Wayne Memorial Hospital Generates $122,429,963 for Local and State Economy
In 2016, Wayne Memorial Hospital in Jesup generated more than $122,429,963 in revenue for the local and state economy, according to a recently released report by the Georgia Hospital Association, the state’s largest hospital trade association. During the same time period, Wayne Memorial provided approximately $5,458,590 in uncompensated care while sustaining more than 892 full-time jobs throughout Jesup and Georgia.
Wayne Memorial also had direct expenditures of more than $53,214,223 in 2016. The total economic impact of those expenditures was more than $122,429,963 when combined with an economic multiplier developed by the United States Department of Commerce’s Bureau of Economic Analysis. 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. Economic multipliers are used to model the resulting impact of a change in one industry on the “circular flow” of spending within an economy as a whole.
“Not only does Wayne Memorial help keep the residents of Jesup healthy,” said Hospital CEO Joe Ierardi, “but it also plays an integral role in guarding and enhancing our area’s economic health. We are thankful for the Jesup community’s partnership with our hospital and will continue to work hard to ensure that area residents have access to the highest quality health care services available.”
Wayne Memorial is a major component of the area’s economic strength; however, the hospital’s leadership, like the rest of the Georgia hospital community, is concerned about economic challenges that affect the hospital’s ability to deliver timely and efficient care. A fast-growing uninsured population and inadequate payments from government insurance programs like Medicare and Medicaid have made it increasingly difficult to meet the community’s health care needs. In 2016, 40 percent of all hospitals in Georgia operated with negative total margins.
“We are extremely concerned about the current operating environment for hospitals,” said Ierardi. “We have made a commitment to all citizens of this community to be available 24 hours a day, 365 days a year. But our ability to do so is compromised when so many of our patients are either uninsured or severely underinsured.”
According to Ierardi, every community needs nearby access to a strong, vibrant health care system that will not only meet the health care needs of its residents, but also attract other industries and businesses to the area.
“Our local health care system is not only the primary guardian of health in our community, but also a major economic engine in this area that is directly responsible for 892 jobs,” said Ierardi. “It is our hope that our elected officials will join us in our efforts to protect our health care system and preserve access to health care for every resident of Jesup and Southeast Georgia.”