Friday, April 26, 2013
Study shows OSU Medical Center, OSU College of Osteopathic Medicine support 5,000 jobs, generate $257 million for Oklahoma's economy
An economic impact study conducted by the Oklahoma Cooperative Extension Service released today indicates the Oklahoma State University Medical Center (OSUMC) and the OSU College of Osteopathic Medicine in Tulsa support 5,000 direct and indirect jobs and generate more than $257 million in economic impact across Oklahoma each year.
"The OSU Medical Center provided $24.55 million in charitable care last year to the medically underserved in northeast Oklahoma. While we believe the value of that care goes far beyond a dollar calculation, we wanted to determine the actual economic contribution of the entire OSU Medical Center and the OSU College of Osteopathic Medicine to Oklahoma's economy," said Diane Rafferty, chief executive officer of the medical center. "We believe many people may not fully appreciate the scope and magnitude of the contribution of these two medical entities to our state. As this report confirms, both entities make substantial contributions, and the benefits they produce stretch from Tulsa to virtually every corner of the state."
Built in 1943, the OSUMC is a 249 bed, full-service urban hospital employing approximately 900 people. In addition, OSUMC serves as the primary teaching hospital for OSU's nationally ranked College of Osteopathic Medicine, which specializes in training primary care physicians to address the state's growing physician shortage. The state ranks 49th in the nation in the number of primary care physicians. The medical college currently has 455 students and support 154 residency programs at OSUMC.
"The OSU Medical Center and the College of Osteopathic Medicine provide hundreds of well paying, skilled jobs in both urban and rural Oklahoma. Every dollar of public support is matched by more than $24 of market-generated activity, all of which contributes to the substantial impact this report details," said Brian Whitacre, Ph.D., associate professor of agricultural economics at OSU. "While our study underscores the economic contribution of the OSU Medical Center and the college to Oklahoma's economy, the value to rural Oklahoma citizens in having a doctor's office in their town is incalculable."
Operations, payroll, supplies, construction, transactions, income and visitor spending related to the OSUMC support 2,375 direct and indirect jobs and generate $122 million in economic impact earned income. The economic activity leads to $2.1 million in state, local and county tax collections.
Moreover, OSUMC houses the largest osteopathic residency program in the United States with 154 slots and the vast majority of whom practice in Oklahoma after they finish their residency. Since 2004, these practices have generated $135 million in economic activity annually and support more than 2,650 direct and indirect jobs, including a sizable number of jobs outside of the health care sector.
"This study confirms both the economic and social impact the OSU medical school and teaching hospital are generating in Tulsa, northeast Oklahoma and across this state," said Burns Hargis, president of OSU. "Tulsa relies on our teaching hospital, OSU Medical Center, to provide the greater part of indigent care in the region. In fact, last year the hospital recorded more than 46,000 emergency room visits and provided more than $24.5 million in charity care.
"For our medical school, the majority of our residency slots are at our teaching hospital. Our teaching hospital not only offers an excellent training environment, but also a place where students discover the value and meaning of caring for those in the community who may be less fortunate when it comes to access to medical care," said Hargis.
Howard Barnett Jr., president of Oklahoma State University–Tulsa and OSU Center for Health Sciences said, "The lifelong economic impact these physicians and their medical practices have on our state and communities goes well beyond the economic snapshot captured in this report. Our state depends on our medical school and teaching hospital to supply well-trained physicians to staff emergency rooms and rural hospitals and serve both urban and rural citizens. This report shows we are in fact a noteworthy economic driver for our state. However, economics aside, we never lose sight of our mission to provide health care for all who come through our doors and train young men and women for a lifetime of service as doctors."
View the complete report at http://agecon.okstate.edu/faculty/publications/4484.pdf.
The OSUMC has offered exceptional health care for more than 68 years. Located in downtown Tulsa, the medical center is the largest osteopathic teaching facility in the country. There are 11 residency programs and 9 fellowship programs at OSUMC that train more than 150 residents in primary care and sub-specialties on an annual basis. Together, the OSU Center for Health Sciences and OSUMC have trained more than 2,000 physicians. OSUMC provides numerous specialized services, including cardiology care, interventional radiology and comprehensive wound care. The medical center also partners with OSU Center for Health Sciences and Diagnostic Imaging Associates to provide medical care to Oklahoma's rural communities with a Mobile Cardiology Unit as well as a telehealth program. OSU TeleHealth includes 36 regional hospital and clinic partners making it the largest statewide telehealth program in the state.