Louisville's Health-Related Economy 06

Louisville’s Health-Related
Economy
by
Paul Coomes, Ph.D.
Professor of Economics, and National City Research Fellow
and
Margaret Maginnis,
Senior Research Analyst
for Angle Technologies and the Health Enterprises Network
May 2006

Contents
Executive summary
How big is the industry?
Health care industry: establishments, jobs, pay, sales
Health care occupations
Manufacturing
Corporate headquarters
Scientific research and development
University research activity
Small business innovation and technology grants
Patent activity
Notes
2Louisville’s Health-Related Economy, 2006

Executive Summary
This is an update of the benchmark report, “Louisville’s Health-Related Economy: Size, Character, and Growth”, produced for
the Health Enterprises Network, May 2001 http://monitor.louisville.edu/healthcare/health.htm We have organized the latest
economic data for the various dimensions of health enterprises, and provided them here in a graphical format. As with our
earlier study, we have compared activity in Louisville to that of fifteen other metropolitan areas. A summary table of
rankings is on the next slide. Among the most interesting and important findings of our latest research are:
We have identified nearly 2,500 health-related establishments in the Louisville area. Collectively they employ about 85,000
persons, with an annual payroll of $3.5 billion. They generate over $430 million annually in state and local taxes. All major
components of the industry posted growth over the last five years, particularly hospitals and ambulatory care facilities. Also,
we have been able to document much more educational, nonprofit, and governmental activity than in our previous study.
Health care remains one of the largest employers in the Louisville area, accounting for 10 percent of all jobs and
compensation. Employee compensation grew by over 7 percent per year during the last two years for which data are available.
On a per capita basis, most health care economic measures indicate that Louisville ranks in the middle or above compared to
other similar metro areas, and is consistently above the national average in terms of revenues, payrolls, and jobs.
Louisville is home to two of the fourteen Fortune 1000 headquarters of health-related companies located in the sixteen
comparison metros: Humana and Kindred. Only the Nashville (7) and Indianapolis (3) metros have more major headquarters.
Nashville continues to rise in national prominence, gaining the most headquarters since our last study. In another headquarters
listing, by Reference USA, Louisville stands out in the health insurance, nursing home, and home health industries.
The University of Louisville continues to soar up in the rankings of federally-funded research. It jumped from 204th
to 103rd
among all institutions in funding from the National Institutes of Health in the last eight years, by far the greatest growth
among any of the institutions among the competitor metros. UL now brings in over $50 million annually in federal research
funds in health-related fields, a growth of tenfold over the last decade.
Louisville continues to rank near the bottom in private research and development activity and, as we observed in our last
study, has no pharmaceutical companies.
Louisville ranks higher in health-related patent activity than in our last study (10th
rather than 14th)
, posting the third highest
growth rate this decade – behind only Birmingham and Raleigh.

The table summarizes
Louisville’s ranking
in key measures for
the 2001 and 2006
studies.
Louisville posted
some gains,
particularly in
university research,
small business
technology grants,
and patents.
Health Enterprise Component
2001
Study
2006
Study
Change
in Rank
Health Care Delivery
Health care delivery sales per capita - total 6 5 1
Health care delivery payroll per capita - total 3 4 -1
ambulatory sales per capita 6 7 -1
ambulatory payroll per capita 5 9 -4
hospital sales per capita 11 9 2
hospital payroll per capita 10 11 -1
nursing and residential care sales per capita 1 3 -2
nursing and residential care payroll per capita 1 3 -2
Manufacturing
pharmaceutical establishements 16 16 0
medical equipment and supplies establishments 11 9 2
Corporate headquarters
Fortune1000 2 2 0
Dun&Bradstreet/ ReferenceUSA 3 3 0
Scientific research & development (outside universities)
establishments per capita 15 16 -1
University research & development
all federal funding of R&D in the life sciences 8 8 0
National Institutes of Health funding - UL total 11 10 1
National Institutes of Health funding - Medical School only 11 9 2
journal articles published by medical school faculty 9 8 1
licenses and options executed 14 13 1
adjusted gross license revenue 14 14 0
Small business innovation and technology grants
SBIR-STTR awards granted 8 5 3
value of SBIT-STTR awards 6 5 1
Patents
utility patents granted 14 10 4
Louisville's Rank among Sixteen Comparison Metropolitan Areas
Note that there have been several definitional changes between the two study periods, and these can affect rankings
independently of economic activity. Metropolitan areas were redefined after the 2000 Census. The Louisville MSA, for
example, now includes 13 rather than 7 counties. Also, all industry data is now reported on a NAICS (North American
Industrial Classification System), rather than the old SIC (Standard Industrial Classification) system. Finally, the US Bureau of
Economic Analysis has changed the way it reports payroll and other earnings data, now excluding earnings by industry for
proprietors, but including fringe benefits in a measure of compensation by industry. Where possible, we have adjusted for the
changes in definitions.

