>>> THIS WEEK ON "NJ BUSINESS BEAT," LEVELS WE HAVEN'T SEEN IN MORE THAN A DECADE.

>> WITHOUT PRICE STABILITY, THE ECONOMY DOES NOT WORK FOR ANYONE.

>> THE FED ADJUSTS INTEREST RATES WHAT IT MEANS FOR YOUR BOTTOM LINE.

>>> PLUS, CALL IT THE DOW JONES FOR SPORTS.

A NEW JERSEY MAN CREATES A PLATFORM WHERE YOU CAN INVEST IN ATHLETES AND THEIR PERFORMANCE.

>>> AND WE FOCUS ON NEW JERSEY'S HEALTH-CARE INDUSTRY.

WHY EXPERTS EXPECT FINANCIAL CHALLENGES FOR THE STATE'S HOSPITALS, INEQUITIES IN HEALTH CARE, AND HOW TO SOLVE THE STAFFING CRISIS.

THAT'S AHEAD ON "NJ BUSINESS BEAT."

♪ ♪ >> Announcer: THIS IS "NJ BUSINESS BEAT" WITH RHONDA SCHAFFLER.

>>> HELLO, I'M RHONDA SCHAFFLER.

THANKS FOR JOINING ME ON "NJ BUSINESS BEAT."

SINCE SPRING, THE COST OF BORROWING MONEY HAS GOTTEN MORE EXPENSIVE AND RATES ON LOANS ARE POISED TO RISE YET AGAIN NOW THAT THE FEDERAL RESERVE HAS HIKED INTEREST RATES FOR THE SIXTH TIME THIS YEAR.

IF YOU'VE GOT SAVINGS STASHED AWAY, IT'S GOOD NEWS FOR YOU.

RATES ON SAVINGS ACCOUNTS WILL INCREASE, BUT FOR BORROWERS, BEWARE.

RATES ARE INCREASING FOR HOUSING LOANS, CAR LOANS, AND SOME STUDENT LOANS.

THE FED SAYS THIS IS THE PRICE WE HAVE TO PAY TO COOL THE ECONOMY AND LOWER INFLATION.

I SPOKE WITH LIZ McGINNESS TO FIND OUT HOW THE RISING LENDING COSTS ARE IMPACTING NEW JERSEY'S BUSINESSES.

>> THEY'RE REALLY TAKING A GOOD LOOK AT THEIR LIQUIDITY POSITIONS AND THINKING ABOUT THE FUTURE OF THEIR BUSINESS AND HAVING SUFFICIENT CASH LEVELS TO MEET THOSE HIGH INTEREST RATE THAT THEY'LL SEE IN BORROWING.

I THINK THAT IN NEW JERSEY, CONSIDERING EVERYTHING THAT'S GOING ON IN THE REST OF THE COUNTRY, I THINK WE'RE HOLDING UP PRETTY WELL.

>> BUSINESSES ARE STILL HIRING.

IN FACT, JOB GROWTH WAS BETTER THAN EXPECTED IN OCTOBER ACCORDING TO THE GOVERNMENT'S MONTHLY JOBS REPORT.

261,000 NEW JOBS WERE ADDED TO THE U.S. ECONOMY.

THE UNEMPLOYMENT RATE TICKED UP TO 3.7%.

WHILE THE JOB MARKET WAS STRONG IN OCTOBER, SEVERAL LARGE COMPANIES IN RECENT DAY ANNOUNCED LAYOFFS OR PLANS TO CURTAIL HIRING, INCLUDING MICROSOFT, AMAZON, TWITTER, AND THE RIDESHARING COMPANY LYFT.

WE WANTED TO GET A REAL WORLD VIEW OF THOSE JOBS NUMBERS, SO I CHATTED WITH MITCH KHAN, PRESIDENT OF UNION WARE ABOUT HIRING TRENDS AT HIS COMPANY, AND WHY HE'S INVESTING IN AUTOMATION.

>> MITCH, FIRST OF ALL, IT'S GREAT TO SEE YOU, AND THANKS FOR YOUR TIME IN JOINING ME ON "NJ BUSINESS BEAT" TODAY.

>> GLAD TO BE BACK, THANK YOU.

>> YOU KNOW, COMPANIES, ECONOMISTS, EVERYONE'S PAYING A LOT OF ATTENTION AS TO WHAT'S GOING ON IN THE JOB MARKET.

WE WANTED TO GO HYPERLOCAL AND SEE WHAT'S HAPPENING AT ONE OF THE COMPANIES WE KNOW IN NEWARK.

HAVE YOU BEEN HIRING STAFF?

HAS IT BEEN DIFFICULT TO HIRE STAFF?

WHAT ARE YOUR HIRING PLANS AS YOU LOOK AHEAD TO NEXT YEAR?

>> SO, IT WAS EXTREMELY DIFFICULT TO HIRE STAFF FOR ABOUT TWO YEARS.

IN FACT, WE LOST PEOPLE.

