OLOL Releases Findings of Economic Impact Study 04/11/2011
Our Lady of the Lake Regional Medical Center recently commissioned an Economic Impact Study that was completed by the national specialty firm Tripp Umbach. Today the findings, along with OLOL’s Master Campus Plan were released. The study shows that Our Lady of the Lake is committed to achieving a delicate balance between preserving essential jobs, growing new jobs and containing healthcare costs. The complete study is available on OLOL’s website and can be downloaded at www.ololrmc.com.
The Tripp Umbach analysis indicates that, in addition to providing high quality care, Our Lady of the Lake is positioned to lower the overall cost of healthcare while driving the state’s economy.
In 2010, Our Lady of the Lake generated $928.6 million within the Louisiana economy, including $403.7 million of in-state spending by the hospital, employees and visitors. The ripple effect supported more than $524.8 million in additional economic activity generated by the operations of other organizations, businesses and vendors. That’s a total economic impact of nearly $1 billion in 2010 alone.
The planned expansion will generate $200 million in direct impact and $260 million in indirect impact to the Louisiana economy, totaling an additional $460 million in spending through the three-year construction period.
Facility expansion will also drive additional employment in the region, creating an estimated 2,065 additional jobs during the construction period.
Plans for the Heart and Vascular Tower include state-of-the-art preop rooms, universal rooms, ICUs and cath labs. The thoughtful design allows more family interaction, improved access and security, increased patient safety and higher overall quality of care.
A groundbreaking is scheduled for May 24 at 1 pm for the Heart and Vascular Tower and Level 1 Trauma Center. Plans are still being finalized for the Medical Education Building and groundbreaking will likely be held in early 2012.
Tripp Umbach is the nation’s leading provider of economic impact analysis, having completed more than 250 similar studies since 1990.