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.
Join the Discussion
After you comment, click Post. You can enter an anonymous Display Name or connect to a social profile.
Gas Tax Increases Still a Hard Sell in States and Congress1 hour ago
Job Growth in State Government Remains Sluggish in 20161 hour ago
Obama Wants to Tax Oil Companies to Fund Green Transit2 hours ago
Source: Massachusetts Governor Will Endorse Christie4 hours ago
TV's Montel Williams Ready to Return to GOP for Kasich4 hours ago
2016 Obamacare Enrollment Exceeds Last Year's by 1 Million4 hours ago