WE PROBABLY LOST ABOUT 20 TO 25% OF OUR WORK FORCE THROUGH ATTRITION, PEOPLE LEAVING AND NOT RETURNING FROM THE BEGINNING OF THE PANDEMIC UNTIL THIS PAST SPRING.

AND THEN BEGINNING IN JUNE, WE WERE ABLE TO HIRE FIRST A COUPLE OF PEOPLE A WEEK, AND THEN I WOULD SAY FOR THE LAST TWO MONTHS, AUGUST AND SEPTEMBER, WE HAVE HAD ABSOLUTELY NO TROUBLE HIRING WHOEVER WE WANT TO HIRE.

WE'VE ADDED 26 NEW PEOPLE, WHICH HAS MORE THAN MADE UP FOR THE NUMBER OF PEOPLE THAT WE LOST DURING THE PANDEMIC.

>> HAVE YOU FOUND THAT YOU HAVE TO PAY MORE TO ENTICE PEOPLE?

OR DO YOU FEEL LIKE IT'S NOT SO MUCH OF A FACTOR AS WE SAW IN THE PAST?

>> PEOPLE WHO ARE KIND OF AT THE TOP END OF THE SKILL SPECTRUM ARE ABLE TO DEMAND A LOT MORE MONEY THAN THEY WERE MAKING BEFORE.

PEOPLE AT THE BOTTOM END OF THE SPECTRUM, UNSKILLED/SEMISKILLED ARE JUST BASICALLY KEEPING PACE WITH MINIMUM WAGE RIGHT NOW.

AND MINIMUM WAGE, THE WHOLE PACKAGE OF MINIMUM WAGE AND BENEFITS IN NEW JERSEY IS JUST AS HIGH AS HIGH ANYWHERE ELSE IN THE COUNTRY.

SO WE HIRE PEOPLE WITH ABSOLUTELY NO SKILLS NEXT YEAR, IT'S GOING TO COST US ABOUT $40,000 A YEAR FOR SOMEONE WHO'S MAYBE 17 YEARS OLD AND HAS ABSOLUTELY NO SKILLS, WHICH IS A LOT MORE THAN IT WAS ABOUT SIX OR SEVEN YEARS AGO.

SO AS A RESULT OF THAT, WE'VE SPENT THE LAST FOUR YEARS REALLY INVESTING IN AUTOMATION TO KIND OF ELIMINATE ANY OF THOSE UNSKILLED JOBS.

>> HOW ARE YOU FEELING ABOUT THE ECONOMY?

THERE'S SOME CONCERNS HEADING INTO NEXT YEAR.

DO YOU SEE YOURSELF INVESTING IN THE BUSINESS?

DO YOU EXPECT TO EXPAND?

>> EVEN IF THERE IS A DOWNTURN, WE DON'T FORESEE HAVING TO LAY PEOPLE OFF.

WE'RE RUNNING WITH THE RIGHT NUMBER OF PEOPLE FOR ANY LEVEL OF VOLUME THAT WE THINK IS GOING TO HAPPEN OVER THE NEXT YEAR.

WE'RE NOT SEEING DEMAND SOFTENING EITHER FOR MANUFACTURED GOODS.

WE'RE A MANUFACTURER OF BASEBALL HATS AND BACKPACKS AND THINGS LIKE THAT.

WE DO A LOT OF WORK FOR CORPORATIONS AND THE FEDERAL GOVERNMENT.

WE'RE AS BUSY AS WE'VE EVER BEEN.

>> IT'S BEEN GREAT TO CATCH UP WITH YOU.

THANK YOU SO MUCH FOR YOUR TIME TODAY.

GOOD TO SEE YOU.

>> YOU'RE WELCOME.

THANKS A LOT.

>>> ONE GROUP THAT'S TRYING TO BRING MORE JOBS TO NEW JERSEY IS CHOOSE NJ, THAT WOOS COMPANIES TO SET UP SHOP HERE IN THE GARDEN STATE.

LAST YEAR, THE GROUP ASSISTED 32 COMPANIES IN RELOCATING OR EXPANDING IN NEW JERSEY, BRINGING THOUSANDS OF NEW JOBS.

NEW CHOOSE NJ HAS SOME NEW FIRE POWER AS THE NEW JERSEY CEO COUNCIL IS BECOMING PART OF THE CHOOSE NJ.

THE COUNCIL WAS FORM BY GOVERNOR MUR IDENTIFY DURING THE COVID-19 PANDEMIC TO HELP MINORITY COMMUNITIES DISPROPORTIONATELY IMPACTED BY THE PANDEMIC AND TO INCREASE MINORITY HIRING AT NEW JERSEY'S COMPANIES.

CHOOSE NJ PRESIDENT AND CEO SAYS WESLEY MATTHEWS SAYS THEY'LL BE TAPPED TO RECRUIT NEW COMPANIES TO THE STATE.

>> MOST IMPORTANT TO OUR BREAD AND BUTTER TO THE ORGANIZATION IS USE MEMBER OF THE COUNCIL.

