LECOM boosts state, national economies

The Lake Erie College of Osteopathic Medicine puts out more than it takes in, in terms of revenue.

A study conducted by consulting firm Tripp Umbach found that LECOM's Erie, Pa. and Bradenton campuses collectively impact their economies, on state and national levels, about $600 million in 2013.

LECOM receives "little to no state and federal (financial) support," but created 456 more jobs since the firm conducted the last survey in 2009. Numbers also reflect $63.9 million in healthcare cost savings by LECOM graduates working in practices in underserved areas, the survey cites.

"A widely held misconception among business leaders, elected officials, and the general public is that entities such as nonprofit medical colleges and hospitals don't generate revenue for governments or contribute to their communities," consulting firm owner Paul Umbach said. "LECOM serves as an anchor in its communities by virtue of creating jobs and hundreds of millions of dollars in revenues."

The firm considered job creation, revenues generated from individuals taking seminars at the campuses, and other direct and indirect factors when studying the medical schools economic impact.

Look for the extended story in the June 26 issue of the East County Observer.

Contact Amanda Sebastiano at [email protected].