The Economic Engine of a Hospital
With the stimulus package dominating the news, there is constant talk about the multiplier effect: Every dollar pumped into Medicaid, say, could translate into upwards ...
With the stimulus package dominating the news, there is constant talk about the multiplier effect: Every dollar pumped into Medicaid, say, could translate into upwards of $1.75 in economic impact -- depending on the fed match.
Now, Rhode Island Hospitals are bringing that multiplier home. Here's what they figure they are worth in stimulative effect:
Hospitals in Rhode Island spend $1 billion a year on goods and services. Ripple that through the local economy and it generates $2.2 billion.
In 2007, Rhode Island hospitals spent $200 million on capital improvements to their facilities, generating $400 million in the local economy.
Rhode Island hospitals' payroll is $1.6 billion (5 percent of the private workforce). When hospital employees spend that money, it is worth $3.2 billion in economic activity.
Well, that's one way for hospitals to let everyone know how important they are.
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