AS YOU ALLUDED TO IN, SOME CASES, YOU KNOW, CEO TO CEO OUTREACH MIGHT BE THE MOST BENEFICIAL, WHAT I CALL, LAST MILE ADVOCACY.

AND IN THOSE INSTANCES, WE'LL REQUEST THE INTERVENTION OF MEMBERS OF THE CEO COUNCIL.

>> A NEW SPORTS BETTING BUSINESS HAS BEEN LAUNCHED IN JERSEY, FOUNDED BY AN EATON TOWN NATIVE AND OFFERS A TWIST.

RATHER THAN BET ON THE GAMES, YOU BET ON THE PLAYERS.

THINK OF IT AS A STOCK MARKET FOR ATHLETES.

YOU CAN PLACE BETS ON THE HIGHS AND LOWS OF THEIR GAME-DAY PERFORMANCES AND CAREERS.

VINNY BARRARA IS FOUNDER OF THE APP CALLED MOJO.

HE TOLD ME HE CAME UP WITH THE IDEA 20 YEARS AGO, BUT BACK THEN, SPORTS BETTING WASN'T LEGAL.

NOW, THOUGH, IT'S A DIFFERENT ENVIRONMENT IN TERMS OF REGULATION, AND IT'S ENABLED YOU TO PUSH THIS FORWARD.

>> MY CLOSE FRIEND MARK LAURIE, SERIAL ENTREPRENEUR CALLS ME AND SAYS, I THINK THIS IDEA WE HAD 20 YEARS AGO, WITH THE EMERGENCE OF ONLINE GAMING, GAMBLING IN THE STATES, I THINK THIS IDEA COULD NOW -- WE SHOULD DO IT AGAIN.

IT'S THE BEST IDEA WE'VE EVER HAD.

IT'S THE HOLY GRAIL.

WE CAN DO IT THE RIGHT WAIT A MINUTE WE DON'T HAVE TO DO IT WITH TRADING CARDS.

WE CAN DO IT WHERE IT LOOKS AND FEELS LIKE ROBIN HOOD OR COIN BASE.

BUT INSTEAD OF COMPANIES OR CRYPTO, YOU'RE INVESTING IN ATHLETES.

>> IN TERM OF ATHLETES, WHAT SPORTS ARE COVERED HERE?

HOW DO YOU DECIDE WHICH ATHLETES YOU CAN BASICALLY BET ON?

>> SO, WE STARTED IN NEW JERSEY AND STARTED WITH THE NFL AND THEN ACTUALLY MOST RECENTLY WE INTRODUCED COLLEGE ATHLETES AS WELL, COLLEGE FOOTBALL ATHLETES.

ULTIMATELY THE VISION IS TO HAVE EVERY SPORT, EVERY ATHLETE, NOT JUS IN THE UNITED STATES, BUT ACROSS THE WORLD.

>> HOW'S IT GOING SINCE YOU LAUNCHED?

>> AMAZING.

THE RECEPTION HAS BEEN INCREDIBLE.

WE'VE GOT TENS OF THOUSANDS OF DOWNLOADS AND, THE PRICES OF THE PLAYERS FLUCTUATE BASED ON HOW THEY PLAY ON THE FIELD.

IF YOU PREDICT PLAYERS RIGHT, WHETHER THEY'RE GOING TO DO BETTER OR WORSE THAN PROJECTSED -- BECAUSE YOU CAN GO SHORT AS WELL -- YOU CAN MAKE MONEY THAT WAY.

>> IS THAT TYPICALLY HOW IT WORKS -- GOOD PERFORMANCE AND GAME DAY YOU'RE GOING TO SEE YOUR STOCK RISE?

>> YEAH.

THE WAY IT WORKS IN ESSENCE IS THERE'S THREE FUNDAMENTAL COMPONENTS OF OUR MARKET.

THE FIRST ONE IS THERE'S THE STOCK THAT YOU OWN.

AND WE THOUGHT IT WAS REALLY IMPORTANT THAT WHEN WE TALKED ABOUT THE STOCK THAT IT HAD SOMETHING CALLED INTRINSIC VALUE.

WHAT THAT MEANS FOR US IS IF YOU OWN STOCK IN ANY PLAYER ON MOJO, YOU'RE ENTITLED TO A GUARANTEED PAYOUT BASED ON A STATISTIC.

IT'S BASED ON THE CAREER OF A PLAYER.

WHEN YOU PICK A PLAYER TO INVEST IN, YOU'RE INVESTING IN THAT CAREER.

BUT THE OTHER THING WE WANTED TO DO WAS WE WANTED TO MAKE SURE THERE WAS LIQUIDITY.

YOU DIDN'T WANT TO HOLD THIS ASSET SO LONG.

YOU CAN IF YOU WANT, BUT YOU WANT TO MAKE SURE YOU CAN GET IN AND OUT AT ALL TIMES, AND THE PRICES ARE CHANGING TAULT, SO THERE'S A BUY PRICE AND SELL PRICE FOR TO YOU INSTANTLY GET IN AND OUT.

