BayCare: A Vibrant Economic Engine with far-reaching impact throughout Greater Tampa Bay

Eric Obeck, December 21, 2020

If you live in Tampa Bay, BayCare Health Systems has likely had a positive impact on you, even if you never had the need for one of our 15 hospitals, visited one of our physicians or imaging centers, or received services from our behavioral health or home care. As BayCare’s Chairman of the Board of Directors, I want to share our reach that extends throughout central Florida.

A recent economic study revealed BayCare – the region’s second largest employer behind Publix Supermarkets -- is a powerful economic engine with an annual $8.5 billion economic impact, a 29 percent increase from 2016.

Our economic impact goes beyond our hospitals, though, which account for 70% of the affect. The report by Miami-based Washington Economics Group shows the remaining impact is from our ambulatory, behavioral health and patient care services as well as our medical group of physicians.

The purpose of the study was to estimate the economic benefits of BayCare's operations and how they impact local and state economies. Our overall impact by the four counties we serve: $3.2 billion in Pinellas County, $2.9 billion in Hillsborough, $799 million in Polk, and $348 million in Pasco.

The study also dug into how BayCare helps folks without insurance. In 2019, BayCare provided $422 million in health care services to patients without insurance or to those whose insurance policies didn’t cover their medical bills.

As a not-for-profit health care system, BayCare also gives back more than 10 percent of its annual revenue to the community. For instance, the report quantified our $39 million investment into educational programs, research, community outreach and support to address the health needs of the community.

As important are jobs: BayCare employs nearly 30,000 team members. Yet, our impact goes well beyond people on our payroll. For example, BayCare’s operations ultimately support 52,000 jobs across Florida – only 43 percent of which are those team members on our payroll. These jobs outside of BayCare’s payroll include manufacturing, real estate, construction, finance and insurance, to name only a few.

The full study is available at BayCare.org/EconomicImpact, which includes a video that tells the stories of BayCare’s impact through a local small business owner and a team member.

Hancock Whitney Healthcare Group

I oversee Hancock Whitney’s Healthcare Banking Group - based in the healthcare capital of Nashville, Tennessee, with a network of bankers across the Gulf South --which acts as strategic partners, helping clients with sophisticated financial solutions, innovative banking products and advice for navigating regulations.

For example, with risk management, we identify and understand your investment, capital, and financing needs to determine the optimal capital structure to grow your business. With financing, our flexible credit structures include term loans, revolving and standby lines of credit, equipment leasing, and tax-exempt facilities. And with our depository and treasury management, we manage your working capital more efficiently with expense workflow solutions and buyer-initiated payments, streamline payables and accelerated deposits.