Study Documents BayCare's Role as Robust Economic Engine in Florida
Clearwater, Fla., (March 8, 2017) – A 2016 study recently released by the Washington Economics Group documented BayCare Health System’s $6.6 billion economic impact on the Florida economy and four counties it serves. With 26,900 employees, BayCare is the second largest private employer in the Tampa Bay region and supports $2.4 billion in household income annually.
The study assessed the downstream impact of salaries, system expenditures and contributions to taxes. It showed that BayCare’s economic impact extends beyond its operations in Pinellas, Hillsborough, Polk and Pasco counties. As the leading not-for-profit health system in West Central Florida, BayCare attracts other high-skilled industries that cluster around its facilities and offers knowledge-based jobs in health care, IT and professional services, supporting the goals of Florida’s economic development initiatives. The study also revealed that BayCare generates important social impact that improves the quality of life throughout the state and region.
“Our role as a vibrant economic engine was confirmed by the study,” said BayCare President and Chief Executive Officer Tommy Inzina. “While the numbers are impressive, we understand that economic and human impact go hand-in-hand. BayCare’s scale provides greater convenience and health care access to patients and offers both stability and career flexibility to employees and physicians.”
According to the study, most of BayCare’s economic impact results from hospital operations ($5.2 billion). Other key contributors were the BayCare Medical Group ($644 million), ambulatory services ($469 million), patient care and support services ($169 million), and BayCare Behavioral Health ($129 million). This economic impact makes BayCare a top contributor of economic activity and job opportunities in the region and state.
The analysis calculated the impact for each of the four counties BayCare serves and highlighted its role in strengthening the economic development strategy for each. Pinellas realized the largest impact at $2.6 billion, followed by Hillsborough at $2.2 billion, Polk at $541 million and Pasco at $263 million.
BayCare is financially sound and will generate $1.76 billion in economic impact through planned capital expenditures on state-of-the-art equipment and modernization of its facilities over the next five years.
“Our broad economic impact documented by the study is a direct reflection of BayCare’s financial stewardship and operational efficiencies. They have allowed us to remain a stable employer with the resources needed to care for underserved and vulnerable populations, which helps reduce public sector health costs,” said Inzina.
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 14 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. WEG possesses expertise in the economies of Florida, the U.S., Latin America as well as the global economy and emerging markets and delivers comprehensive and complete economic services to clients.