BayCare Thrives as a Powerful Economic Engine with an annual $8.5 Billion Impact in Florida
A 2020 Economic Impact Study from Washington Economics Group Shows a 29 Percent Increase from 2016
BayCare Health System continues to grow as a powerful economic engine with an $8.5 billion annual impact in the state of Florida, according to a study from the Washington Economics Group (WEG). That economic impact is 29 percent higher than just four years ago.
With more than 29,000 team members, BayCare is one of the largest employers in West Central Florida, fueling $3 billion in household income annually, the study shows. This economic impact makes BayCare a leading contributor of economic activity, overall employment and household income for the state.
“We’re thrilled to know that BayCare continues to be a healthy and financially sound health care system for our region,” said Tommy Inzina, president and chief executive officer at BayCare Health System. “As a strong and growing not-for-profit organization, that means we have more capacity to serve our patients and the community today and into the future.”
WEG, a Miami-based economics consulting firm, analyzed BayCare’s 2019 activities on operating and capital expenditures, patient care, community benefit, contributions to taxes, employment and salaries. The data analysis showed a significant increase in annual economic impacts compared to a 2016 report across all activities.
BayCare’s 15 hospitals fuel most of its annual economic impact with $5.9 billion, the study shows. Other contributors include BayCare Medical Group ($863 million), ambulatory services ($848 million), patient care and support services ($782 million) and BayCare Behavioral Health ($115 million).
BayCare’s geographic footprint means it’s making significant annual economic impacts in the counties it serves with $3.2 billion in Pinellas County, $2.9 billion in Hillsborough County, $799 million in Polk County and $348 million in Pasco County.
BayCare’s planned capital on innovative equipment and state-of-the-art facilities will generate $4.8 billion in economic impact through 2025. These capital improvements will help enhance overall quality care and efficiency throughout the system.
The WEG study also shows BayCare as a leader in team member investment, workforce diversity, competitive wages, strong benefits and an overall positive work culture. The health care system gives back more than 10 percent of its annual revenue to the community for uncompensated health care and community benefit services.
“This study is a reflection of BayCare’s financial stewardship and operational efficiencies which translates into better service for our community,” said Inzina. “Our organization is committed to delivering high quality care for patients, valuing team members, supporting our community’s health, continuing to grow and help our region thrive.”
For more information, visit BayCareEconomicImpact.org.
About BayCare Health System
BayCare is a leading not-for-profit health care system that connects individuals and families to a wide range of services at 15 hospitals and hundreds of other convenient locations throughout the Tampa Bay and central Florida regions. Inpatient and outpatient services include acute care, primary care, imaging, laboratory, behavioral health, home care, and wellness. Our mission is to improve the health of all we serve through community-owned, health care services that set the standard for high-quality, compassionate care. For more information, visit www.BayCare.org.
About the Washington Economics Group, Inc.
Founded in 1993, the Washington Economics Group is a boutique economic consulting firm specializing in comprehensive economic solutions for businesses and organizations. WEG possesses expertise in the economies of Florida, the U.S., and Latin America. For nearly 30 years, WEG has delivered consistent quality to our trusted clients supporting them by sharing their unique Economic Story. For more information on WEG, email them at email@example.com.