A recent study by the Louisiana Hospital Association and LSU economics professor Jim Richardson says continued state budget cuts to Medicaid would have a detrimental impact on the state’s health care system and trickle down into the state’s overall economy.
The report points out that the health care industry in Louisiana employs roughly 16 percent of the statewide workforce and accounts for approximately 15 percent of private payroll. The study, “Hospitals and the Louisiana Economy 2011,” says more than 99,000 of the state’s health care employees work in hospitals, which pay a collective $4.4 billion per year to their workers.
Also included in the study are breakdowns for metropolitan statistical areas across the state. In Lafayette’s metro area, 21,504 people work in the health care sector, with 6,152 of those employees working in hospitals. Hub City hospitals account for 4.7 percent of regional employment:
Hospitals account for [2 percent] of all healthcare establishments in Louisiana; however they comprised 37% of the total employees and 46% of the total payroll of the healthcare sector. Healthcare providers are a major economic influence within a community, and hospitals are often the most dominant contributors to a community’s economy.
Medicaid and Medicare account for 71 percent of the hospital services delivered in the state and are the primary funding sources for hospitals in Louisiana. For every 35 cents the state spends on the Medicaid program, Louisiana receives approximately 65 cents from the federal government. Because of this federal match, the impact of the state reducing its direct expenditures for Medicaid by $150 million would be a loss of an additional $430 million of federal dollars, reducing overall funding by $580 million.
From 2009 to 2010, Louisiana hospitals averaged about $903.7 million in building construction, leading to the creation of more than 15,717 new jobs yearly in sectors other than healthcare. The overall economic activity that is supported by hospital expenditures, including payroll, supplies and other services, leads to $690 million in state tax collections and $567 million in local tax collections.
Read the full report here.
A divided 3rd Circuit Court of Appeal reversed a Lafayette district judge’s ruling absolving the co-owner of a New Iberia accounting firm of liability in an embezzlement case.
Our View: It’s reasonable, temporary and invests in Lafayette’s future.
“I am only getting a little nervous about two projects — the proposed Sasol GTL facility [not the new ethylene plant] and the proposed G2X facility — both in Lake Charles. They need a hefty difference between oil and natural gas prices to make sense.”
Lower oil prices also might slow the growth of oil production in parts of the U.S., Canada and elsewhere because it will no longer be so profitable.
A Lafayette woman faces up to 20 years in prison for running up more than $1 million in unauthorized charges to her company credit card.
Signs that our state’s banking industry is undergoing a downsizing in 2014 were further confirmed today with the FDIC’s latest figures showing a third straight quarter in which Louisiana lost more banks and earned less money.
State police say a 47-year-old Lafayette man, who collected more than $83,000 in disability benefits, is accused of operating two businesses out of his home at a time when he claimed he had no income.
Facing opposition from a powerful industry, the governor and many in the Legislature, a New Orleans-area flood board's lawsuit against dozens of oil, gas and pipeline companies seemed doomed early on.
Thursday’s explosion aboard an oil production platform in the Gulf of Mexico is now under investigation by the Bureau of Safety and Environmental Enforcement.
Money from the first and only settlement so far in a Louisiana flood board's lawsuit against dozens of energy companies will be placed in a special account dedicated to coastal restoration.
BP is heading to a federal appeals court in its effort to oust the administrator of damage settlement claims arising from the 2010 Gulf of Mexico oil spill.
The 59-41 Senate vote was one shy short of the 60 needed to clear the House-passed measure.
Spot bonuses to employees who go above and beyond on projects one of several reasons national mag calls BR-based biz bank a cool place to work.
The Director Search Committee interviewed the five men still in the running via video last week and is set to trim the field this week.
Telecom’s decision to halt deployment to more than 100 cities while it awaits net-neutrality rules appears to be little more than a temper tantrum.
Environmental (and political) junkies got a double fix when The Lens hosted a discussion between its environmental writer and the lead attorney in the levee board suit.
Follow The IND to hear Lens environmental reporter Bob Marshall's interview with Gladstone Jones, the lead attorney in the lawsuit against the oil and gas companies for coastal damages.
The $35B deal leaves the burning question about what it will mean for the thousands of these two service giants' local employees.
Broussard & David set up shop at the corner of Jefferson and Vermilion.
in light of falling oil prices, Forbes asks, “Will there be more?”
Lake Charles lets Acadiana companies in on the action as our neighbor to the west prepares for unprecedented growth.
A new study analyzes the state of the Lake Charles region and the impact 19 industrial projects will have on residents.
A U.S. magistrate judge calls “garbage” on behavior of attorneys for Progressive Waste Solutions.
The Lafayette food truck scene is slowing down but not stopping.
Lake-area financial institutions seeing green.