Dive Brief:
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U.S. healthcare and social assistance revenue for the first quarter of 2016 was estimated at $597.3 billion, according to the latest Quarterly Services Survey from the U.S. Department of Commerce.
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That amounts to an increase of 0.7% from the fourth quarter of 2015 and 5.2% from the first quarter of 2015, the report found.
- A breakdown shows spending on ambulatory care up 7.4% and on hospitals up 4.2% in Q1 2016 compared to Q1 2015.
Dive Insight:
Wednesday's Commerce Department report indicating strong overall revenue growth in service sector firms was received as a positive counterpoint to the Bureau of Labor's May report indicating the lowest monthly job gain in the U.S. since 2010. From either perspective, however, healthcare is a beacon of light, having led the existing May job growth and performed among the top service sectors for spending growth in Q1 2016 from Q1 2015.
Revenue was up in 10 of the 12 service sectors, with only three of those sectors surpassing the healthcare and social assistance increase of 5.2%. Those were information at 5.8%; real estate and rental and leasing at 9.9%; and professional, scientific, and technical services at 5.9%.
Among ambulatory halthcare services, the breakdown showed outpatient care centers leading the spending increase at 11%, followed by physicians' offices at 7.4%.
For hospitals, spending at specialty facilities grew by 6.1%, beating out growth at general and sugical hospitals, as well as psychiatric and substance abuse hospitals.