Campus announces $58.2 Million in Economic Impact and Coming of First Year Medical Students
The UIC Health Sciences Campus - Rockford, home to the Colleges of Medicine, Nursing and Pharmacy, is proud to report a $58.2 million economic impact to the Rockford Metropolitan Service Area (MSA), which includes Winnebago, Stephenson, Boone, Ogle counties, in fiscal year 2015. This is equivalent to supporting 898 jobs. This $58.2 million impact comes from $30.7 million in campus expenditures, $25 million in alumni and volunteer spending and $2.5 million impact of student and visitor spending.
“We are extremely proud of the education, research and community activities that define the campus and are delighted to see that this translates into a meaningful fiscal impact for our region,” said Alex Stagnaro-Green, MD, MHPE, regional dean, University of Illinois College of Medicine at Rockford.
The report, provided by Emsi, a leading provider of economic impact studies to educational institutions, showed that for every $1 spent by students at the UIC Health Sciences Campus – Rockford, they will gain $12.10 in lifetime earnings. The internal rate of return is calculated at 34.3%, a very impressive number. Taxpayers received $18.60 in added taxes and public sector savings per dollar spent. The society as a whole received $12.60 per dollar spent in added state revenue and social savings.
In addition to the $58.2 million economic impact, there will be capital projects at the UIC Health Sciences Campus – Rockford. These capital projects will generate an estimated $10 million in capital spending for construction and renovation from 2014 to 2024. This spending will create an additional impact of $7.9 million in added income between 2014 and 2035 – equivalent to 128 jobs.
$2.2 Million Approximate Annual Impact of First Year Medical Students (M1s) – Beginning in 2017
In the fall of 2017, the University of Illinois College of Medicine at Rockford (UI-COMR) will expand to provide all four years of medical education in Rockford (the first year, M1, was traditionally completed in Urbana). In preparation, the college is transforming the curriculum, recruiting new faculty and staff, and renovating facilities. The impact of the M1 capital project spending from 2016 – 2035 will result in added income $33.9 million – equivalent to creating 475 new jobs.
The College also announced the public launch of a $1.9 million campaign to support the M1 expansion project. The campaign is chaired by Gary Kaatz, member of the Dean’s Action Council and retired health system administrator.
Founded in 1971, the University of Illinois College of Medicine at Rockford has eight academic departments and graduates about 55 physicians each year with Rockford alumni totaling nearly 1800 since the program’s inception. With 359 employees (not including residents, graduate assistants or extra help employees) and 470 volunteer faculty members, the College is an academic medical center committed to developing an optimal learning environment for training health care professionals, conducting research, and improving the health and wellness of our society. In addition to educating future physicians, the College of Medicine at Rockford is home to a master’s program in medical biotechnology, a certificate program in public health, Health Systems Research and the National Center for Rural Health Professions. Adding to the economic impact is the Family Residency Program at L.P. Johnson Family Health Center, providing quality health care services with over 20,000 patient visits annually; Rochelle Outreach Services; school based health centers; and the clinic at the Winnebago County Justice Center.
Established in 1991, utilizing in-person, simulation, and distance learning technologies the UIC College of Nursing in Rockford offers the Master of Science (MS) in Nursing as well as the Doctor of Nursing Practice (DNP). The majority of the CON DNP programs are ranked in the top 10 for specialty graduate nursing programs by US News and World Report.
The College of Nursing in Rockford employs five faculty and staff to support its academic, clinical, and research missions. This includes four clinical faculty who practice in a hospital or clinic to deliver direct patient care services and provide clinical education for our students. The CON economic impact also includes the work done by Advanced Practice Nursing (APN) students through clinical rotations at numerous sites across the region and the state. Additionally, the Rockford Regional College of Nursing typically matriculates 15 APNs per year with over 400 alumni, of whom 95% practice in the Rockford MSA after graduation.
Founded in 2010, the College of Pharmacy at Rockford employs 41 faculty and staff to support the academic, clinical, and research missions of the College of Pharmacy. This includes 10 clinical faculty who practice in a hospital or clinic to deliver direct patient care services and provide hands on training for our students. The economic impact of the College of Pharmacy at Rockford also includes the work done by pharmacy students through clinical rotations at 132 sites across the region and the state. College of Pharmacy clinical faculty members teach in the classroom, in the clinical setting and serve patients at numerous facilities.