The Economic and Community Impacts of the UVM Health Network
The University of Vermont (UVM) Health Network is a non-profit integrated health delivery system that includes five hospitals in Vermont and northern New York and serves a population of approximately one million people. UVM Health Network’s value is reflected not only in the care that its members provide in Vermont and northern New York, but through its economic and community impact in the region it serves. That impact includes spending in the region, the availability of highlevel jobs for local residents, innovative research, taxes that go directly back to the state and local governments, and the community engagement of the UVM Health Network and its employees.
The UVM Health Network retained Tripp Umbach to quantify the economic, employment, government revenue, and community impacts of the Network. To produce its report, Tripp Umbach gathered and analyzed relevant data related to the operations and activity of the Network’s members.
At the time of study, the UVM Health Network included the following four hospitals:
- The University of Vermont Health Network – Central Vermont Medical Center
- The University of Vermont Health Network – Champlain Valley Physicians Hospital
- The University of Vermont Health Network – Elizabethtown Community Hospital
- The University of Vermont Medical Center
Economic Impact Findings - FY2014
- Economic Impact — The UVM Health Network contributes more than $2.24 billion in economic impact to the states of Vermont and New York.
- Employment Impact — The UVM Health Network’s combined direct and indirect/induced employment impact for the states of Vermont and New York is 19,243 jobs.
- State and Local Government Revenue Impact — The UVM Health Network generates more than $144.6 million in state and local government revenue impacts by means of spending in the region. In addition, because Vermont assesses provider taxes to generate matching federal funds for the state’s Medicaid program, Vermont collected an additional $90.7 million in federal funding based on taxes paid by the UVM Medical Center and Central Vermont Medical Center.
- Community Impact — The UVM Health Network hospitals provided more than $199 million in community benefits as measured by the IRS Form 990. In addition, employees of the UVM Health Network engage with the community on their own time, including through volunteering time and donating money to local causes. Across the UVM Health Network, Tripp Umbach estimates the value of that time and money as an additional $20.3 million in impacts to the community.
About Tripp Umbach
Tripp Umbach is the national leader in providing economic impact analysis to leading health care organizations and academic health centers. The firm has completed more than 100 economic impact studies over the past 10 years for clients such as the Mayo Clinic Rochester, The Cleveland Clinic, University of Florida Shands HealthCare, and the Ohio State University Medical Center. In addition to work on multiple occasions for the six medical schools and academic medical centers in Pennsylvania, Tripp Umbach has completed statewide studies for multiple institutions in Ohio, Virginia, South Carolina, Wisconsin, and Minnesota.
The Association of American Medical Colleges (AAMC) relies on Tripp Umbach to complete a study of all U.S. medical schools and teaching hospital affiliates. Tripp Umbach has completed five such studies for AAMC since 1995.
Tripp Umbach has also completed economic impact studies for cancer centers such as the CURE Funding for PA Cancer Alliance, The Wistar Institute, Ohio State University’s James Cancer Center and Solove Research Center, Ohio State University’s Comprehensive Cancer Center, Penn State Milton S. Hershey Medical Center’s Cancer Institute, Mayo Clinic/Allegheny General Hospital Cancer Services planning, UPMC Hillman Cancer Center feasibility and economic impact projections study, University of Pennsylvania projected economic impact of the Cancer Center as a component of the Civic Center project, and University of Florida Shands Healthcare economic impact projections.
For more information, please contact Tripp Umbach at www.trippumbach.com.