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Economic Development & Healthcare in Montana

Economic Development & Healthcare in Montana. Steve Seninger, Ph. D. Economist Bureau of Business and Economic Research The University of Montana-Missoula. INTRODUCTION. PURPOSE: Overview of Healthcare Industry’s Role in Montana Economy Presenter: Steve Seninger, Ph.D. Health Economist

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Economic Development & Healthcare in Montana

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  1. Economic Development & Healthcare in Montana Steve Seninger, Ph. D. Economist Bureau of Business and Economic Research The University of Montana-Missoula

  2. INTRODUCTION • PURPOSE: Overview of Healthcare Industry’s Role in Montana Economy • Presenter: Steve Seninger, Ph.D. Health Economist Director of Economic Analysis and Director of Montana Kids Count Bureau of Business and Economic Research University of Montana

  3. Healthcare Spending in US & Montana • National Healthcare Spending>$1.5 trillion and about 15% of national GDP • Montana 2003 Healthcare Spending estimated at $4.3 billion….which is • ..16% of estimated 2003 Gross State Product • $4.3 billionMedicare is 17% & Medicaid/CHIP is 14%..and 69% private and other

  4. Health Spending Impact on Montana Employment • Health Industry Employment=11% of Private Sector Jobs in Montana • +36,000 Healthcare Jobs makes it the largest employer in private sector…. • Larger than Farm sector jobs, and larger than manufacturing • Healthcare jobs are high paid than other jobs

  5. Healthcare Industry and Montana Wages • Montana’s Healthcare Industry accounts for 15% of Private Labor Income • Average Annual Wage in Healthcare are 25% higher than overall average • And in Hospital sector are +50% higher than overall average wages • Healthcare jobs and wages important in regional markets

  6. Figure 4: Montana’s Regional Health Care Markets Great Falls-North Missoula-West Billings-East & South Central

  7. Economic Development in Montana Regions • Healthcare part of region’s Economic Base • Billingshigh wage jobs & market area East/Central Mt., North Wyo., parts of MONDAK border • Missoulawest Mt./ Idaho+ International Heart Institute patients from US & World • Great Fallsnorth/cent Mt. And McLaughlin Research Institute’s bio-med research

  8. Concluding Comments on Montana’s Healthcare Industry • Healthcare a major employer & source of income • Healthcare big part of economic base in state’s regional trade/service centers • Continued role depends on growth and competitiveness of regional markets • 2 Cautions: Industry partly dependent on federal $ and on level of healthcare costs

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