Memorial Hospital Generates $103.9 Million Annual Economic Impact,
Employs 241 People and Generates 325 Additional Jobs for the Community

 

Carthage, IL – Memorial Hospital is a key contributor to Illinois’ economic growth by creating good-paying jobs supporting working families while promoting community health and well- being. According to a new report, Memorial Hospital provides 566 direct and indirect jobs for the community, generating a total annual impact of $103.9 million on the local and state economy.

The report on Memorial Hospital’s economic impact was developed in conjunction with the Illinois Health and Hospital Association (IHA), whose statewide economic impact report underscores the important role of Illinois hospitals as powerful economic drivers.

“Memorial Hospital is dedicated to our community. We provide lifesaving care and healthcare services that enhance individual and community health and well-being,” said Ada Bair, CEO of Memorial Hospital and Hancock County Senior and Childcare Services. “We are also proud of  our role in strengthening the local economy and supporting families with good-paying jobs.”

 Among the report’s key findings:
? Memorial Hospital employs 241 people directly, expending $24,415,592 a year on direct
payroll, and creates 325 indirect jobs with $33,180,790 in indirect payroll.

 
? Memorial Hospital spends $40,605,059 on supplies/services and $5,706,525
capital—both direct and indirect—for a total of $46,311,584 combined.

? Memorial Hospital has a total annual economic impact of $103.9 million.
IHA’s statewide economic impact report highlights the following:
? Hospitals pump $117.7 billion into the state economy; 
? One in 10 Illinois jobs is in healthcare;
? For every Illinois hospital job, another 1.4 jobs are created in other sectors; and
? Hospitals employ 190,000 Illinoisans in good-paying jobs.

“As strong community anchors, Illinois hospitals and health systems generate a tremendous amount of economic activity. They are major employers who provide good-paying jobs and large buyers of supplies and services,” said IHA President and CEO A.J. Wilhelmi. “Their impact on the economy comes in addition to the work of providing essential healthcare services, enhancing individual and community health and well-being, and addressing health disparities so  all individuals can achieve optimal health.”

Estimates of the Illinois hospitals’ economic benefits were based on the Regional Input-Output Modeling System II (RIMS-II) developed by the U.S. Bureau of Economic Analysis (BEA). The Final Demand multipliers, obtained from BEA RIMS-II, were applied to 2022/2023 Medicare cost report data of hospital jobs and spending to obtain the “ripple” effect of jobs and spending throughout the economy.

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About Memorial Hospital

Memorial Hospital is committed to delivering outstanding healthcare. Memorial Hospital is a 501(c)(3), nonprofit critical access hospital, which employs over 300 individuals, offers emergency, surgical, imaging (x-ray), laboratory, seven clinics throughout
the region, specialty clinics, and more. Memorial Hospital has served the residents of Hancock County and surrounding areas since 1950. For more information, find us on the web at www.mhtlc.org