BayCare Generates $10 Billion in Economic Impact Annually
BayCare, the leading not-for-profit health system on Florida’s West Coast, has grown by 17% as a regional economic engine since 2020, generating $10 billion in economic impact in Florida, according to a study released by BayCare and Washington Economics Group today. Following a pandemic that resulted in shutdowns, high patient loads and a stressed workforce, BayCare recovered to create new jobs and facilities while expanding its reach in underserved areas.
“The pandemic was deeply challenging for health care providers, and it also proved our resilience and capacity to continue to create value as civic partners in the region,” said Stephanie Conners, BayCare president and CEO. “As a key economic engine, BayCare has delivered regional impact, high-quality jobs and innovation for more than two decades.”
An expansive, 16-hospital network with one of the largest medical groups in the region, BayCare generated $3.7 billion in household income in 2022 and supported 63,526 jobs, about half of which were BayCare roles. With a contribution to Florida’s Gross Domestic Product (GDP) of $5.4 billion, BayCare’s operations provided nearly $1.2 billion in revenues to federal, state, and local governments.
This is the third BayCare study to be completed by Washington Economics Group. In 2016 and 2020, BayCare’s total economic impacts were $6.6 billion and $8.5 billion, respectively. The study found that BayCare is “a catalyst for economic development in the four counties of West Central Florida, as well as in the entire state of Florida.”
During the three years from 2020 through 2022, BayCare grew its total number of employees and expanded its operations in Pinellas, Hillsborough, Pasco and Polk Counties. Rising to meet health care demand in the region, BayCare completed planned capital projects, adding new clinics, hospital units, urgent care centers and BayCare HealthHubs. BayCare Hospital Wesley Chapel opened in spring of 2023, and a replacement South Florida Baptist Hospital will open in 2024. Plans are underway for BayCare’s first hospital in Manatee County, and BayCare recently announced it would construct a new, specifically designed replacement facility for St. Joseph’s Children’s Hospital in Tampa. “Due to the financial stewardship of the BayCare boards and leaders over time, we are in a solid position to continue growing to serve the health care needs of the region,” Conners said.
Named a top employer by Great Place to Work® and Fortune magazine and the Tampa Bay Times as well as one of 100 PEOPLE Companies that Care®, BayCare continued to attract top talent to the region with high-wage, high-skilled jobs. In 2022, BayCare contributed $700 million in employee benefits, including $53 million in education and development for its workforce. According to the study, “BayCare’s excellence as an employer offering competitive wages, strong benefits and a positive work culture, has been well-documented nationally and contributes to the community’s overall workforce standards.”
Following an updated four-county Community Health Needs Assessment (CHNA) in 2022, BayCare and its community partners in Pinellas, Hillsborough, Polk and Pasco counties expanded outreach into underserved areas while working to address food insecurity, behavioral health needs, and access to health care. In 2022, BayCare channeled $492 million, about 10% of net operating revenue, into community benefit programs. This number included $429 million in health services to uninsured or under-insured patients and $63 million in health education and wellness in the community, which reduces the burden on government services.
Examples of BayCare’s Community Benefit include Healing Bags for food-insecure patients, the free On Our Sleeves children’s mental health resources, and the Mobile Response Teams in partnership with law enforcement in Pasco and Hernando Counties.
According to the study, “BayCare as a non-profit organization dedicated to the community also produces significant qualitative impacts on the whole society in the state and West Central Florida,” including:
- Strengthening economic development in sectors that are innovation-driven, high wage and high-skilled; contributing to region’s reputation and corporate culture;
- Providing health services to the underserved as a civic partner, reducing the burden on the public sector to provide for hospital stays;
- Offering the most generous threshold in the region in identifying those who qualify for financial assistance (250% of poverty level).
For more information about the BayCare Economic Impact Report or to obtain a copy, visit Economic Impact (baycare.org).