FOR IMMEDIATE RELEASE: Friday, January 13, 2012
Contact: Angela L. Yu
Media Relations Manager
TROY, N.Y. -- A new report shows that The Eddy, a Troy-based not-for-profit network of comprehensive health care, supportive housing and community services, is a powerful player in the local economy, contributing $282 million to the region annually.
According to the report by LeadingAge New York, a statewide organization representing more than 570 not-for-profit care providers, The Eddy directly and indirectly supports 2,565 local jobs. Through numerous affiliates and programs across the Capital Region, The Eddy provides comprehensive medical and ancillary services, from short-term rehabilitation, to nursing home and memory care, to community based services such as adult day services and home care.
According to the report, the economic impact of senior living and services providers statewide is a staggering $29 billion annually, powerfully fueling the economy from the local level up.
"For more than eight decades, The Eddy has been a leader in providing high quality compassionate care services," stated Jo-Ann A. Costantino, chief executive officer. "Today, The Eddy is truly a vital force to the local economy, impacting not only employment but generating economic activity, and serving families and communities in our region.
"Eddy services help aging seniors, individuals with chronic conditions and those with physical disabilities, such as stroke, traumatic brain injuries and spinal cord injuries," Costantino remarked. "The mission of The Eddy is to help promote independence, prevent premature institutionalization and enhance the quality of life for patients, clients and residents across the greater Capital Region."
The Eddy serves more than 40,000 seniors in 22 surrounding counties with the full continuum of independent living, enriched housing and skilled nursing home care services. One of the Capital Region's largest economic drivers, The Eddy provides not only direct care services, but educational and outreach programs as well. Eddy services include adult day services, Alzheimer's services, home care, managed long term care, nursing home care, respite, senior housing, and acute and subacute rehabilitation services.
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The report by LeadingAge New York, "IMPACT: Services for the Elderly and Disabled - An Economic Powerhouse," tallies the economic impact of long term care providers -- nursing homes, assisted living and other care and services - at the state level and examines the field's impact within each of the 10 state-designated economic regions with spotlights on 18 providers across the state, including The Eddy.
LeadingAge New York President James W. Clyne Jr. said the report illustrates the impact long term care providers such as The Eddy have not just on New York's elderly, but on communities and the state in its entirety. The report can serve as a vital reference to lawmakers as they consider the state budget.
"Non-profits are well known for the quality of the care they provide," Clyne said, "but legislators and policymakers often overlook the economic impact that long term care providers have on the local economy."
In the Capital area alone, for example, the economic impact of long term care providers is more than $1.4 billion annually. The impact of these providers is not just in dollars, of course. The report details the number of jobs sustained by nursing homes alone - just one sector of the long term care field -- statewide as well as within each of the economic regions. In the Capital region, nursing homes support 11,645 jobs, and each worker pays taxes, buys food, clothing, household goods and services that encompass anything from haircuts to oil changes, child care to family dinners at a local diner.
"The services and supplies providers purchase and the wages they pay create a ripple effect in local economies and support other businesses and the jobs they bring," Clyne said.
The regional providers spotlighted in the report rely on RIMS-II multipliers to highlight the impact individual organizations have on regional economic activity. RIMS-II multipliers are commonly recognized tools for gauging the economic impact of an enterprise, representing both the direct spending as well as the impact that spending has on regional economic activity. The RIMS-II multipliers used to calculate impact in this report were produced by the Regional Product Division of the Bureau of Economic Analysis on Sept. 12, 2011.
LeadingAge New York is the only statewide organization representing the entire continuum of not-for-profit, mission-driven and public continuing care, including senior housing, nursing home, adult care facility, continuing care retirement community, assisted living, home care, adult day health care and community services providers. LeadingAge New York's more than 570 members serve an estimated 500,000 New Yorkers of all ages annually.
Northeast Health-- a regional, comprehensive, not-for-profit network of health care, supportive housing and community services comprised of The Eddy, Albany Memorial Hospital, Samaritan Hospital and Sunnyview Rehabilitation Hospital -- recently joined Seton Health, a comprehensive, not-for-profit, integrated health care system anchored by St. Mary's Hospital in Troy, and St. Peter's Health Care Services to form St. Peter's Health Partners. To learn more, please visit www.SPHP.com.
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