Economic driver: city, state, and region

Apica Cardiovascular

Apica Cardiovascular, an Emory-Georgia Tech start-up company, has attracted venture capital investment to develop a device that helps minimize blood loss in heart surgery.

Last February, a study published in New England Journal of Medicine listed Emory as the fourth largest contributor to discovery of new drugs and vaccines by public sector research institutions.

economic impact

Emory was outranked only by the NIH, University of California System, and Memorial Sloan-Kettering. Among Emory drugs included in this study are 3TC and FTC, taken by more than 94% of U.S. patients on therapy for HIV/AIDS.

More new drugs and devices are in process. In June, Nulojix (belatacept), which Emory helped develop, gained FDA approval for prevention of organ rejection after kidney transplant. And Emory is working with partners like Georgia Tech to co-develop a number of products—a SpectroPen to help surgeons visualize tumor edges and a microneedle skin patch for flu vaccine, among others—that likewise have potential for public health benefit and for economic impact.

Since the 1990s, Emory scientists have formed 55 start-up companies and have invented 50 technologies already in the marketplace, in clinical trials, or in early stages of development. Over the past two decades, Emory has received more than $806 million in licensing fees from commercialized products. Such entrepreneurship generates resources for investment in research, more companies, more products, and jobs.

The fact that Emory Healthcare is the largest, most comprehensive health system in Georgia and that Emory-Children’s Center is the state’s largest pediatric multispecialty group practice also illustrates the degree to which Emory’s Woodruff Health Sciences Center (WHSC) is a robust economic driver, both locally and regionally. Following are other examples:

Rollins School of Public Health

Jobs and impact: With more than 18,000 jobs, the WHSC makes Emory the largest employer in DeKalb County and the fourth-largest private employer in metro Atlanta. Spending by the various schools, research centers, and health care entities within WHSC and by students and visitors is estimated to account for more than 10,000 additional jobs each year. Considering these and other factors, including the WHSC’s annual operating expenses of $2.8 billion, the WHSC’s economic impact on metro Atlanta is estimated at $5.5 billion per year.

Construction and growth: Over the past two decades, space for research, teaching, and patient care in the WHSC has grown by at least 15 new facilities or major additions. In the past year, the WHSC dedicated a new public health building and broke ground on a new research building, scheduled for completion in 2013. This latter facility will provide space for 65 researchers and their teams, including those in cancer and in the Emory-Children’s Pediatric Center, a partnership between Emory and Children’s Healthcare of Atlanta. Later this year, construction will begin on a three-story addition to a neuroscience research building at Yerkes National Primate Research Center and on a new research facility at Yerkes where work will focus on transplantation and infectious diseases.

Rollins School of Public Health

Last spring, Emory Healthcare assumed full ownership of Emory Johns Creek Hospital, formerly a joint-venture facility. Also last spring, Emory Healthcare and Atlanta’s 410-bed Saint Joseph’s Hospital announced plans to form a joint operating company (JOC) that would give Emory Healthcare a majority ownership, with a 51/49 percentage split, and allow the joint health care system to expand services. The JOC is expected to be finalized later this year, pending regulatory approval.

   
 
 

Value to the community

In addition to providing charity care, Emory’s Woodruff Health Sciences Center (WHSC) benefited the community in many other ways in fiscal year 2010–2011:

   

(millions)

 
 

Costs of charity care provided by Emory Healthcare (EHC)

$68.7

 
 

Financial aid provided to students from tuition income

17.3

 
 

Emory Healthcare investment in WHSC teaching and research

73.7

 
 

Cash loss for unrecovered costs for WHSC research

97.3

 
 

Unreimbursed care provided at Grady Hospital

24.0

 
 

Investment of Emory Medical Care Foundation in services at Grady Hospital

34.9

 
 

Other community benefits

109.2*

 
       
 

Total (millions)

$425.1

 
       
 
 
  *This includes the following:  
 
 
 

• Activities such as discounted/free prescription drug programs; programs for indigent
patients; in-kind donations to organizations such as MedShare; transportation services; flu shots; blood drives; subsidized continuing care, nursing home care, and home care; American Heart Association fundraising walk; and educational programs for
the public, future health professionals, and patients (millions)                            $5.4
• Shortfall between Emory Healthcare’s cost to provide care to Medicaid patients
and Medicaid reimbursement (millions)                                                           $87.4
• Costs to Emory Healthcare for the Georgia provider tax (millions)                   $16.4

Note: Statistics and information in this report are intended to augment rather than supplant the information required and the metrics used for Schedule H of the Form 990 that Emory University, Emory Healthcare, Wesley Woods Center of Emory University, and Wesley Woods Long Term Care Hospital file with the Internal Revenue Service.

 

 
     

Table of Contents




Community Benefits Report Cover 2011