Ohio’s academic health care industry is an increasingly vital component of the state’s economy. In fact, Ohio ranked sixth in the nation, behind only New York, Pennsylvania, California, Massachusetts and Texas, in terms of the economic impact of its academic health care industry. The seven medical colleges across the state that share patient care, teaching and research missions, are catalysts that spur growth in overall revenue, employment, health care services and biomedical advancements.
GENERATING REVENUE
- In 2007, the combined economic impact of Ohio’s academic health care industry—the seven medical colleges and their teaching affiliates—equaled more than $37.2 billion, an increase of $16.5 billion since 2002.
- For every $1.00 provided by the state in direct support for Ohio-based medical colleges, approximately $10.00 is returned in tax revenue.
- Out-of-state visitor spending by patients, patient visitors and conference attendees at the medical colleges and teaching hospitals equaled approximately $1.7 billion in 2007.
- Medical school graduates who remain in the state after graduation to practice medicine represent an additional impact of nearly $700 million annually.
BOOSTING EMPLOYMENT
- In 2007, Ohio’s academic health care industry accounted for 425,000 total Ohio FTEs (full-time equivalent positions).
- One in every 12 workers in Ohio works directly or indirectly for a medical school or teaching hospital.
PROVIDING HEALTH CARE
- Teaching hospitals comprise less than 6% of the nation's acute care hospitals, however, estimates show they provide 50% of uncompensated care in the United States.
- The total amount of uncompensated care provided by Ohio’s medical colleges and teaching affiliates equaled nearly $2.8 billion in 2007.
- Beyond economic benefits, medical colleges and teaching hospital residency programs train physicians who are likely to locate their practices locally, provide a wide range of community outreach and volunteer services to the underserved and provide uncompensated care to the state’s increasing number of uninsured residents.
SPURRING BIOMEDICAL ADVANCEMENTS
- Ohio’s seven medical colleges attracted nearly 66% of the $628 million in highly competitive, National Institutes of Health research funding awarded to the state in 2007.
- Clinical and translational research at Ohio’s seven medical colleges has spurred growth in Ohio’s biomedical industry. According to a related study conducted by BioOhio and Tripp Umbach, in 2006, the commercial biosciences in Ohio accounted for an overall (direct and indirect) operational impact of more than $27 billion and an overall employment impact of over 128,000 jobs.