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TRH has $46 million local impact

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Hospital employed 525 people in 2016, accounted for 8.4 percent of all wages in county

By Zac Oakes

 

A recent study from the Kentucky Hospital Association detailed the multi-million dollar impact that Taylor Regional Hospital has on the local economy. 

Taylor Regional Hospital CEO Jane Wheatley released a statement about the study, thanking the community for its support of the hospital. 

“We appreciate the support we receive from the community, without their help we would not be able to grow and offer the level of services that are provided,” Wheatley said. “This report is based on 2016 numbers, so it is a snapshot of what happened at that time;  since then we have continued to grow and employee over 700 people.  We are proud of all of our team members, physicians, allied staff and volunteers who provide high quality care everyday to Taylor and surrounding counties.  We are proud to be a part of a growing, progressive community."

The study, released earlier this week, studied Taylor Regional Hospital’s economic impact in the year 2016, in which TRH spent more than $46 million on employee wages and salaries, as well as purchases of supplies and services. 

In 2016, according to the study, Taylor Regional Hospital generated an annual local payroll of $35.1 million, which comprised approximately 8.4 percent of all wages and salaries in Taylor County. 

“In every community, the local hospital is vitally important, not only for the health care services they provide, but for their contribution to the economy,” a statement from the Kentucky Hospital Association included in the study reads. “The jobs and payroll generated by Kentucky’s hospitals supply tax revenue to state and local governments, and support other Kentucky businesses through the purchase of goods and services. These dollars have a “ripple effect” as they move through the larger economy, supporting other businesses and jobs in the community as well as generating tax revenue used to fund state programs.” 

In 2016, Taylor Regional Hospital employed 525 people, making it one of the largest employers in Taylor County. It is estimated, according to the report, that TRH employees spent an estimated $13.2 million in local purchases, placing money back into the local economy. 

The report also states that the hospital generates nearly $11.3 million annually in purchases from local companies and spent $3.9 million in 2016 on capital projects. 

In tax revenue, in 2016, Taylor Regional Hospital paid more than $700,000 in city and county occupational taxes, as well as $1.1 million in provider taxes to help support the Medicaid program that is matched with federal funds to support $3.6 million in state Medicaid spending. 

The report also states that TRH employees generated more than $2.9 million in income and sales taxes in 2016. 

Listed below are a few other notable facts from the economic impact study: 

 

• In 2016, Taylor Regional Hospital cared for 2,703 patients. 

• In the course of the year, 348 babies were delivered at TRH. 

• Nearly 24,000 patients were treated in the TRH Emergency Room and there were a total of 102,722 outpatient visits to the hospital. 

 

One area of the report discusses the impact of reductions in reimbursements from Medicare and Medicaid. 

“Since Taylor Regional Hospital is such an important part of the state and local economies, reductions in reimbursement from Medicare and Medicaid have a direct impact on the entire economy – not just the hospital,” the report states. 

With 71 percent of patients treated at the hospital covered by government programs, the study concludes that reductions could have significant effects on the local economy. Among the possible effects mentioned are an approximate loss of $3.5 million in wages and salaries for hospital employees, which could potentially lead to a loss of jobs; a reduction of approximately $573,000 in state and local government tax revenue, and the potential ripple effects to other businesses, creating a loss of $11.4 million in regional sales and a reduction of nearly $4.5 million in regional wages and salaries. 

The full report can be accessed from the Taylor Regional Hospital website at http://www.trhosp.org/docs/Taylor_Regional_Report.pdf