Economic Impact of Medical Education Expansion in - PowerPoint Presentation

Economic Impact of Medical Education Expansion in
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Nevada amp Recommended Approach 2020 2025 2030 FUTURE 1 Over the past seven years Tripp Umbach has been instrumental in 20 medical education expansion projects throughout the United States ID: 908537 Download Presentation

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Slide1

Economic Impact of Medical Education Expansion in Nevada & Recommended Approach

2020

2025

2030

FUTURE

1

Slide2

Over the past seven years, Tripp Umbach has been instrumental in 20 medical education expansion projects throughout the United States.

Since 1995 Tripp Umbach has measured the economic impact of every U.S.

medical school and teaching hospital.

Since 1990, Tripp Umbach has consulted with 75 academic medical centers, more than 500 hospitals, and 150 universities in all 50 states. Tripp Umbach Qualifications

2

Slide3

Needs Assessment: Evaluate the market need of adding a new four-year medical school to the State of Nevada, specifically

in Southern Nevada.

Program Assessment:

Determine the size of a new four-year medical school to meet market demand and to expand the Nevada

economy.

Facility Cost Assessment: Estimate the initial facility cost of a new four-year medical school and the return on investment (ROI) over time

.

Economic Impact Assessment: Profile the multiple economic benefits associated with the operations of a new four-year medical school in Las Vegas and the State of Nevada.Project

Objectives

3

Slide4

Tripp Umbach Recommendations -- The optimal model for developing a new a new four-year medical school

in Las Vegas that maximizes the economic impact to the State of Nevada.

Measure the economic impact of statewide medical education expansion on the State of Nevada showing both the economic impact of the current medical school at The University of Nevada School of Medicine – University of Nevada Reno (UNSOM-UNR) and the proposed medical school at University of Nevada, Las Vegas (UNLV).

Project Objectives

4

Slide5

Tripp Umbach utilized the following data sources:An existing study of the economic impact of UNSOM-UNR (2011);

A 2012 study completed by Tripp Umbach for the AAMC focusing on the economic impact of all 134 U.S. allopathic medical schools;

Economic impact models developed previously by Tripp Umbach for 20 new

or expanded medical schools; Qualitative assessment of Key Stakeholders (40 interviews representing 26 organizations) Nevada

; and Regional Asset Inventory.

Project Methodology

5

Slide6

Initial Class of 60 Students in 2016-17 -- Tripp Umbach recommends that a new four-year medical school in Las Vegas begin in 2016

with an initial class of 60 medical students.

Growth to 120 Students per Class in 2030

-- To meet future market demand for physicians, by 2030, the new four-year medical school will educate 480 medical students.

240 New Residency Training Positions -- To ensure that the graduates from both the newly

established medical school and the existing program at UNSOM-UNR remain in the state to practice medicine, a

minimum of 240 new residency positions will also be required. Determine Size of Medical School to

Best Respond to Market Needs 6

Slide7

Current Nevada Population: 2.75 million as of July 1, 2012 (U.S. Census Bureau)

Current Las Vegas Metro Population: 2.0 million (Population Division 2012)

Projected Nevada Population by 2030:

4.1 million (U.S. Census Bureau)Projected Nevada Population by 2030: 3.7 million (Woods & Poole Economics)

Projected Nevada Population by 2030: 3.4 million (Nevada State Demographers Office)

Economic Impact Based on Population Projections

7

Key Economic Impact Findings

Annual

Economic

Impact

Expected Economic Impact of Medical Education in Nevada based on Projected Population

of 3.7 million

in

2030

$693 million

Expected Economic Impact of Medical Education in Nevada based on Current

Population

$506 million

Slide8

Tripp Umbach evaluated the economic impact of all allopathic U.S. medical schools to develop a baseline of the economic impact within three basic categories: University-Affiliated Medical Schools – Public or Private standalone medical schools that are affiliated with an established university;

Independent Medical Schools

– Independent medical schools that have no affiliation with an established university; and

Regional Campus of University-Affiliated Medical Schools – Four-year regional campuses of established university medical schools.

Evaluation

8

Slide9

Economic Impact Evaluation of Medical School ModelsUniversity

Affiliated Medical Schools

2020

2025

2030

9

Key Economic Impact Findings

Annual

Economic

Impact

Average Economic Impact of Established University Affiliated U.S.

