Dont Let Healthcare Layoffs Affect You – Post 225

I wanted to talk with you about some stories in the news recently. One of KY’s largest hospital providers made an announcement recently that it will be doing some layoffs as a result of the affordable care act. A couple days ago they finally released some figures on the cuts. They will be cutting about current 500 employees and will eliminate about 200 vacant jobs as well.

That got me looking into layoffs in the healthcare field in general.  I found that KYOne is not alone. A hospital chain in Las Vegas announced that they will lay off 40 nurses in addition to 100 other staff. The Cleveland clinic is eliminating 3,000 jobs. And it is estimated that the medical device sector will be losing about 33,000 jobs as a result of the affordable care act.

What is significant about this is in general the healthcare segment has been exempt from this type of cutback in previous down economies. In fact with the affordable care act, because of the increased number of people having access to healthcare one would expect the hospitals would need to be adding to their staffs. Predictions are that there will be a shortage of needed healthcare workers yet these hospital chains are cutting back. Primarily the cut backs are a result of the reduction in reimbursement expected under the affordable care act.

Healthcare isn’t the only sector announcing cutbacks in February of this year. According to government figures 65% of small business will see a significant spike in the premiums for their health insurance plans as a result of the affordable care act. This will affect the insurance of more than 11 million people.

The wall street journal says that 1 out of 6 men between 25 and 54 have no jobs right now. That is about 10.4 million people. They went on to report back in January that the actual unemployment rate hit a record 37.2%

So just how bleak is it really. Well I did a Google search of layoffs for 2014. Here are the ones that were announced just in Feb 2014.

KY State police – 20
Jefferson Co Teachers – 41
KY  Coal 700 more and one major coal producer is filing bankruptcy
United Airlines – 470
LATA Environmental in Paducah, they work with the nuclear industry – 120

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Healthcare

Highmark – 132
Keystone Health – 250
Teva – 5,000
Tech
HP – 34,000
IBM – 13,000
Intel – 10,000
Dell – 15,000
Lexmark – 275
Sony – 1,000
Finance
Wels Fargo 700
JP Morgan – 17,000
Barclays 12,000
Citi Group – 15,000
Manufacture
General Dynamics – 730
SC Johnson – 400
Sikorsky – 600
Retail
Bust Buy – 2000 managers
Sbarro closing 155 stores – 1400
Radio Shack closing 500 more stores
Wal-Mart – 2,300 Sams employees
JCPenny – 2,500
Target – 1175 (500 at corp)
Communications
Cox Communications – 600
Verizon – 5,000
Time Inc. – 500
CNN – 40 journalist
Sprint – 500
NY Post – 500
Tribune – 700
Dept. of Defense
6,272 civilians
100,000 Army
50,000 Marines

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