Friday, November 29 2019
By Lisa A. Bastian, President, Bastian PR
Among old-guard and emerging U.S. economic development clusters, the mammoth, ever-changing healthcare industry is one of the “healthiest” of them all.
While it doesn’t generate the same media buzz as the private space exploration, cryptocurrency or AI industries, it does do one thing they won’t ever do: reflect a community’s genuine level of quality of life. Since wellness and health are central to human happiness, the availability of good healthcare promotes populations of people who are more productive, live longer, and contribute to society.
Moreover, as the healthcare industry’s above-average wages affect how other industries keep and attract high-wage workers, it’s clear why healthcare is a sought-after economic development “anchor” by community and business leaders alike nationwide.
Monday, November 19 2018
By Jim Damicis, Senior Vice President Camoin Associates, Alexandra Tranmer, Project Manager Camoin Associates
In previous research articles on healthcare, we have considered digital technology trends, the changing dynamics of real estate and retailization of the healthcare industry, and why healthcare should be a consideration in a community’s economic development strategic planning. This time around, our research examines the critical role that healthcare plays in supporting and growing industry clusters, specifically, Life Sciences, Information Communications Technology (ICT), and Medical Device Manufacturing. These clusters are producing significant contributions to the nation’s economy and creating high wage jobs.
While healthcare is often deemed too difficult to manage at a local level due to the federal involvement in regulations or overlooked as a non-export industry, local and regional economic developers can harness the workforce, technology, and sheer size of the healthcare industry to further support job growth in their communities. Furthermore, the number of projected openings in the healthcare field continue to rise and supporting and training the workforce for these positions will be crucial to ensuring the stability and growth of healthcare networks across the country, while providing significant employment and career opportunities.
Thursday, November 30 2017
By Jim Damicis, Senior Vice President Camoin Associates, Alexandra Tranmer, Project Manager Camoin Associates, and Bethany Meys, Analyst Camoin Associates
Every single industry sector, and the U.S. economy as whole, is being transformed at a rapid pace by digital technologies. We can describe the next phase of each sector as simply, the “tech of everything.” The financial industry is progressing with the advancement of FinTech, in addition to agricultural-technology and manufacturing-technology, also known as “Industry 4.0.” Health care is no exception, as the field of health tech expands throughout the country.
Have you ever thought of your phone as a medical device? What about that activity tracker that keeps beeping at you to get up from your desk and take a flight of stairs? Innovations in the field of health technology aim to use the codes, data and graphics that allow us to communicate across continents to better understand and predict vital health indicators. One of the primary functions of health technology is to harness the data available to many of us through objects that we already have, like phones, smart watches and even medical devices like pacemakers, to allow us to theoretically make smarter choices about what we eat, suggest how and when we exercise, and alert individuals to their predisposition to chronic ailments based on algorithms. For the broader health system, health technology has the potential to substantially decrease costs for hospitals and other medical facilities by diverting emergency room visits and inpatient admissions while improving patient outcomes.
Wednesday, November 23 2016
By Jim Damicis, Senior Vice President and Alexandra Tranmer, Economic Development Specialist of Camoin Associates
It has been a year since Alex Tranmer and Jim Damicis of Camoin Associates profiled the health care industry and made the case for why it is important to consider the industry in community economic development plans. This month, Alex and Jim are back to discuss the real estate implications of the changing health care landscape. They find that real estate management is a key component to a health care network’s portfolio and more health care providers are devoting budget and resources to understanding how to strategically position themselves in communities. This requires an understanding of emerging trends driving the industry as well as local and regional economies. Between the shift to a value-based reimbursement system and an increasing number of individuals with access to health insurance, providers have been driven to explore different ways to cut costs and bring in additional revenue-all while still providing high quality care at competitive rates. The answer for many provider networks has been two-fold: revisiting the management of their real estate portfolios and branching out of typical locations to expand how and where they are able to reach a wider patient market – sometimes in unlikely spaces.
It is no secret that health care costs are rising for all parties involved: insurance companies, doctors and patients. For health care consumers (or patients), premiums for health insurance plans have been decreasing, while deductibles, the portion of the procedure that the consumer must pay for out-of-pocket, are simultaneously increasing. In the last five years, the average deductible for a single coverage plan was up $486, or 49 percent to $1,478.
Trends in Health Care Industries and Why the Health Care Sector Should be Included in Your Economic Development Strategy
Tuesday, December 01 2015
By Jim Damicis, Senior Vice President Camoin Associates, and Alexandra Tranmer, Economic Development Specialist Camoin Associates
Conventional thinking about the health care industry in economic development circles dictates that it is an industry bogged down in federal and state bureaucracy, with little room for employment or growth opportunities. Yet, Jim Damicis and Alex Tranmer explore industry and market data to demonstrate the valuable role that health care and related subsectors can have on a community, proving it is a vital component of any economic development strategy.
Examples include: blood tests, X-rays, or rehabilitation treatment.