Cone Health Has $2.2 Billion Economic Impact - Cone Health

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Published on November 02, 2011

Cone Health Has $2.2 Billion Economic Impact

In addition to providing exceptional care, Cone Health is a leading economic engine for the community. As the health network breaks ground today on a $18 million emergency department at Wesley Long Hospital, Cone Health announced results of an economic impact study showing it generates nearly 6 percent of the area’s total employment and fosters more than $2.2 billion in revenue for area businesses.

“While our commitment remains focused on delivering exceptional care to patients and families, quality healthcare also plays a critical role as an economic development engine for this region,” said Tim Rice, President and CEO of Cone Health. “The economic impact of Cone Health is easily as great as or greater than that of the International Home Furnishings Market and Guilford County Schools. Cone Health creates opportunities for skilled, clinical and professional talent, and next to having good quality schools, access to top healthcare is the most critical predictor of employer recruitment and retention.”

According to the study by The Center for Business and Economic Research at the Bryan School of Business and Economics at the University of North Carolina – Greensboro, Cone Health accounts for 4 percent of private economic activity in the region, an increase of more than 11 percent over the last decade. Gross domestic product in the region is estimated to be $1.2 billion higher because of Cone Health. For every person employed by Cone Health, two jobs are created in the region, and for every dollar paid by the network in wages, $1.70 in additional income is created as Cone Health employees spend those dollars on goods and services. In the wake of this growth and expansion, Cone Health was responsible in 2010 —directly or indirectly--for 18,198 jobs in the communities we serve. Also in 2010, Cone Health spent more than $13 million on new construction projects and more than $14 million on renovations and improvements. Cone Health construction spending generated directly and indirectly 444 jobs, more than $17 million in additional income and fostered nearly $47 million in additional revenue for local businesses.

The groundbreaking for the emergency department at Wesley Long Hospital is the latest example of more than $500 million Cone Health has invested over the last decade in facilities, equipment, and information technology with more than $350 million invested during the last five years.

To meet the healthcare needs of patients and families, Cone Health’s commitment to renovation and expansion of facilities includes:

• Wesley Long Hospital Emergency Department $18 million
• Wesley Long Hospital Parking Deck $7.5 million
• Wesley Long Hospital Renovations $37.5 million
• Cone Health Cancer Center Expansion $15 million
• Kernersville MedCenter & Urgent Care Center $15 million
• High Point MedCenter & Emergency Department $26 million
• Annie Penn Hospital Emergency Department $5.7 million
• The Moses H. Cone Memorial Hospital Power Plant $22 million
• Moses Cone Hospital North Tower $200 million

These investments do not include the network’s delivery of more than $800 million in uncompensated patient care since 2001, an amount that doubled in the last six years. In 2010, the network invested more than $8 million in training and education of healthcare professionals. Also in 2010, more than 11,000 people in our communities received medical screenings and more than 22,000 attended Cone Health education classes, support programs and health fairs.

Media Inquiries

For media inquiries related to Cone Health, contact:

Doug Allred
External Communications Manager
(336) 832-8659

On Twitter: @ConeHealthPR