BayCare: An Economic Engine for the Region, State
One benefit of having BayCare in the Tampa Bay region is the exceptional health care that it provides to the community. Here’s another: BayCare has an annual $8.5 billion economic impact in Florida—29 percent higher than just four years ago, according to a study released in 2020 by the Washington Economics Group (WEG).
BayCare is one of the largest employers in the region, but its economic impact extends far beyond the salaries and benefits it pays that support those team members and their families.
BayCare’s rapid growth and large real estate footprint make it a valuable contributor to the incomes of engineers, architects, construction workers, suppliers, vendors and consultants with whom BayCare contracts. WEG, a South Florida economics consulting firm, determined that BayCare fuels $3 billion in household income each year. And even in a year that saw a global pandemic impact the entire health care industry, BayCare demonstrated its economic strength and commitment to serving the community’s health by continuing or completing major construction projects.
St. Joseph’s Hospital New Patient Tower
A new patient tower and elevated pedestrian bridge for St. Joseph’s Hospital were completed in 2020, with the patient tower finished ahead of schedule to provide more rooms to accommodate a patient census swollen by COVID-19. Also completed in 2020 was an expansion of St. Joseph’s Hospital-North that doubled its capacity and added new service areas. The topping out ceremony for a large expansion of Mease Countryside Hospital was held in May, and the BayCare HealthHub™ in South Tampa opened in November. Also in 2020, BayCare broke ground for its 16th hospital, in the Wesley Chapel area of Pasco County, and decided to build a new and expanded South Florida Baptist Hospital in Plant City to replace the existing hospital. Construction continued on a new 90-room patient tower at St. Anthony’s Hospital in St. Petersburg.
The WEG study found that BayCare’s capital improvements plus its purchases of state-of-the-art equipment such as a first-in-Florida digital PET/CT scanner for BayCare Imaging will create $4.8 billion in economic impact through 2025.
Mease Countryside Hospital Bilheimer Tower Under Construction
While BayCare’s impacts and influence extend beyond Tampa Bay, its primary service areas are Pinellas, Hillsborough, Polk and Pasco counties, and each of those counties and their residents enjoy a substantial economic boost from BayCare’s presence. WEG’s study showed those annual impacts are $3.2 billion in Pinellas County, $2.9 billion in Hillsborough County, $799 million in Polk County and $348 million in Pasco County.
As BayCare grows, the community grows too. Each construction project or equipment purchase that BayCare makes is designed to enhance the health system’s ability to provide the community with high-quality care.
“This study is a reflection of BayCare’s financial stewardship and operational efficiencies, which translates into better service for our community,” said BayCare President/CEO Tommy Inzina. “Our organization is committed to delivering high-quality care for patients, valuing team members, supporting our community’s health, continuing to grow and helping our region thrive.”
To watch a video and read more, visit BayCareEconomicImpact.org.