Ohio’s medical colleges and teaching hospitals had a $42.6 billion economic impact on the state in 2011, according to a recent report commissioned by the Ohio Council of Medical School Deans.
The University of Toledo College of Medicine and Life Sciences and its teaching hospitals alone had an economic impact of $5.6 billion on Ohio last year.
“It is important to understand the significant economic impact Ohio’s medical schools and teaching hospitals have on the state. One in every $20 in the Ohio economy is attributed directly or indirectly to academic health care,” said Dr. Jeffrey P. Gold, UT chancellor and executive vice president for biosciences and health affairs and dean of College of Medicine and Life Sciences, who serves as chair of the Ohio Council of Medical School Deans.
The council commissions economic impact studies every five years, with similar studies completed in 2007 and 2002. The firm TrippUmbach recently finished the 2012 study with 2011 data to show medical schools’ impact on the economy, jobs, tax revenue and other key economic metrics.
“These factors have been systematically studied for more than 10 years, all demonstrating important trends,” said Gold, who recently presented the data to Toledo leaders and will speak to legislators in Columbus and Washington in the future.
The economic impact in Ohio grew $5.4 billion since the 2007 study; that is attributed to the growing academic health-care industry and the increase in core hospitals and teaching affiliates associated with the state’s medical schools.
The academic health-care industry in Ohio also has an important impact on jobs in the state with more than 463,000 full-time equivalent positions in 2011 directly or indirectly tied to the industry; that was an increase by 38,000 positions from 2007. Currently, one in every 12 workers in Ohio works directly or indirectly for a medical school or teaching hospital.
For UT specifically, more than 57,000 full-time equivalent jobs are tied to the College of Medicine and Life Sciences and its teaching hospitals.
The academic health-care industry also generates more than $1.8 billion in state taxes, brings in more than $710 million in National Institutes of Health research grant funding, and provides $3 billion in uncompensated care.
The Ohio Council of Medical School Deans compiles this economic impact information regularly to demonstrate the impacts of the state’s medical colleges and teaching hospitals and to better direct its collaborative efforts to meet health-care delivery challenges.
Ohio’s seven medical colleges are the UT College of Medicine and Life Sciences, Wright State University Boonshoft School of Medicine, University of Cincinnati College of Medicine, Ohio State University College of Medicine, Ohio University Heritage College of Osteopathic Medicine, Case Western Reserve School of Medicine and the Northeast Ohio Medical University Colleges of Medicine and Pharmacy.