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Crain's list of New York City's largest employers

Crain's list of New York City's largest employers

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Published by New York Post
Crain's list of New York City's largest employers
Crain's list of New York City's largest employers

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Published by: New York Post on Mar 23, 2014
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03/24/2014

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H
ealth care rules the scene in the 2014
Crain’s 
list of top 25 New York areaemployers.Three of the top 10 are health care systems.The trend is driv-en in part by an increase in hospital consolidation and suggests that healthcare will remain a high-volume employer in the area for years to come.Health care will add about a third of total jobs in the country duringthe 2012-2022 decade,according to the Bureau of Labor Statistics.But in New York,the volume ofhospital-based jobs may fall as more hospitals downsize.Many jobs willshift to outpatient settings.Consolidation is common among major health care systems,with last year’s merg-er of Mount Sinai Medical Center and Continuum Health Partners the biggest of thebunch.The new
Mount Sinai Health System
(No.9) has approximately 36,000 employ-ees—making it the largest nongovernment employer in New York.“A fragmented system is becoming more consolidated through acquisitions andtechnology,”said Amy Shefrin,program officer at the New York State Health Foun-dation.“By connecting these various providers through electronic records and IT,hos-pital systems now have visibility into their patients’health beyond the hospital walls.”Other recent deals include the acquisition of Lenox Hill Hospital by the
North Shore-LIJ Health System
(No.6),the takeover by
New York-Presbyterian Hospital
(No.12) of New  York Downtown Hospital,and
Montefiore Health System
’s (No.15) acquisition of hospi-tals in the Bronx and lower Westchester.Across the city,hospital groups have started increasing specializationand scale inone form or another.New York-Presbyterian is expanding and plans to build an am-bulatory care center at 1283 York Ave.
Memorial Sloan-Kettering Cancer Center 
(No.20) andthe City University of New York are constructing two medical facilities on the Upper EastSide,including a 750,000-square-foot cancer care facility and a 336,000-square-foot sci-ence and health professions building.Meanwhile,Montefiore and Simone Developmentare building a 280,000-square-foot structure at Hutchinson Metro Center in the Bronx.“Policies and initiatives by the federal government and health insurance companiesare rewarding health care companies that can treat a patient across multiple settings, whether in the primary care doctor’s office or in the operating room,”said Ms.Shef-rin.“Health care systems are now incentivized to be big—to acquire physician grouppractices,bring physician staff in-house,build up outpatient and ambulatory care cen-ters,and spread themselves beyond the hospital campus.”
March
24,2014
|
Crain’s New York Business
|
13
THELIST
 THE SCOOP
 
IN TWO WEEKS:
Top-paid hospitalexecutives and employees
New York Area’s Largest Employers
Ranked by number of metropolitan area employees
$20.9B$12.1B$22.0B$13.1B$22.3B$14.0B$22.1B$14.2B$21.9B$15.3B
—bilal iftikhar
20082009201020112012
SALARIES FLAT, BENEFITS UP
Most of the increase in city personnel expenses is in the form of pension andfringe benefits.
Salaries and wages
 
Pensions and fringe benefits
 TRENDS
Source: Mayor’s Office of Operations and the Department of Citywide Administrative Services via the NYC Independent Budget Office
MedianFT salary $61.8K $62.9K $66.1K $65.8K $65.3K 
HEALTH CARE’S ROBUST JOB MARKET 
An expansion of hospitals has meant increased employment.
 Average employment Number of establishments847571717476200820092010201120122013*
* 2013 data are based on the first three quarters and are preliminary. Source: NYS Department of Labor 
161,522158,329158,476154,207153,513158,327
NYC JOB GROWTH
Forecast employmentchange by select industry,2013-2017,in thousands
Professional and business services+73.4Education and healthcare services+68.0Leisure and hospitality +35.3Retail trade+25.2Construction+18.1
Source: NYC Independent Budget Office
58%
PORTION OF WORKERS
on
Crain’s 
list who areemployed in the publicsector 
13%
PORTION OF ALL NEW  YORK CITY WORKERS
who are employed in thepublic sector 
Sources:
Crain’s 
research, NYSDepartment of Labor
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                   

  
 
 

 
 
 
 


                          
  
 

                
 
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 


 
                


 
 
 
 

                          
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