Tripp Umbach was retained in the fall of 2012 by Florida International University to conduct an economic impact assessment of the University’s NeighborhoodHELP program. This report outlines the multiple economic and social impacts of the program.
Tripp Umbach concluded that FIU’s innovative NeighborhoodHELP Program was already working to make a difference in the lives of Miami-Dade residents. The program not only helps residents to gain better access to healthcare and health screenings but also gives medical students the opportunity to work one-on-one with community families. The impact of this program goes beyond insuring healthcare access and helping train health professionals as this program also provides various economic benefits to the local community.
Tripp Umbach estimated that for every dollar invested by the State of Florida in the NeighborhoodHELP program a total of $8.33 returned to the economy in multiple economic and societal benefits. Currently the State of Florida provides approximately $28 million in support to the Herbert Wertheim College of Medicine, with approximately $2 million being directed by the school to the NeighborhoodHELP program. Based on economic impact analysis presented below, the program in 2012 generated more than $16.7 million to the Florida taxpayers in economic impact and cost savings. At full maturity, the FIU program will generate more than $45 million annually in economic impact and cost savings. Taxpayers in Florida could save more than $1 billion annually in healthcare costs if a similar program were implemented at every medical school in the state.