In the first-ever economic impact study commissioned and released by CarePoint Health, it is projected that CarePoint will contribute $750 million a year to the New Jersey economy between 2014 and 2017. This projection accounts for the millions of dollars in employee wages and capital investment flowing through the state as a result of CarePoint Health and its operation of three hospitals in Hudson County.
The study was conducted by the Bloustein School of Planning and Public Policy at Rutgers to determine the impact CarePoint Health has on the state's economy throughout the year. CarePoint Chief Executive Officer Dennis Kelly said it provides a measure of CarePoint's success in delivering essential medical services to Hudson County and northern New Jersey while turning around the financial performance of its three hospitals.
Joseph J. Seneca, Michael L. Lahr, and Will Irving helped prepare the Rutgers report, and looked at both direct spending and indirect impact by CarePoint. This means they studied the salaries, equipment, and capital investments of CarePoint, along with the spending flows through the economy. The report estimated that CarePoint will invest about $112 million in capital improvements through the year 2017.
“CarePoint has retrieved what were troubled institutions that were near closing, as I understand it, and therefore this really represents a net plus for the state economy,” said Seneca. “It has certainly been a boost to the economy of the state at a period of time when private sector job growth in the recovery period has been tepid for the state.”Read the entire report Impacts of CarePoint Health Operating and Capital Expenditures on the Economy of Hudson County and the State of New Jersey or the news article on NJBiz.com.