Winston-Salem, NC-- When it comes to the economy, not all news in Winston-Salem is bad. Just last week, Reynolds American Inc. (formerly RJR) announced layoffs from top to bottom within the entire company.
Monday, another major employer in Winston-Salem received good news from a report on their impact in the Triad. The independent study done specifically on the impact of Wake Forest Baptist Medical Center. It revealed the medical center provides extensive economic benefits locally, regionally and statewide.
According to the study, done by Battelle Memorial Institute, Wake Forest Baptist Medical Center has an impact of $3.8 billion in NC, VA and surround regional. It employs 13,588 people in Forsyth County alone.
The report also states that the medical center is accelerating growth of the nation's scientific base of knowledge, innovation and technology.
The Battelle report: Wake Forest Baptist is an exceptional economic asset for North Carolina and generates nearly $1.76 in county revenue for every $1 it spends in Forsyth County.
"The Battelle findings show Wake Forest Baptist is a highly productive and influential biomedical health science research and development institution in the U.S. and internationally while delivering major social and economic benefits in Forsyth County, the state and beyond," said John D. McConnell, M.D., chief executive officer of Wake Forest Baptist. "The report not only quantifies these benefits and impacts, but it also examines the depths of these contributions throughout the community and the state. And it reveals that Wake Forest Baptist has made the right choices for continued leadership in science and technology innovation, a key industry cluster of the state's economy."
The report finds the state benefits from not only the institution's widespread expenditure impacts but from the functional impacts of Wake Forest Baptist's health care, research, education and community outreach missions. The report breaks down the direct and indirect financial impact and benefits of Wake Forest Baptist's operations by county, service area and state. The direct and indirect economic impact of Wake Forest Baptist's operations in fiscal year 2011 supported a total of 30,608 jobs statewide.
The institution and related workforce received nearly $1.8 billion in wages and benefits that same year. Total federal tax revenue generated was nearly $335.3 million. State and local tax revenue generated was more than $161.6 million. Battelle shows Wake Forest Baptist is a significant social safety net for underinsured and uninsured citizens. In fiscal year 2011, the Medical Center provided $61.8 million in charity care, higher than the $25.4 million average for teaching hospitals. Additional community benefits provided include the unpaid proportion of Medicare, which cost $68.1 million in FY2011 and bad debt incurred totaled $25.6 million.
The Battelle Memorial Institute is considered one of the world's largest, nonprofit, independent research and development organizations.
Click on Wake Forest Medical Center to see full report.