Annual Report 2017 Annual Report - Page 21

19 Demonstrating Financial Strength and Regional Impact The Wright Center has proven itself to be a successful vehicle for stewarding federal funds into the northeast Pennsylvania economy through workforce production, job opportunities and employee and physician retention. The Wright Center for Graduate Medical Education received revenues from federal grants; hospital affiliations (residency and fellowship agreements) and reimbursements; IRB and research fees; and interest and dividends. The Wright Center Medical Group received supplies and revenues from patient services, grant support, 340B drug pricing and various contributions. In August 2017, The Wright Center welcomed a key hire, Suzanne Fletcher, as its Senior Vice President of Finance. Suzanne holds more than 30 years of experience in finance and more than a decade in the healthcare industry. She has added immeasurable value to the organization thus far. $ 36.6 m Net Combined Operating Revenue 1 $ 11.6 m 71 % Net Assets 1 Salaries and Benefits as a % Total Operating Revenue 1 The Wright Center’s impact on the economy in northeast Pennsylvania goes beyond payroll and purchasing; it includes direct and indirect effects. When The Wright Center purchases goods from local suppliers and bolsters partnerships with regional organizations 1 Data for 2016-17 Fiscal Year (July 1, 2016 — June 30, 2017) 2 for services like consulting and construction, those businesses in turn buy some of what they need from other local companies. Similarly, The Wright Center’s employees (and the employees of partners and suppliers) spend part of their take-home pay locally for housing, utilities, food, child care, entertainment and other routine household needs. $ 39.9 m Value infused into northeast Pennsylvania economy 2 $ 69.2 m Monetary output into northeast Pennsylvania through spending, housing, utilities, etc. 2 Financial impacts are also demonstrated within the five FQHC partnering sites engaged as learning environments within The Wright Center’s National Family Medicine Residency (NFMR). In 2018, The Wright Center will be embarking on an in-depth analysis to recognize the NFMR’s impact on patient care outcomes and value on a larger, regional scale. The ultimate goal of this upcoming evaluation is to generate a higher purpose conversation about optimizing community-wide collaboration for GME and cultivating a pipeline of workforce development poised and prepared to meet the challenges of today’s ever-changing healthcare landscape. Data calculated by The Institute for Public Policy and Economic Development, Wilkes-Barre, Pennsylvania, 2016-17 Fiscal Year Along with the THCGME funding, HRSA awarded The Wright Center a Primary Care Training and Enhancement (PCTE) grant in June 2016, which is now in its second year. This $1.2 million award (over five years) is augmenting training across the primary care continuum by integrating authentic, team-based, patient-centered health professions education within Community Health Center NFMR training sites to improve access to quality healthcare for highly vulnerable and underserved populations. Under the leadership of Dr. Meaghan Ruddy and in collaboration with all team members, this program has strengthened our existing partnership with A.T. Still University School of Osteopathic Medicine in Arizona. In 2018, a portion of this grant will also be utilized to further develop interprofessional workforce skill sets in physician assistants, focusing on use of medication-a 767FVBG&VFVBF6&BFRFvFRBWFV֖2