Wayne Memorial Hospital Generates $125,698,452 for Local and State Economy
Jesup, GA – In 2014, Wayne Memorial Hospital in Jesup generated more than $125,698,452 in revenue for the local and state economy according to a recent report by the Georgia Hospital Association, the state’s largest hospital trade association. The report also found that, during the same time period, Wayne Memorial provided approximately $7,094,001 in uncompensated care while sustaining more than 911 full-time jobs throughout Jesup and the rest of the state.
The report revealed that the hospital had direct expenditures of more than $55,019,895 in 2014. When combined with the an economic multiplier developed by the United States Department of Commerce’s Bureau of Economic Analysis, the total economic impact of those expenditures was more than $125,698,452. 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.
“While Wayne Memorial is well known for its role in meeting the health care needs of the residents of Jesup and Southeast Georgia, it also plays an integral role in protecting our area’s economic health,” said Joe Ierardi, CEO of the hospital. “We are so appreciative of the Jesup community’s unwavering support of their local hospital and will continue to work hard to ensure that the residents of this area have access to the best and safest health care services available.”
While Wayne Memorial remains a major component of the area’s economic engine, the hospital’s leadership, like the rest of the Georgia hospital community, is concerned about a wide array of economic challenges that have made it increasingly difficult to meet the community’s health care needs, including a fast-growing uninsured population. Presently, 41 percent of all hospitals in Georgia are operating with negative margins.
“We’re extremely concerned about the current operating environment for hospitals,” said Ierardi. “We’ve made a commitment to every citizen of this community to be there for them 24 hours a day, 365 days a year. However, our ability to do so is being compromised when so many of our patients are either uninsured or severely underinsured.
According to Ierardi, state lawmakers must work to protect the state’s health care system with the same fervor that they do other initiatives like education and public utilities.
“Our local health care system is indispensable,” said Ierardi. “It is not only the primary guardian of health in our community, but it is a major economic engine in this area that is responsible for 911 jobs. It is our hope that our elected lawmakers will join us in our efforts to protect our local health care system and preserve access to health care for every resident of Jesup and surrounding communities.”