Together, Floyd Medical Center and Polk Medical Center had a $705.5 million impact on the economy in 2016, according to the Georgia Hospital Association (GHA), the state’s largest hospital trade group. The GHA report is based on data collected in previous years, thus, the most recent report is based on information gathered for 2016.
According to the GHA report:
The two hospitals sustained more than 7,500 full-time jobs throughout Rome and the rest of the state. This includes 3,120 full and part-time employees at Floyd Medical Center, Polk Medical Center, Floyd Primary Care, Floyd Urgent Care and Willowbrooke at Floyd. In addition, Floyd generated household earnings of $142 million. The multiplier effect brings the earnings total to $276.9 million.
The two hospitals’ impact includes more than $306.6 million in direct expenditures. When combined with an economic multiplier, the total economic impact of those expenditures was $705.5 million. This output multiplier considers the ripple effect of direct hospital expenditures on other sectors of the economy, such as medical supplies, durable medical equipment and pharmaceuticals.
Note: The Sources of data cited by GHA are as follows: 2014 Georgia Department of Community Health Division of Health Planning Hospital Financial Survey; Medicare Cost Report Data; GHA Membership Directory; Beyond Health Care: The Economic Contribution of Hospitals, American Hospital Association, January 2014 update, AHA Trendwatch Chartbook 2014. Analysis based on Regional Input-Output Modeling System (RIMS II) multipliers for hospitals NAICS Code 622, released October 2014, Bureau of Economic Analysis, U.S. Department of Commerce. Multipliers are based on the 2010 Annual Input-Output Table for the Nation and 2010 regional data.