Employs 327 people; generates additional 787 jobs for the community
Watseka Ill. – Iroquois Memorial Hospital is a key contributor to Illinois’ economy, creating good-paying jobs to bolster working families while enhancing the health and well-being of the communities we serve. According to a new report, Iroquois Memorial Hospital provides 787 direct and indirect jobs for the community, and generates a total annual impact of $77.6m on the state economy.
The report on Iroquois Memorial Hospital’s Economic Impact was developed in conjunction with the Illinois Health and Hospital Association (IHA) and its statewide economic impact report, Illinois Hospitals and Health Systems: Powerful Economic Drivers.
“We are proud to serve our community by providing essential healthcare services, strengthening the state economy and supporting working families with good jobs,” said Don Williams, CEO, Iroquois Memorial Hospital. “Our spending on supplies and capital improvements spurs economic activity in the community. Iroquois Memorial Hospital has a critical role in Illinois’ economy.”
“To continue to retain and create jobs, attract businesses to our community, and provide access to high-quality healthcare services, Illinois hospitals must have the funding support they need to remain fiscally sound,” said Williams.
Among the report’s key findings:
- Iroquois Memorial Hospital employs 327 people directly, expending $19,652,530 a year on direct payroll, creating 461 in indirect jobs with $27,035,986 in indirect payroll.
- Iroquois Memorial Hospital spends $30,346,344 on supplies and $540,001 capital—both direct and indirect—for a total of $30,886,345 combined.
- Iroquois Memorial Hospital has a total annual economic impact of $77.6m.
In addition, the report identifies the economic impact of Illinois hospitals statewide:
- Illinois hospitals and health systems have a total impact of $101.3 billion annually on the state’s economy.
- One in every 10 Illinois jobs is in healthcare, with the state’s hospitals and health systems employing about 285,000 people, representing 205,000 direct jobs (FTEs).
- Illinois healthcare employment has grown by 32.1% between 2000 and 2019. In contrast, overall Illinois employment, after declining in 2010, has grown by 2.8% in recent years.
- Healthcare and social assistance leads Illinois’ job growth, creating MORE Illinois jobs for working families than any other industry. Between 2000 and 2019, this sector created 211,300 new jobs compared to manufacturing losing 279,900 jobs. In addition, the sector is expected to grow 13.5% by 2026.
- For every hospital job in Illinois, 1.4 jobs are created in other sectors.
- For every dollar hospitals and health systems spend, an additional $1.40 is generated in state and local economies.
“Illinois hospitals and health systems provide vital healthcare 24 hours a day, seven days a week, 365 days a year to millions of people across our state, regardless of their ability to pay. Often unnoticed, though, is the critical impact Illinois hospitals have on their local economies and our state’s economy,” says IHA President and CEO A.J. Wilhelmi. “In addition to serving as centers of healing and hope, Illinois hospitals are also powerful drivers of economic activity and jobs. They spur additional economic activity through spending on goods, services and capital improvements.”
“To continue to attract business, create jobs and maintain community health, it is critical that Illinois have strong and adequately funded healthcare providers,” Wilhelmi adds. “Illinois hospitals have sustained billions and billions of dollars in state Medicaid and federal Medicare cuts since 2010. Just as lives depend on our hospitals, our hospitals depend on the support of government and the public.”