>> I READ A-ROD WAS AMONG YOUR INVESTORS, IS THAT THE CASE?

>> YES, HE'S ALSO A COFOUNDER.

IT'S MARK LAURIE, MYSELF, ALEX RODRIGUEZ, AND BART STEIN.

MARK AND ALEX GOT CLOSE A FEW YEARS AGO WHEN THEY WERE LOOKING TO BUY THE METS.

THEY'VE SINCE BOUGHT THE MINNESOTA TIMBERWOLFS.

WHEN MARK CALLED ME TO SAY WE SHOULD TRY THIS IDEA AGAIN, HE BROUGHT ALEX AND BART, AND WE DECIDED TO CREATE THE COMPANY.

>> YOU HAVE COME UP WITH SOME AMAZING COMPANIES OVER YOUR LIFETIME, AND YOU HAVE BEEN ABLE TO SELL THEM AND HAVE DONE QUITE WELL.

WHAT'S THE BEST ADVICE THAT YOU WOULD GIVE SOMEBODY WHO WANTS TO BE LIKE YOU, A SERIAL ENTREPRENEUR WHO'S EXCEEDINGLY SUCCESSFUL WITH THE IDEAS YOU COME UP WITH?

>> YOU'VE GOT A BIG BOLD VISION THAT ALLOWS TO YOU ATTRACT AND RETAIN AMAZING PEOPLE, IT GIVES YOU THE THIRD THING, CAPITAL.

IF YOU CAN GET CAPITAL AND PEOPLE, THAT SETS YOU UP FOR SUCCESS.

MARK CALLS IT VCP.

>> IT'S BEEN GREAT HEARING ABOUT THIS APP.

I WISH YOU THE BEST OF LUCK WITH IT.

THANKS FOR YOUR TIME.

>> THANK YOU.

>>> NOVEMBER MARKS THE START OF OPEN ENROLLMENT FOR NEW JERSEY'S HEALTH INSURANCE MARKETPLACE, GET COVERED NEW JERSEY.

THE MARKETPLACE ENABLES PEOPLE WHO AREN'T COVERED BY EMPLOYER PLANS OR MEDICARE TO OBTAIN HEALTH INSURANCE.

NEW JERSEY BANKING AND INSURANCE COMMISSIONER SAYS THERE ARE MORE OPTIONS FOR RESIDENTS THIS YEAR, AND 9 OUT OF 10 PEOPLE WHO APPLY WILL QUALIFY FOR FINANCIAL ASSISTANCE.

>> BECAUSE OF THE AMERICAN RESCUE PLAN ACT, WE HAVE THE INCREASED AMOUNT OF THE FINANCIAL HELP, WHICH IS WHY I ENCOURAGE THE NEW JERSEYANS TO GO BACK AND LOOK AT THEIR PLANS, AND INDIVIDUAL WHO IS MAY NOT HAVE EQUALLED BEFORE FOR FINANCIAL HELP MAY QUALIFY THIS YEAR FOR FINANCIAL HELP.

>> WE'RE PUTTING HEALTH-CARE IN FOCUS ON "NJ BUSINESS BEAT" THIS WEEK, LOOKING AT A HOSPITAL FINANCES, THE SHORTAGE IN HEALTH-CARE WORKERS, AND THE TROUBLING ISSUE OF HEALTH INEQUITIES IN OUR STATE.

ACROSS THE COUNTRY, HOSPITALS ARE AILING.

SINCE THE PANDEMIC THEY'VE FACED INTENSE PRESSURES ON RESOURCES AND STAFF, AND THINGS HAVE ONLY GOTTEN WORSE.

HEALTH-CARE CONSULTING COMPANY KAUFMAN HAUL SAYS HOSPITALS ARE LIKELY TO FACE BILLIONS OF DOLLARS IN LOSSES THIS YEAR, MAKING 2022 THE MOST DIFFICULT YEAR SINCE THE PANDEMIC.

OPERATIING -- ARE EXPECTING TO FALL 37% COMPARED TO PREPANDEMIC LEVELS.

MORE THAN HALF THE HOSPITALS IN THE COUNTRY ARE FORCED TO END THIS YEAR WITH NEGATIVE MARGINS.

A BIG REASON ARE THE COST PRESSURES AND INFLATION THEY'RE EXPERIENCING.

THE COST FOR FSUPPLIES ARE UP $11 BILLION.

THE COST FOR DRUGS, UP $1 BILLION.

TOTAL EXPENSES WILL RISE BY $135 BILLION BY THE END OF THIS YEAR, AND THAT INCLUDES HIGHER WAGES FOR WORKERS.

FOR MORE ON THE HEALTH OF HOSPITALS, I SUPPOKE WITH ERIC SWANSON, SENIOR VICE PRESIDENT AT KAUFMAN HALL.

