The report also found that, during the same period, Piedmont Newton provided more than $4 million in uncompensated care while sustaining 1,823 full-time jobs throughout the county and state.
“We see the difference we make in the lives of our patients and their loved ones daily,” Jim Weadick, CEO of Piedmont Newton, said. “This report gives us a comprehensive view of our impact outside hospital walls.”
The report revealed that Piedmont Newton had direct expenditures of nearly $82 million in 2014. When combined with the economic multiplier developed by the United States Department of Commerce’s Bureau of Economic Analysis, the total economic impact of those expenditures was more than $187 million.
This output multiplier considers the “rippled” effect of direct hospital expenditures on other sectors of the economy, such as medical supplies, durable medical equipment and pharmaceuticals. Economic multipliers are used to model the resulting impact of a change in one industry on the “circular flow” of spending within an economy as a whole.
“Piedmont Newton has served the community and provided very good care for over 60 years,” Weadick said. “We are proud to be a part of Piedmont Healthcare, a leading healthcare system in Georgia, and to be able to contribute to the health and well-being of people living in the communities we serve.”
According to the same economic impact report, Piedmont Healthcare generated more than $1 billion in revenue for the local and state economy. In addition to sustaining 19,836 full-time jobs across the state, Piedmont Healthcare provided nearly $85 million in uncompensated care in 2014.
For more information, visit piedmont.org.