Monroe Community College Program Based Economic Impact Analysis, January 2015

HEALTH INFORMATION TECHNOLOGY/MEDICAL RECORDS

TABLE D1: 2014 Economic Impact of Health Information Technology/Medical Records Program Field Value ($K) Total Economic Impact in 2014 $7,026  Initial Effect $4,041  Direct Effect $731  Indirect Effect $153  Induced Effect $2,101 TABLE D2: Metrics per Worker for MCC’s Health Infor- mation Technology/Medical Records Program Field Value Number of Completers in Workforce in 2014 145 Annual Economic Impact Per Completer $48,500 Estimated Lifetime Earnings Per Completer $701,200

In 2014, completers of MCC’s Health Information Tech- nology/Medical Records program generated an estimated $7 million in added income to the regional economy. This figure represents the increased wages collected by former students as a direct result of their education, the increased output of businesses that employ these students, and the multiplier effects that occur as both parties spend money at other businesses. As of 2014, there are 145 MCC completers in the workforce who achieved an Associate in Applied Science degree in this field. Whether employed in their field or in another field, these students generate an annual economic impact of $48,500 per person. An average MCC completer in this program will collect a present value of $701,200 in future earnings as a result of this education.

FIGURE D2: Health Information Technology/Medical Records Completers 2003-2014

FIGURE D1: Lifetime Earnings Curve of Health Infor- mation Technology/Medical Records Program Completers compared to Control Group

Associate in Applied Science

Earnings for CIP 51.0707

Earnings for Control Group

30

$80 $60 $70 $50 $40 $30 $20 $10 $0

25

20

15

10

5

0

67

Average Annual Earnings ($K)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

20

30

40

50

60

70

Age

10

MONROE COMMUN I T Y COL L EGE | ECONOM I C MODE L I NG S P EC I A L I S T S I NT L .