IT'S REALLY GOOD TO HAVE YOU, ESPECIALLY WHEN WE'RE FOCUSED IN ON WHAT'S HAPPENING WITH HOSPITALS IN NEW JERSEY AND ELSEWHERE.

KAUFMAN HALL RECENTLY PUT OUT A REPORT THAT LOOKS AT HOSPITAL FINANCES AND SOME OF THE CHANNELS.

WHAT ARE THE BIGGEST CONCERNS FACING HOSPITALS RIGHT NOW IN TERM OF THEIR FINANCIAL WELL BEING?

>> SOME OF THE PRIMARY CHALLENGES THAT HOSPITALS ACROSS THE UNITED STATES ARE FACING ARE REALLY TWOFOLD.

ONE IS A DRAMATIC INCREASE IN EXPENSES ACROSS THE BOARD.

AND SECONDLY IS THAT HOSPITALS ARE SEEING FEWER BUT SICKER PATIENTS THAT ARE STAYING IN THOSE HOSPITALS LONGER.

>> LET'S TALK ABOUT THE EXPENSE SIDE.

HOW MUCH OF THAT IS WAGE PRESSURES?

WE KNOW THOSE STORIES ABOUT HOW MUCH HOSPITALS WERE PAYING FOR VISITING NURSES IN THE MIDST OF THE PANDEMIC.

ARE THERE STILL SERIOUS STAFFING SHORT ANNALS AT HOSPITALS?

>> THERE ABSOLUTELY ARE.

SO, THE CHIEF CHALLENGE WITH EXPENSES FOR HOSPITALS TODAY IS INDEED LABOR EXPENSES, AND THERE ARE REALLY TWO PRIMARY REASONS THAT IT IS CHIEF AMONG THEM.

FIRST IS THE COMPETITION FOR MANY INDIVIDUALS SUCH AS SUPPORT STAFF AND CLINICIANS HAS INCREASED.

THERE ARE LARGE COMPANIES SUCH AS WALMARTS, AMAZONS AND OTHERS WHO HAVE INCREASED THEIR WAGES WHICH HOSPITALS NOW HAVE TO COMPETE AGAINST.

ADDITIONALLY, TRAVEL NURSES HAVE TRAVELED THROUGHOUT THE COUNTRY TO TAKE CARE OF PATIENTS IN AREAS THAT NEEDED IT, THEY ARE IN SUCH HIGH DEMAND THAT THE RATES THOSE NURSES COMMAND ARE 200% ABOVE PREPANDEMIC LEVELS.

>> WE'RE ALSO SEEING PROCEDURES SHIFT AWAY FROM HOSPITALS.

THIS WAS A TREND THAT WAS HAPPENING BEFORE THE PANDEMIC, BUT IN TERMS OF MOVING PROCEDURES TO ASCs, AMBULATORY SERVICE CENTERS, HOW MUCH IS THAT GOING TO CONTINUE TO IMPACT HOSPITALS GOING FORWARD ON THE BOTTOM LINE?

>> WE EXPECT THAT GIVEN THE CONVENIENCE AND ABILITY FOR PATIENTS TO ACCESS CARE THROUGH THOSE SETTINGS OUTSIDE OF THE HOSPITAL WALLS, THEY WILL CONTINUE TO CHOOSE TO DO SO, AND ULTIMATELY WITH THOSE VOLUMES SHIFTING AWAY FROM HOSPITALS, IT WILL FURTHER STRESS THE FINANCES OF THOSE ORGANIZATIONS.

>> WE KNOW THAT HEALTH-CARE EXPENSES ARE RISING IN TERMS OF INSURANCE COST.

HOW DOES THAT IMPACT HOSPITALS?

>> THE PRIMARY DRIVERS OF EXPENSES OF THE HOSPITALS ARE THE SAME TYPES OF EXPENSE INCREASES THAT WE OURSELVES EXPERIENCE, AND AS SUCH, THEY ARE ULTIMATELY HAVING TO BEAR THE BURDEN OF THOSE INCREASED EXPENSES.

ULTIMATELY THE RENEGOTIATION WITH INSURANCE PROVIDERS DO NOT PLAY INTO THE ROLE OF THE CARE THEY'RE PROVIDING TO PATIENTS.

>> IT'S PRETTY DISCOURAGING.

IS THERE A SILVER LINING?

DO YOU HAVE THE IDEA HOSPITAL FINANCES WILL BEGIN TO IMPROVE?

AND WHAT'S THE IMPACT ON PATIENT CARE, IF ANYTHING?

>> PATIENT CARE HAS REMAINED PARAMOUNT, AND OUR HEALTH-CARE SYSTEMS STRIVE TO ENSURE CARE IS DELIVERED SAFELY AND EFFECTIVELY TO THOSE WHO NEED IT.

