Dec 5, 2008
Hospitals Release Annual Report on Community Benefits & Economic Impact
Key findings of the report include:
· Within the IRS definition of Community Benefits, the value of the community benefit programs and services provided by all acute-care Virginia hospitals exceeded $727 million in 2006. This included charity programs, community benefit programs and services and Medicaid shortfalls.
· Additional benefits economic benefits by Virginia hospitals and healthcare systems that are outside of the IRS definition include Medicare shortfall ($414 million), bad debt expenses ($356 million), community building ($2 million) and taxes paid ($111 million).
· Virginia hospitals economic impact in 2007 totaled $28.4 billion, including $12.6 billion in direct spending, and nearly 98,000 direct Virginia-based jobs.
We’d like to offer congratulations to our clients on this amazing achievement, both the report and the impact they provide Virginia.
At McGuireWoods Consulting, both Frank Atkinson and Steve Horton are proud to work with the VHHA on a range of issues.