Los Angeles-based Cedars-Sinai Health System contributed $15.4 billion in economic benefit to Southern California in fiscal year 2021 by creating and supporting jobs, fueling construction spending and assisting community benefit programs, according to an analysis by the Los Angeles County Economic Development Corporation.
Four things to know:
1. Overall in fiscal year 2021, Cedars-Sinai provided or indirectly contributed to 81,680 jobs for workers who earned $6.5 billion in salary and benefits, according to the analysis.
2. Cedars-Sinai allocated around $900 million to community benefit spending through several of programs during the period, including more than $462 million from Cedars-Sinai Medical Center to subsidize the cost of services for patients with Medicare and Medi-Cal and those without health insurance, and more than $30 million to support 200-plus community organizations serving those in need. This spending yielded an estimated additional $504 million in total economic output, according to the report.
3. In fiscal year 2021, Cedars-Sinai fueled $879 million of activity in finance and insurance, $306 million in wholesale trade, $214 million in transportation and warehousing and $171 million in manufacturing, according to the report.
4. Construction spending at facilities in Cedars-Sinai Health System over the past five years generated more than $5.9 billion in total economic output, the report found.
"These results reflect Cedars-Sinai’s strength as an organization and dedication to our mission to serve our patients and our community as broadly as possible," Thomas Priselac, president and CEO of Cedars-Sinai Health System, said in a Feb. 6 news release.