureau of Labor Statistics, the number of hospital employees increased by 6.9 percent from 2014 to the second quarter of 2015. Additionally, employees in the health care and social assistance sector increased by 3.8 percent, while those working in ambulatory health care increased by 2.3 percent.
Growth in these areas is reflective of a national trend. In a recent ranking by “U.S. News and World Report” of the Best 100 Jobs to have in the United States, nine out of the top 10 were based in the health care arena. These jobs ”” which included orthodontists, dentists, anesthesiologists, pediatricians, psychiatrists, general practice professionals and gynecologists ”” were assessed on workplace stress levels, work-life balance, income potential, work satisfaction and potential for industry growth. The report noted that each of these professions is expected to experience substantial growth by the year 2024, with some professions seeing an increase of up to 35 percent.
THE HUDSON VALLEY
HEALTH CARE CLIMATE
Hospital affiliations, consolidations and mergers in the Hudson Valley are part of a nationwide trend. Due to an increasingly challenging and changing health care environment where resources are limited and expectations for quality of care are high, many smaller hospitals are coming to terms with the fact that they will need to affiliate with larger health care organizations in order to be successful.
For example, the Greater Hudson Valley Health System is the parent organization for two member hospitals, Catskill Regional Medical Center in Sullivan County and Orange Regional Medical Center in Orange County. In Dutchess County, Northern Dutchess, Vassar Brothers and Putnam hospitals are aligned under the HealthQuest umbrella. Westchester Medical Center and Bon Secours Charity Health System recently announced a joint venture; Bon Secours is the parent organization of Good Samaritan Hospital in Suffern, St. Anthony Community Hospital in Warwick and Bon Secours Hospital in Port Jervis. Other relationships include Bronx-based Montefiore Health System”™s recently announced collaboration with St. Luke”™s Cornwall Hospital – and the list goes on.
EXPANSION OF COLLEGE
AND UNIVERSITY CAMPUSES
In every area of our region”™s development, we are seeing an increase in growth, capacity and understanding of the important role that the health care industry plays in the Hudson Valley. Last year, Marist College announced plans for a $140 million expansion that would include a new $33 million science building. The new building will be a center for the college”™s recently launched physician assistant and graduate programs, which are expected to see up to 250 participants in the first two years.
Similarly, SUNY New Paltz and Vassar College announced plans to build new science and research facilities on their respective campuses. These expansions serve as yet another example of how the region”™s priorities have shifted toward supporting educational institutions that develop our future health care workforce.
REFLECTIONS ON INDUSTRY
AND ECONOMIC GROWTH
As Hudson Valley EDs & MEDs continues to build strategic relationships and national recognition within the health care sphere, HVEDC has brought together key industry players to discuss the future of this important sector. In early 2015, the first Hudson Valley EDs & MEDs roundtable was held at the newly opened Touro College of Osteopathic Medicine in Middletown and included top executives in prestigious health care organizations and educational institutions. Each roundtable member agreed that there was a need for colleges and universities to work more closely with health care providers to generate an increased number of workers who are prepared to meet the demand for jobs in this field.
In the second Hudson Valley EDs & MEDs roundtable last June, participants continued this conversation by noting that health care organizations are some of the most prominent employers in the region and that data analytics play an important role in their business. Overall, the discussion prompted a detailed analysis of many important topics within the industry, giving rise to the need for another panel discussion to further address issues of importance.
From just these two meetings, the building blocks for future collaborative efforts were formed and the expansion of existing programs emerged as health care and educational leaders uncovered new ways of working together.
DISCUSSING THE FUTURE
Looking ahead, Hudson Valley EDs & MEDs is hosting a “Power Panel” roundtable event under its Thought Leaders Master Series, which will address the region”™s unprecedented growth in both health care and higher education. The March 24 event at the Nelly Goletti Theatre at Marist College will include a panel of top executives from the region”™s major health care providers and educational institutions as well as a keynote speech from Chad Rynbrandt, the head of strategy and business development for Philips North America, a world leader in health care technologies.
Laurence P. Gottlieb is president and CEO of the Hudson Valley Economic Development Corp. and former director of the Westchester County Office of Economic Development. He can be reached at lgottlieb@hvedc.com or 845-220-2244.
