Healthcare innovation's economic impact: 5 statistics

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Healthcare innovation efforts don't just benefit a hospital directly; they have residual effects on cities and states, as well.

The Washington State Department of Commerce and Cambia Grove, a healthcare technology innovation center, conducted a study of the economic impact healthcare innovation has within Washington State.

Here are five key findings from the Washington Economic Impact Study.

1. Healthcare innovation accounts for $6.8 billion in goods and services generated for output in the state.

2. It generates $2 billion in total income for the state.

3. The state has created 22,500 healthcare innovation jobs, both in urban and rural areas.

4. Healthcare innovation accounts for 6 percent of the state's total healthcare economy, and produces 13 percent of the state's total healthcare-related goods and services.

5. Professionals in healthcare innovation earn approximately 8 percent more than other workers.

"With 54,700 total health care jobs across the state connected directly or indirectly to health care innovation, we have identified a driving force for strategic economic growth in Washington,” said Nicole Bell, executive director of Cambia Grove. "This study establishes baseline metrics we will use to track our progress toward consumer-focused innovations that lower healthcare costs, improve the quality of care and move us toward a healthier Washington."

More articles on innovation:

NewYork-Presbyterian's Aurelia Boyer on how being CIO is kind of like being the president of the US
Baptist Health to launch healthcare accelerator
25 hospitals with innovation centers

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