IN TOEFRMS A SILVER LINING LOOKING FORWARD, WHILE WE CAN'T PROGNOSTICATE AND I DON'T HAVE A CRYSTAL BALL, WHAT I WILL SAY IS WHILE WE'RE SEEING -- AS COVID PATIENTS BECOME MORE COMFORTABLE WITH ACCESSING CARE, THAT WILL ULTIMATELY HELP HOSPITALS.

ADDITIONALLY, AS SOME OF THOSE INFLATIONARY PRESSURES, IF THEY DO ULTIMATELY BEGIN TO WANE SOMEWHAT, THAT WILL HELP EASE THE BURDEN ON HOSPITALS AS WELL.

>> ERIC, THANK YOU SO MUCH FOR YOUR TIME.

>> THANK YOU SO MUCH FOR HAVING ME.

>>> EVEN WITH FINANCIAL CHALLENGES, HOSPITALS CONTINUE TO INVEST IN IMPROVING PATIENT CARE.

THE NEW JERSEY HOSPITAL ASSOCIATION POINTS OUT IN A NEW REPORT THAT DURING THE PANDEMIC'S FIRST YEAR, 26 MILLION STATE RESIDENTS RECEIVED $3.4 BILLION IN FREE AND DISCOUNTED CARE AND OTHER PROGRAMS TO SUPPORT COMMUNITY HEALTH.

THAT INCLUDES $2 BILLION IN CHARITY CARE, MORE THAN $224 MILLION TO BETTER TRAIN STAFF AND IMPROVE CARE, AND $43 MILLION IN PREVENTION AND WELLNESS CARE.

ONE OF THOSE HOSPITALS IS BERGEN NEW BRIDGE MEDICAL CENTER, A SAFETY NET FACILITY WITH A MISSION TO SERVE BERGEN COUNTY'S DIVERSE COMMUNITIES I TALKED WITH THE PRESIDENT AND CEO ABOUT HOW THE HOSPITAL HAS BEEN STRENGTHENING ITS SERVICES WHILE ALSO CARING FOR AN UPSTTICK OF PATIENTS DUE TO FLU AND COVID PATIENTS.

WELCOME TO "NJ BUSINESS BEAT."

IT'S GREAT TO TALK WITH YOU.

>> THANK YOU.

IT'S GREAT TO BE HERE.

>> I WANT TO START FIRST WITH WHAT YOU'RE SEEING IN THE HOSPITAL ON A DAY-TO-DAY BASIS.

WE KEEP READING THIS IS GOING TO BE A ROUGH FLU SEASON.

ARE YOU STARTING TO SEE SIGNS OF INCREASED ILLNESS IN THE COMMUNITY?

>> WE'RE SEEING A LOT OF PEOPLE GETTING SICK WITH COVID AGAIN SOME WE ARE STARTING TO SEE A REBOUND THERE, AND WE ARE STARTING TO SEE A REBOUND IN FLU ACTIVITY, AND PLUS WE'RE SEEING SOME OF THE YOUNGER MEMBERS OF OUR COMMUNITIES, SOME OF THE CHILDREN, COMING DOWN WITH RSV, ON UPPER RESPIRATORY ILLNESS.

MOST OF THEM HAVE BEEN RSV, BUT THERE'S BEEN FLU AS WELL.

SO WE ARE STARTING TO SEE AN UPTICK IN RESPIRATORY ILLNESSES IN OUR COMMUNITIES.

>> HOSPITALS HAVE DEALT WITH SO MANY CHALLENGES.

THANK YOU YOU AND OUR HEALTH-CARE WORKERS FOR KEEPING THE COMMUNITY SAFE.

I WANT TO POINT OUT YOU PLAY A UNIQUE ROLE IN THE COMMUNITY AS A SAFETY NET HOSPITAL.

WHY IS A HOSPITAL LIKE YOURS VITAL TO THE AREA?

>>, SO YES, BERGEN NEW BRIDGE MEDICAL CENTER, THE LARGEST HOSPITAL IN NEW JERSEY IS A SAFETY NET HOSPITAL PROVIDING CARE AND ACCESS TO HEALTH CARE FOR ALL THOSE IN OUR COMMUNITIES THAT NEED US, REGARDLESS OF THEIR PAYER ABILITY OR THEIR IMMIGRATION STATUS.

OUR DOORS ARE OPEN TO ANYONE THAT NEEDS HEALTH CARE IN OUR COMMUNITY.

SO WE ARE A VITAL ASSET AND A RESOURCE FOR NOT JUST THE COUNTY OF BERGEN, BUT ALSO FOR THE STATE OF NEW JERSEY.

>> I READ THAT THE AMERICAN HOSPITAL ASSOCIATION IS URGING FOR MORE FUNDING TO COME TO SAFETY NET HOSPITALS.

I'M SURE THE FINANCIAL SIDE OF THINGS MUST BE ALWAYS ONE OF THOSE CHALLENGES YOU HAVE TO DEAL WITH.

