Compass Memorial shows $66.6 million impact on local economy

MARENGO — Compass Memorial Healthcare generated 435.2 jobs that added $66.6 million to Iowa County’s economy in 2024, according to the latest study by the Iowa Hospital Association.

Compass Memorial accounts for 4.7% of jobs and 7.5% of wages provided in Iowa County, the study said. The hospital contributed $32 million in total wages in 2024.

Compass Memorial’s expenditures account for 6.9% of Iowa County’s gross domestic product.

The economic impact on income and employment is accounted for by the Iowa Hospital Association and are applied to multipliers which derive the estimated impact of Iowa Hospitals on the state’s economy along with the impact of community benefit services provided and the number of people served.

Data and multipliers were obtained from the American Hospital Association Annual Survey, and the Bureau of Economic Analysis Regional Input-Output Modeling System, which allow for analysis of statewide, hospital-specific and county-level data.

The calculations include data from the Iowa Department of Revenue and Finance, the U.S. Census Bureau, the U.S. Bureau of Labor Statistics and the Bureau of Economic Analysis.

“At Compass Memorial, it is vital to give back to the communities we serve,” said. Barry Goettsch, chief executive officer of Compass.

“There are many things that make us uniquely better, but one considerate characteristic is that we live where we serve, and service is central to our culture. Not only are we giving back to our communities, but we’re investing in the schools our families attend, and the businesses and organizations that keep our communities active, thriving, and prosperous,” said Goettsch.

“It is our honor to serve in whatever capacity we can to ensure that the citizens in all our communities receive the best. Without the support of our communities, we are without purpose and the opportunity to fulfill our mission,” Goettsch said.

“It is important to CMH that we invest appropriately in our communities, our team members and our facilities, and that is what sets us apart from other health care providers.”

Compass Memorial also contributes to Iowa County through donations and volunteering.

In 2024, Compass Memorial contributed $1.4 million to communities in Iowa County. In addition to this, CMH team members attended or hosted 7,600 volunteer opportunities in our communities.

“These benefits aren’t just numbers,” said Chris Mitchell, IHA president and chief executive officer. “They represent real programs and services that improve lives across Iowa. Many of these initiatives wouldn’t exist without the leadership and commitment of our hospitals and health systems.”