COURT HOUSE – The New Jersey Hospital Association released its 2022 report on the economic impact of the state’s hospitals. The report shows that Cape Regional Medical Center, Cape May County’s sole acute care hospital, has a total economic impact on the county and state of over $123 million annually.
A major aspect of that impact can be seen in the over $51 million payroll covering 717 full-time equivalent jobs, making the medical center the county’s largest private employer. The state recovers $2.8 million in income taxes paid from that payroll.
The hospital complex purchases $27 million in goods and services each year, ranging from $19 million spent on contract labor, $5 million on pharmaceutical drugs, $2 million on utilities and over $800,000 for dietary, laundry, and housekeeping services, along with building supplies. Much of that spending pumps money into the local economy.
Another way to measure the hospital’s impact is in terms of what they don’t earn. In 2020, Cape Regional handled 2,117 occasions when patients were uninsured. The hospital provided charity care services that would have been valued at over $510,000 at actual cost.
The report shows Cape Regional annually paying almost $900,000 in assorted taxes. The hospital also makes a yearly payment to Middle Township. The municipality’s 2022 budget lists a community service payment from the medical center of $265,000.
The report deals specifically with the medical center or hospital that is only part of the broader integrated health care system property known as the Cape Regional Health System. That system is comprised of a diverse array of services, ranging from the Cape Regional Physicians Associations locations across the county to Cape Regional Miracles Fitness.
In a statement, Joanne Carrocino, president and chief executive officer, Cape Regional Health System, noted that the health system has “33 locations throughout the county, and is a major economic engine, as over 70% of our team members live and work in Cape May County.”
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