OSWEGO – A new report shows that St. Luke Health Services is a powerful player in the local economy, contributing $43 million to the regional annually.
The not-for-profit organization is the largest provider of residential skilled nursing and rehabilitation services in Oswego County, serving 200 residents daily. St. Luke and its affiliate organizations provide adult day services, skilled nursing, short-stay rehabilitation, senior housing and assisted living and support 474 local jobs, according to the report by LeadingAge New York.
On the whole, the economic impact of senior living and services providers statewide is a staggering $29 billion annually, powerfully fueling the economy from the local level up.
“When discussing economic drivers, one cannot overlook the healthcare sector and specifically the St. Luke organization here in Oswego County as having a significant impact measured not only by the jobs provided but also by the economic activity produced,” said St. Luke CEO and Administrator Terrence Gorman.
The report, “IMPACT: Services for the Elderly and Disabled – An Economic Powerhouse,” by LeadingAge New York, tallies the economic impact of long term care providers — nursing homes, assisted living and other care and services – at the state level and examines the field’s impact within each of the 10 state-designated economic regions with spotlights on 18 providers across the state, including St. Luke Health Services.
LeadingAge New York President James W. Clyne Jr. said the report illustrates the impact long term care providers such as St. Luke Health Services have not just on New York’s elderly, but on communities and the state in its entirety. The report can serve as a vital reference to lawmakers as they consider the state budget.
“Non-profits are well known for the quality of the care they provide,” Clyne said, “but legislators and policymakers often overlook the economic impact that long term care providers have on the local economy.”
In the Central New York alone, for example, the economic impact of long term care providers is more than $1 billion annually. The impact of these providers is not just in dollars, of course. The report details the number of jobs sustained by nursing homes alone – just one sector of the long term care field — statewide as well as within each of the economic regions. In the Central region, nursing homes support more than 8,000 jobs, and each worker pays taxes, buys food, clothing, household goods and services that encompass anything from haircuts to oil changes, child care to family dinners at a local diner.
“The services and supplies providers purchase and the wages they pay create a ripple effect in local economies and support other businesses and the jobs they bring,” Clyne said.
The regional provider spotlights throughout the report rely on RIMS-II multipliers to highlight the impact individual organizations have on regional economic activity. RIMS-II multipliers are commonly recognized tools for gauging the economic impact of an enterprise; representing both the direct spending as well as the impact that spending has on regional economic activity. The RIMS-II multipliers used to calculate impact in this report were produced by the Regional Product Division of the Bureau of Economic Analysis on Sept. 12, 2011.
LeadingAge New York (www.leadingageny.org) is the only statewide organization representing the entire continuum of not-for-profit, mission-driven and public continuing care, including senior housing, nursing home, adult care facility, continuing care retirement community, assisted living, home care, adult day health care and community services providers. LeadingAge New York’s more than 570 members serve an estimated 500,000 New Yorkers of all ages annually.
The St. Luke Family of Caring is an affiliation of community-based, not-for-profit healthcare providers serving the greater-Oswego County, NY area. Affiliates include St. Luke Health Services, Bishop’s Commons Enriched Living Residence in Oswego, and Michaud Residential Health Services in Fulton. Together they provide care and services to over 350 people, and together employ over 470 in the community.