2024 Impact Report
An Economic Engine
The economic activity generated in New York by hospitals through jobs and the purchase of goods and services makes up more than 10% of the state’s entire gross domestic product.
The Albany Med Health System, our workforce, students, research, investments, and outreach have a tremendous impact on our region’s economy. As the region’s only academic health system, the System generates funds as a major employer, large-scale purchaser, and regional hub that attracts students and visitors.
Total Economic Impact: $5.8 Billion
The System generates significant tax dollars and stimulates the economy of our local communities.
Tax dollars generated: $621 Million*
As a not-for-profit organization, the System does not pay tax. We do, however, account for two essential sources of tax revenue: payroll taxes and the sales tax paid by those who come to our campuses every day. Together, these sources generated a total of $621 million in federal, state, and local taxes.
Jobs generated: 26,000+*
16,000+ direct jobs and 10,000+ indirect jobs created by economic impact of expenses.
*Source: The Healthcare Association of New York State and Commission on Independent Colleges and Universities. These figures do not include the Albany Med Health System Visiting Nurses, Malta Med Emergent Care, and some Albany Medical Center staff and expenses.
Community Benefits and Investments
$414M total Community Benefits and Investments
Charity Care: $40 Million
Uncompensated Care: $48 Million
Adhering to our mission, the System covers the cost of care provided to people in need; subsidizes care and services to low-income, elderly, and underserved communities; and continuously invests in many community health initiatives outlined in this report.
In the System, Medicare and Medicaid patients make up:
• 70% of all people admitted to hospitals
• 58% of all outpatients receiving care
50% of hospital patient service revenue in our System comes from Medicare and Medicaid. This is a result of the large volume of services being reimbursed by Medicare and Medicaid, which do not cover the cost of care, driving significant underpayment from these public insurance programs.
These investments improve community and population health by addressing social determinants of health and health equity, underwrite medical research and health professions education, and subsidize high-cost, essential health services.
2024 Unrestricted Expenses (in millions)
Our total expenses indicate our direct impact is only our initial impact on the economy. These direct funds are spent and re-spent by individuals and businesses on other goods and services. As this cycle continues, the total impact increases significantly, generating additional economic activity and creating jobs.
2024 Unrestricted Revenues (in millions)
Patient care—service revenues, hospital charges, and physician billing—provides the majority of revenue for the Albany Med Health System. Our income is intricately tied to our mission, and as a nonprofit all revenue gets reinvested back into the System, supporting our talent and enhancing patient care.
Albany Medical College: $8 Million student and visitor impact*
Our students also spend significant money on off-campus housing, food, transportation, books, entertainment, clothing, utilities,
insurance, and miscellaneous supplies. Their economic impact extends well beyond the campus. Most come from outside the
region, representing an influx of new dollars into the local economy.
* According to the Commission on Independent Colleges and Universities. This includes conferences, events, and other campus activities.
Our Workforce
Our employees are central to all we do to achieve our mission of improving health through the highest quality of care, education, and research. The System is proud to be the:
• Region’s largest private employer
• Region’s largest nonprofit employer
16,000+ employees representing:
• All races and ethnicities
• 80 birth countries
• Five generations
• All education and ability levels
• More than 920 different types of jobs, both clinical and nonclinical
Nearly 60% of our expenses are investments into our employees:
$1.8 Billion in salaries and benefits