>> YES, AS A SAFETY NET HOSPITAL, OUR FINANCES ARE ALWAYS FRAGILE, SO WE ALWAYS HAVE TO BE, YOU KNOW, AWARE OF OUR ABILITY TO MAINTAIN FISCAL SUSTAINABILITY BY GROWING OUR SERVICES AND REACHING OUT INTO OUR COMMUNITIES AND, YOU KNOW, BEING ABLE TO CONTINUE TO PROVIDE THOSE SERVICES WITH REDUCED FUNDING IS REALLY CHALLENGING AT TIMES.

AND, YOU KNOW, WE CERTAINLY ALWAYS LOOK FOR WAYS THAT WE CAN DIVERSIFY OUR PAYER MIX AND GET FUNDING FROM OUR STATE AND FEDERAL COLLEAGUES.

>> IN THE MIDST OF THESE CHALLENGES, THOUGH, THE HOSPITAL HAS BEEN UNDERGOING A TRANSFORMATION.

YOU RECENTLY MARKED THE FIVE-YEAR MARK WITH A BIT OF A CELEBRATION.

WHAT HAS HAPPENED?

WHAT HAVE YOU BEEN DOING TO REALLY CHANGE THE FOOTPRINT OF THE HOSPITAL?

AND I KNOW YOU HAVE PLANS FOR MORE CHANGES NEXT YEAR AS WELL.

>> WE BRING HEALTH CARE TO WHERE THE PEOPLE ARE, SO WE DON'T JUST LOOK AT HEALTH CARE WITHIN THE WALLS OF THE MEDICAL CENTER.

WE GO DEEP INTO OUR COMMUNITIES OF VULNERABILITY, OUR COMMUNITIES OF COLOR.

WE PARTNER WITH FAITH LEADERS IN OUR COMMUNITIES IN ORDER TO BE ABLE TO DETERMINE WHAT THOSE COMMUNITIES NEED SOME THAT'S BEEN PART OF OUR TRANSFORMATION IS REALLY ENGAGING WITH OUR COMMUNITY.

AND THE OTHER PART OF OUR TRANSFORMATION IS ABOUT EMBRACING OUR QUALITY AND SAFETY PILLARS.

YOU KNOW, WE HAVE -- WE RECEIVED THE LEAPFROG "A" SCORE, TOP HOSPITAL, TOP TEACHING HOSPITAL IN THE COUNTRY.

AND SO THAT, EMBRACING THAT QUALITY AND SAFETY BANNER IS VITAL TO US.

>> IT'S BEEN SO GOOD TO HEAR WHAT'S HAPPENING AT YOUR HOSPITAL, AND THANK YOU AGAIN FOR YOUR TIME.

>> THANK YOU.

IT'S MY PLEASURE TO BE WITH YOU.

THANK YOU SO MUCH, RHONDA.

>>> NEW DATA FROM DEFINITIVE HEALTH CARE FINDS 334,000 HEALTH-CARE WORKERS LEFT THEIR JOBS LAST YEAR DUE TO PANDEMIC RELATED STRESS, BURNOUT, OR RETIREMENT.

AND IT'S PROJECTED THAT NEW JERSEY WILL FACE A BIGGER SHORTAGE OF DOCTORS AND OTHER HEALTH-CARE WORKERS IN THE NOT TOO DISTANT FUTURE.

STATE ASSEMBLY MAJORITY LEADER LOU GREENWALD INTRODUCED A PACKAGE OF BILLS AIMED AT ENTICING WORKERS INTO THE PROFESSION.

>> THE PANDEMIC ACCELERATED AND SOME RESPECTS HEIGHTENED THE AWARENESS OF THE LOOMING SHORTAGE AND ENCOURAGED SOME PEOPLE WHO HAVE CHOSEN TO GO INTO EARLY RETIREMENT FROM THE PROFESSION.

THIS IS AN OPPORTUNITY FOR US NOT TO JUST KEEP OUR TALENT HERE AT HOME, BUT TO BE A MAGNET FOR TALENT ACROSS THE COUNTRY, TO LOCATE TO NEW JERSEY, TO TAKE ADVANTAGE OF THESE GOOD PAYING JOBS.

>> THIS MONTH, NEW JERSEY'S COVID-19 PANDEMIC TASK FORCE ON RACIAL AND HEALTH DISPARITIES IS HOLDING MEETINGS TO MAKE RECOMMENDATIONS ON HOW TO ADDRESS INEQUITIES IN HEALTH CARE, WHICH IS A LONGSTANDING PROBLEM.

BUT WE CAN SPEND OUR HEALTH-CARE DOLLARS DIFFERENTLY IN ORDER TO ADDRESS THOSE INEQUITIES.

THAT'S THE OPINION OF AN OBSTETRICIAN WHO'S PRESIDENT OF THE NEW JERSEY MEDICAL ASSOCIATION, AND A BOARD MEMBER OF THE NEW JERSEY BLACK WOMEN'S PHYSICIANS ASSOCIATION.