Medical Schools (2012)

$1.7 billion

Average Economic Impact of Public Medical Schools in States with a Single Public Medical

School

(UNSOM

= $285 million)

$1.1 billion

Average Economic Impact of additional Standalone Public University Affiliated Medical Schools in States having more than one Public Medical School

$882 million

Slide10

Economic Impact Evaluation of Medical School Models

Key Economic Impact Findings

Annual

Economic

Impact

Average Economic Impact of Independent (non-university allopathic ) Affiliated Medical

Schools

 $720 million

Independent Medical

Schools

2020

2025

2030

10

Slide11

Economic Impact Evaluation of Medical School ModelsRegional Campus of Establish Schools

2020

2025

2030

11

Key Economic Impact Findings

Annual

Economic

Impact

Average Economic Impact of Regional Four-Year Campuses of Established Allopathic Medical Schools in the U.S.

(

i.e., regional medical school campus of

UNSOM

-UNR in

Las Vegas).

$245 million

Slide12

A full-scale four-year independent medical school in Las Vegas will have a substantially higher economic impact than a regional campus of UNSOM-UNR. Tripp Umbach estimates that a new four-year medical school developed in Las Vegas as a result of a joint venture between UNSOM-UNR and UNLV will have a total annual economic impact of $1.2 billion at maturity (2030).

With the growth of UNSOM– the total economic impact of both schools will be $1.9 billion.

Key Finding

12

Slide13

Tripp Umbach reviewed new allopathic medical school facilities constructed over the past five years

to determine the ROI of each for each of the below medical school models:

University

Affiliated Medical Schools Independent Medical Schools

Regional Campus of University-Affiliated Medical Schools

Return on Investment (ROI)

13

Slide14

Facility Considerations

Model

Independent

University Affiliated

University Regional Campus

Initial Facility Cost

$83million

$68 million

$28 million

Examples

The Commonwealth Medical College

University of

Central

Florida

College

of Medicine

University of South Carolina Upstate School of Medicine

State Contribution at 50% of Facility Costs

$41 million

$34 million

$14 million

Economic Impact at maturity in 2030

$720 million

$882 million

$245 million

Tax Revenue in 2030 (Annually)

$36 million

$44 million

$12 million

Average Tax Revenue Generated per year over the 15-year period

$24 million

$28 million

$8 million

Total Government Revenue Generated over the 15-year period

$356 million

$

425 million

$115 million

 

Return on Investment (ROI)

$8.58 for every

$1 invested

$12.48 for every

$1 invested

$8.21 for every

$1 invested

14

Slide15

Tripp Umbach based this recommendation on the following: UNR’s established track record as a fully accredited statewide medical education program.

UNLV’s strength in other health science programs, including a successful dental

school.

UNLV’s current and future research growth potential as a comprehensive doctoral degree granting university far surpasses any other educational institution in southern Nevada.

The current southern Nevada regional assets including clinical infrastructure, state of the art simulation laboratory, and only pharmacy school in the state.

The opportunity for both public and private financial support of UNLV’s efforts to develop a new allopathic medical school far exceeds any other educational institution in southern Nevada.

Recommended

Approach – Collaboration between UNR and UNLV to Develop a Full-Scale Medical School in Las Vegas15

Slide16

The Economic Impact of Recommended Approach

Total Economic Impact

2020

2025

2030

16

Slide17

The Economic Impact of Recommended Approach

Total Employment Impact

2020

2025

2030

17

Slide18

The Economic Impact of Recommended Approach

Total Government Revenue Impact

2020

2025

2030

18

Slide19

Speed and Efficiency: The speed at which a new medical school can be developed to meet market needs and drive economic development is greatly enhanced by a collaborative relationship between an established medical school and newly developed program.

 Fresh Dollars attracted to Nevada:

Coordinated academic medicine education

and research programs in both Reno and Las Vegas will add significantly more and new streams of funding to the state.

Benefits of the UNSOM-UNR and UNLV Partnership Model Include

:

19

Slide20

Maximum Growth Potential: The growth of clinical services supported by two medical schools in the state’s largest markets will increase the number of patients that remain in Nevada for care and may eventually attract patients from outside of the state, thereby increasing the economic impact to the healthcare sector.

Maximum Financial Support:

A

joint effort by UNSOM-UNR and the proposed UNLV School of Medicine has the potential to better engage the foundation and philanthropic community, leading to greater financial support for both institutions

.

Benefits of the UNSOM-UNR and UNLV Partnership Model Include:

20

Slide21

Signed Letter of Intent (November 2013)Complete Business Plan and Implementation Strategy for Medical School and Graduate Medical Education (January – June 2014)

Begin Accreditation Process (July 2014)Secure Leadership (July 2014)

Expand Clinical Placements (2015)

Ongoing Bioscience Economic Development Marketing (2016 +)

Tripp Umbach

Recommendations

for Next Steps:

21

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