HSHS Holy Family Hospital is a key contributor to Illinois’ economy, creating well-paying jobs to bolster working families while enhancing the health and well-being of the communities we serve. According to a recent report, HSHS Holy Family Hospital provides 383 direct and indirect jobs for the community and generates a total annual impact of $78.8 million on local and state economies.
The report on HSHS Holy Family 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: Crucial for Community Health and Economic Stability.
“We are proud to serve our community by providing essential health care services, strengthening the economy and community health, and supporting working families with good jobs,” said Holy Family Hospital President and CEO Kelly Sager. “While the pandemic has challenged us in many ways, Holy Family remains committed to serving our community in these essential ways and remaining the community’s first choice for quality health care.”
Among the report’s key findings:
HSHS Holy Family Hospital employs 157 people directly, expending $12,769,946 a year on direct payroll, and creates 226 in indirect jobs totaling $17,825,568 in indirect payroll.
HSHS Holy Family Hospital spends $46,703,468 on supplies and $1,506,683 in capital improvements—both direct and indirect—for a total of $48,210,151 combined.
HSHS Holy Family Hospital has a total annual economic impact of $78,805,665.
Sager continued, “HSHS Holy Family Hospital continually takes steps to boost the local economy and advance health care services offered to the residents of this region. For example, in the first phase of upgrades to our hospital, we invested $3.8 million in our outpatient surgery center that fully opened in the summer of 2021. This led to onboarding new general and orthopedic surgeons to provide care for our community,” she said.
It was recently announced that Holy Family Hospital, in partnership with Hospital Sisters Health System (HSHS), will soon begin the second phase of upgrades which will remove the unoccupied structures that formerly housed the nursing home facility, to provide additional efficiencies for the facility. Additionally during this phase, continued improvements will be made to the hospital and medical office buildings.
“As we journey through this phase, we will remember our past and celebrate the good work that was done in the nursing home, formerly Fair Oaks, while ensuring for another generation of care,” shared HSHS Holy Family Hospital President and CEO Kelly Sager.
As they impact the local economy, hospitals also contribute significantly to community health and well-being. For example, during the last fiscal year (July 1, 2020-June 30, 2021), HSHS Holy Family Hospital provided over $3.5 million in community support through benefits to those who are uninsured/underinsured and for community health services.
In addition, the IHA report identifies the economic impacts of Illinois hospitals statewide:
One in 10 Illinois jobs is in healthcare.
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 needed health care around the clock, they strengthen local economies and employ local residents, and they lead and fund initiatives to improve individual and community health,” says IHA President and CEO A.J. Wilhelmi. “Illinois hospitals are crucial to communities—a role we’ve seen magnified many times by the pandemic and the incomparable care they’ve provided.”
Estimates of the Illinois hospitals’ economic benefits were based on the Regional Input-Output Modeling System II (RIMS-II) developed by the U.S. Bureau of Economic Analysis (BEA). The Final Demand multipliers, obtained from BEA RIMS-II, were applied to 2020/2021 Medicare cost report data of hospital jobs and spending to obtain the “ripple” effect of jobs and spending throughout the economy.