INEQUITIES IN HEALTH CARE HAS LONG BEEN A PROBLEM, NOT JUST IN NEW JERSEY, BUT IN THE COUNTRY AS A WHOLE, AND MANY PEOPLE BECAME MORE AWARE OF THIS AFTER THE PANDEMIC.

GIVEN ALL THE MONEY THAT'S SPENT ON HEALTH CARE IN THIS COUNTRY, WHY DO WE CONTINUE TO SEE THESE INEQUITIES?

>> IN THE UNITED STATES, WE SPEND A LOT OF MONEY ON HEALTH CARE.

BUT WE REALLY HAVE A SYSTEM RIGHT NOW THAT ADDRESSES PEOPLE WHEN THEY'RE SICK AND NOT ADDRESSING PREVENTIVE MEDICINE AND ADDRESSING PEOPLE TO HAVE, KEEP, AND MAINTAIN WELLNESS.

AND SO WE'RE ALWAYS KIND OF BEHIND THE 8 BALL.

>> HOW DOES THAT CREATE THE HEALTH INEQUITIES IN TERMS OF OUR PREVENTIVE CARE SERVICES AND WELLNESS PROGRAMS, NOT SOMETHING THAT MEMBERS OF MINORITY COMMUNITIES PARTAKE IN OR ARE THEY NOT AVAILABLE FOR THEM?

>> ACCESS TO HEALTH CARE IS AN ISSUE FOR MANY UNDERSERVED POPULATIONS.

I THINK OVERALL AS A CULTURE, WE HAVE TO EMBRACE WHAT HEALTH AND WELLNESS MEANS.

AND SO IN ORDER TO DO THAT, THAT'S SOMETHING THAT HAS TO BE BUILT OVER TIME, AND UNFORTUNATELY, LIKE I SAID, OUR SYSTEM IS REALLY BUILT ON TREATING PEOPLE WHEN THEY'RE SICK.

ANY TIME YOU HAVE AN ILLNESS OR A PROBLEM, IT'S GOING TO BE MORE DIFFICULT TO TREAT WHEN THAT ILLNESS IS ADVANCED.

>> I READ A REPORT FROM DELOITTE THAT CAME OUT OVER THE SUMMER THAT SAID INEQUITIES ARE CURRENTLY COSTING THE U.S.

HEALTH-CARE SYSTEM ABOUT $320 BILLION, WITH A PREDICTION THAT THIS NUMBER IS JUST GOING TO BALLOON OVER THE NEXT COUPLE OF YEARS.

HOW DO WE SHIFT THE MONEY BEING SPENT TO SOME OF THAT PREVENTIVE CARE SO THAT WHEN YOU'RE SEEING PATIENTS, YOU'RE NOT SEEING THEM AT A POINT WHERE THEY REALLY SHOULD HAVE BEEN IN TO SEE YOU MONTHS AGO?

>> SO, HEALTH DOESN'T START WHEN YOU WALK INTO THE HOSPITAL.

HEALTH STARTS WHERE YOU LIVE, WHERE YOU WORK, HOW YOU GET TO WORK.

IF I -- I, YOU KNOW, HAVE MANY PATIENTS WHO I CAN DIAGNOSE WITH A CHRONIC ILLNESS, BUT IF THEY DON'T HAVE THE MEANS TO GET THE MEDICATION, IF THEY DON'T HAVE ACCESS TO HEALTHY FRUITS AND VEGETABLES, IF THEY DON'T HAVE A SAFE SPACE TO EXERCISE AND TO MAINTAIN MOVEMENT, THAT'S WHERE WE HAVE TO ADDRESS THE SOCIAL DETERMINANTS OF HEALTH.

>> AND HOW ARE WE DOING IN TERMS OF NEW JERSEY?

DO YOU SEE PROGRAMS AND OPPORTUNITIES WHERE IMPROVEMENTS ARE BEING MADE, OR DO WE NEED TO STEP IT UP A BIT?

>> I WORK VERY CLOSELY IN THE MATERNAL CHILD HEALTH SPACE, AND WE ARE MAKING MANY STRIDES TO BE INNOVATIVE.

WE HAVE LEGISLATURE ON OUR SIDE IN TERMS OF TRYING TO CREATE PRO PROGRAMS TO IMPROVE.

BUT, YOU KNOW, THERE'S A LOT OF WORK TO DO.

>> DOCTOR, THANK YOU SO MUCH FOR YOUR TIME TODAY.

I APPRECIATE IT.

>> YOU'RE WELCOME.

>>> THAT DOES IT FOR US THIS WEEK.

REMEMBER TO SUBSCRIBE TO OUR NJ SPOTLIGHT NEWS YOUTUBE CHANNEL TO GET ALERTED WHEN WE POST NEW EPISODES AND CLIPS.

NEXT WEEK WE FOCUS ON THE POWER OF UNIONS IN NEW JERSEY, AND WHETHER ORGANIZED LABOR IS AT RISK OF LOSING RECENT GAINS.

I'M RHONDA SCHAFFLER.

YOU ENJOY THE REST OF YOUR WEEKEND.