Portland, Ore., Aug. 08, 2017 (GLOBE NEWSWIRE) -- Today, Cambia Health Solutions released an economic impact report showing company operations and the activities of its employees generated $1.2 billion in economic activity in the region in 2016.
The report details how the economic effects of Cambia’s business operations, charitable contributions, and capital spending rippled through the economies of Oregon, Washington, Idaho and Utah, supporting additional activities in other parts of the economy through the purchase of goods and services from local businesses and household spending by employees.
“Long-term economic development depends on a steadfast commitment rooted in investments, infrastructure and community. Our region is among the nation’s leading health care innovation hubs, and we’re proud of our role in its economic prosperity,” said Mark Ganz, president and CEO of Cambia Health Solutions. “As a tax-paying nonprofit business, Cambia has been dedicated to the communities in which we live and serve for 100 years. Today, we serve over 70 million people nationwide; and we stand by our commitment to this region as we work to transform health care to be more person-centric and economically sustainable for individuals and their families.”
The impact is specific and measurable. Included in the $1.2 billion generated by Cambia’s economic activity are nearly 9,100 regional jobs, $521 million in income and $50.4 million in tax and fee revenues for state and local governments.
"Cambia’s long history throughout the region has allowed the organization to build strong ties and employment in non-urban centers -- an important driver of the regional economy,” said Dr. Michael Wilkerson, senior economist at ECONorthwest. “In addition to employing workers in 86 counties within the four-state region (58% of counties), Cambia has established extensive supply chain relationships that help support $160 million of annual economic output in the region. Their operations also support $340 million of local expenditures annually, spreading jobs throughout the region."
Other key findings:
- Cambia spent $728.3 million on operations, which supported $1.1 billion in gross economic activity across the region.
- Cambia supported an additional $700,000 of economic activity across the region for every $1 million dollars spent
- Cambia and its employees contributed more than $10.3 million in 2016 to 1,287 nonprofit organizations in their communities.
August Month of Service: Giving our time and resources to the communities we serve
Working in service to others and giving of our time, talent and financial resources are cornerstones of Cambia's culture and history. Just as Cambia works to improve the health of its members, they believe in investing in and partnering with nonprofits that strengthen and improve the health of the communities Cambia touches. August 1 marks the beginning of the “Month of Giving,” an inspiring time of year for both the company and the communities we serve. The company’s 5,000 employees across the region will each have four hours of paid time off to volunteer at nonprofits in their area with an aim of providing 20,000 hours of service. Additionally, Cambia Health Foundation will match employee donations at 50% through the month of August. Just a few of the organizations that will benefit from this are, Habitat for Humanity, Idaho Food bank, Mary’s Place, United Way of Salt Lake, Tacoma Rescue Mission, and the Utah Food Bank.
State-specific economic impact can be found by visiting the links below:
The 2016 Cambia Economic Contributions report was produced by ECONorthwest, a Portland-based consulting firm specializing in economics, finance and planning.
About Cambia Health Solutions
Cambia Health Solutions, headquartered in Portland, Oregon, is dedicated to transforming health care. We put people at the heart of everything we do as we work to make the health care system more economically-sustainable and efficient for people and their families. Our company reaches more than 70 million Americans nationwide, including more than two million people in the Pacific Northwest who are enrolled in our regional health plans. To learn more about us, visit CambiaHealth.com or Twitter.com/cambia.
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