Economic Impact of HealthCare Kevin Gross, President & CEO Hillcrest HealthCare System.

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Presentation transcript:

Economic Impact of HealthCare Kevin Gross, President & CEO Hillcrest HealthCare System

2 The Economic Impact of Healthcare Healthcare’s total economic effect on Tulsa County = $7.3B One year’s activity in Tulsa-area healthcare supports: – $158M in sales taxes – $86M in property taxes Health industry ranks as one of the area’s largest employers

3 An uncertain future Oklahoma ranks 5 th highest in the nation for uninsured citizens – Uncompensated care provided by Oklahoma hospitals in 2014: >$577M Oklahoma currently not accepting federal funds for healthcare

4 Hospitals Have Taken Cuts Medicare & Medicaid Cuts Already Enacted 8-Year Impact Tulsa RegionOklahoma Medicare Cuts$1.6B$4.3B Medicaid Cuts$258M$707M Total$1.8B$5B For years

5 Today’s Reality Oklahoma accepts federal funds for transportation, defense, education and disaster response 31 states are accepting federal funds for Medicaid “Silent taxes” being paid by Oklahomans through higher insurance premiums & cost shifting – our dollars going to other states Oklahoma businesses at competitive disadvantage to those in states accepting federal money for healthcare

6 Reducing the State Budget Deficit Survey of Oklahoma Registered Voters, August 2015

A Solution Expand Insure Oklahoma

8 State Economic Impact Accepting $9.9B for Insure Oklahoma over the next 8 years would: Bring a projected $17.9B impact in new revenue to Okla Free up $50M of the state budget annually for other needs Increase state & local tax revenue by $620M Create estimated 24K jobs Help small businesses compete & rural health care survive Lower uncompensated care costs for physicians & hospitals

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