Report: Cone Health has $2.2 billion impact on economy : News-Record.com : Greensboro & the Triad's most trusted source for local news and analysis

GREENSBORO — Not only does Cone Health provide much of the community’s healthcare, but it also is the area’s largest private employer, according to an economic report released this morning.

Cone Health’s impact on the area is also equal to or even greater than the International Home Furnishings Market and Guilford County Schools, according to the report, which was prepared by Don Jud, interim director of UNCG’s Bryan School of Business and Economics.

According to the study, the health system employs more than 6 percent of the region’s workforce and has an economic impact worth more than $2.2 billion.

“It says Cone Health is a tremendous resource for our community,” Jud said of the report.

The community will continue to see investment from Cone, said Terry Akin, chief operating officer of Cone Health, as workers turned dirt outside for the new $18 million Wesley Long Hospital Emergency Department, which broke ground today. “Just look for the cranes,” he said.

The new emergency department, which is expected to double existing beds when it opens next fall, is among $250 million in current Cone Health construction projects. The existing emergency room has 22 beds and serves more than 130 patients daily.

Click here to see Cone Health's news release outlining the study.

See more coverage of this story in Friday's News & Record.

Bosco

November 3, 2011 - 10:27 am EDT

Often ignored by the likes of FedEx and Honda Jet, it's the most important industry in Guilford County. The data in this story should be published anually to remind us how fortunate we are to have Cone here.

Abner Doon

November 3, 2011 - 1:32 pm EDT

News & Record: "Cone Health has $2.2 billion impact on economy"

Is Cone Health about to ask Greensboro and/or Guilford County for taxpayer money?

http://triadwatch.blogspot.com/2011/11/news-record-cone-health-has-22-bi...

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To meet the healthcare needs of patients and families, Cone Health’s commitment to renovation and expansion of facilities includes:
• Wesley Long Hospital Emergency Department $18 million
• Wesley Long Hospital Parking Deck $7.5 million
• Wesley Long Hospital Renovations $37.5 million
• Cone Health Cancer Center Expansion $15 million
• Kernersville MedCenter & Urgent Care Center $15 million
• High Point MedCenter & Emergency Department $26 million
• Annie Penn Hospital Emergency Department $5.7 million
• The Moses H. Cone Memorial Hospital Power Plant $22 million
• Moses Cone Hospital North Tower $200 million

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Doesn't it kind of look like a monopoly?

Where is the study?

What are the assumptions that the study is based on?

Has the reporter seen the study?

Who paid for the study?

itsjustron

November 3, 2011 - 2:06 pm EDT

The blogspot report is just... well stupid? Sorry.

No, its not a monopoly. I have seen no reports as of late about an influx of people trying to locate hospitals nearby and being run out of town by Cone.

Yes, with construction numbers like that it will be a large impact in jobs locally (construction) followed by increased hiring to staff the expanded / new facilities.

Dont think the report was based on broad assumptions, economics are pretty easy to track, from where an owner pays an employee, to the trickle down to the local community through the buying of goods and services.. No big secret there.

Who said it was paid for? Our firm does financial analysis 3 times a year, we pay for it.
In this case, im sure Cone paid for the study, in hopes of some positive PR. Which it recieved.. Again, is this shocking for any reason?

When you employ as many as cone does, and they have a positive image for the community, I think this report is just the icing on the cake.

And yes, I have Family who work there in the medical profession.

Panacea

November 3, 2011 - 2:09 pm EDT

Abner frequently presents accusations and gossip in the form of "questions" that he makes no effort to answer.

However, Cone would very much like to monopolize health care in this area.

The original Moses Cone Hospital bought up Wesley Long, an acquisition deeply resented by its staff (I have many friends who worked there at the time), and Annie Penn. They have been locking horns with High Point Regional for years over market share . . . that's what their stand along "ER" on Willard Diary Road is all about.

I believe the report regarding their economic impact. I'm sure the numbers are correct.

Whether or not that is a good thing for health care consumers in the Triad is another matter altogether.

November 3, 2011 - 2:20 pm EDT

I hadnt really followed Cone much until Family graduated med school and began working there a few years ago, I wasnt aware that wesley was its own entity at one point.. Hmmm.

More choices usually does equate to lower prices, I never really thought about shopping around a surgery ( never needed too thankfully) I suppose you could though, as Baptist is not far away, nor is durham or charlotte if savings were real enough? However emergency doesnt give you much choice does it?

newkid

November 3, 2011 - 4:57 pm EDT

Health care as a percentage of the US Gross Domestic Product has nearly tripled since 1960 — so it is no wonder that health care institutions like Cone have a huge economic impact. Add to that the local consolidation ("monopolization" in some views)...

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