The health care industry in New York and the rest of the country is undergoing something of a renaissance. Some call it good. Others call it bad. Regardless of what side of the fence you might be on, the one thing that is certain is that the economic trend in health care is in flux. In the midst of change, the spectrum of possible business issues that can arise is broad. Consulting an attorney with experience in the health care arena should be a high priority.
Indications of the influence that the health care sector is having on the economy can be seen in the most recent unemployment numbers. According to an analysis by Modern Healthcare, nearly 45,000 health care jobs were created in October.
Meanwhile, the rate of job growth for 2015 is running at a pace about equal to all the jobs created in 2013 and 2014 combined. More than 10 percent of all nonfarm jobs in the country are now in health care.
On the other side of the equation, data indicates that the cost of health care is also on the rise. Payments for services have been increasing at a rate that has been historically low for a couple of years. But charges in that column are starting to increase more rapidly now.
Experts say some of that can be attributed to rising costs for drugs and health insurance administration. But they say the surge in the health care labor force bears some responsible, too. The change is such that it has some industry economists to warn that it can’t be sustained.
The full blossoming of the Affordable Care Act is said to be the driver of the trends. Experts say that with the addition of millions into the health insurance pool, providers of care are seeing more patients and that is leading to more hiring.
Presuming that there will be some moderation in the fueling sources, analysts predict a cooling off period. If and when that happens, new legal questions may need to be addressed.
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