How Big?
The health enterprises network comprises a range of operations across many industrial classifications.
There is no ‘industrial code’ for the cluster of operations linked to health care. Rather, they span many industries,
including health care delivery, manufacturing of medical equipment and supplies, insurance, management, research
and development, education, and nonprofit and governmental support.
In the first slide, we make an estimate of the size of the network in the Louisville metropolitan area,
adding pieces from several industries. It includes all of the core health care delivery activities, but only pieces of the
linked industries. Standard industrial classifications count legal, IT, advertising and other firms that thrive by selling
services to health care firms as part of other (non-health-related) industries. For example, SHPS is a major health-
related company in Louisville, but is counted under ‘business services’ in most databases. In subsequent slides we
show details for individual industries, and compare these to measures for other metro areas.
Two trend slides are also included for Louisville. Total compensation of employees and proprietors in the
health care sector (NAICS 62) is shown for the past three decades, revealing the strong overall growth pattern. The
total is about $3.2 billion. And we were able to put together a fifteen year history of jobs in the supersector “Health and
Education Services”, one dominated by health care. According to the US Bureau of Labor Statistics, the number of
jobs in the sector has risen from 53,000 to 77,000 since 1990 (and by 10,000 so far this decade).
Estimates for latest year
Compared to other industries
Jobs in health care
Employee Compensation in health care
Compensation per job in health care
Health care links to other industries
Trend: compensation in health care
Trend: jobs in health care (and education) services

Number of
Establish -
ments
Revenues or
Expenditures Jobs Payroll State Taxes* Local Taxes**
Health Care Delivery
Ambulatory (offices of physicians, outpatient centers, labs) 2,050 $2,570,176,139 25,060 $1,133,066,199 $90,871,909 $20,905,071
Hospitals 25 $3,241,948,961 26,078 $1,313,428,238 $178,280,796 $24,232,751
Nursing & residential homes 254 $644,903,269 13,711 $309,212,909 $35,117,328 $5,704,978
Related Enterprises
Manufacturing of medical equipment & supplies 40 $92,800,000 765 28,735,000 $2,304,547 $589,068
Health insurance carriers 2 na 7,537 $326,210,000 $26,162,042 $6,687,305
Management, real estate, and support companies 5 na 2,352 $70,560,000 $5,658,912 $1,446,480
Private research and development, including life sciences 27 $52,162,000 500 $35,210,000 $2,823,842 $721,805
Education and academic research (health science schools) 17 $267,465,910 4,530 $208,957,742 $16,758,411 $4,283,634
Nonprofit service and support organizations 63 $198,588,995 3,095 $93,169,545 $7,472,197 $1,909,976
Government - EMS, health departments 14 $65,419,738 1,526 $45,793,817 $3,672,664 $938,773
Total 2,497 $7,133,465,013 85,155 $3,564,343,450 $369,122,649 $67,419,841
na: not applicable(under insurancecarriers, for example, Humanasystem-widerevenuesin 2005 were$14.4 billion; thejobsand payroll shown arethosecaptured in Louisville)
Estimatesof revenues, jobs, and payrollsfor health caredelivery areextrapolated from the2002 Economic Census, usingcompound growth ratescalculated from historical data.
Estimatesfor manufacturingfrom 2002 Economic Census.
Estimatesfor insurancecarriersincludeonly Humanaand Anthem. Estimatesfor management companiesrefer only to SHPS. Datanot availablefor many smaller companies.
Estimatesfor manangement, real estate, and support companiesincluded for: SHPS, Ventas, Trover, Yellow Ambulance, META.
Estimatesfor nonprofit support organizationsobtained by identifyingagenciesfrom telephonedirectory and internet. Direct job and payroll information wasavailablefor some; estimatesfor others
Estimatesfor government agenciescalculated from published budget datafrom LouisvilleCity-County government and Kentucky Stategovernment, with 15% blowup factor asestimatefor souther
* KY and IN incomeand salestaxes, plusKY hospital tax of 2.5%, KRS142.303 (assume90% of NPR from KY hospitals), plusKY nursinghometax of 2% (assume80% of revenuesin KY).
** Local occupational tax only for Jefferson County: 1.25% City/ County, plus.20% TARC, plus.75% x .8 to JCPS; assume90% of MSA activity in Jefferson.
The Health-Related Industry in Louisville
(estimates for latest year, metro area)
Estimatesfor educational institutionsincludedirect 2005 budgetary datafrom afew schools, with estimatesfor other madefrom dataon degreescompleted.
Estimatesfor privateR&D based on 2002 Economic Census, which provided acount of establishments. Revenues, jobs, and payroll estimated from national ratios.

Jobs by Industry, Louisville MSA, 2003
4,087
6,526
9,307
12,389
12,668
17,461
23,022
29,883
36,078
38,033
38,643
40,382
42,400
44,198
47,507
47,806
71,238
80,274
83,690
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000
Military
Management of companiesand enterprises
Federal government, civilian
Educational services
Information
Stategovernment
Real estateand rental and leasing
Wholesaletrade
Professional and technical services
Financeand insurance
Transportation and warehousing
Administrativeand wasteservices
Other services, except public administration
Construction
Accommodation and food services
Local government
Health careand social assistance
Retail Trade
Manufacturing
Source: USBureau of Economic Analysis, May 2005;
estimatesfor 'super sectors' only.
There were 727,000 jobs in the
Louisville metro in 2003; health
care accounted for 9.8% of total.
Other health-related jobs are
counted under industries like
insurance and manufacturing.

8
Compensation by Industry, Louisville MSA, 2003
$137,941,000
$225,875,000
$278,078,000
$537,775,000
$558,702,000
$679,883,000
$740,495,000
$758,312,000
$783,563,000
$810,676,000
$1,401,232,000
$1,408,811,000
$1,644,627,000
$1,771,004,000
$1,966,353,000
$1,974,595,000
$2,021,173,000
$2,706,372,000
$5,259,388,000
$0 $1,000,000,000 $2,000,000,000 $3,000,000,000 $4,000,000,000 $5,000,000,000 $6,000,000,000
Military
Information
Stategovernment
Construction
Wholesaletrade
Retail trade
Local government
Manufacturing
Louisville’s Health-Related Economy, 2006
Employee
compensation was
$2.6 billion in the
Louisville metro in
2003; health care
accounted for
10.3% of total.

Annual Compensation per Job by Industry, Louisville MSA, 2003
$12,079
$15,962
$18,232
$18,480
$20,075
$22,062
$31,875
$33,751
$37,991
$38,839
$42,279
$42,409
$44,103
$50,885
$51,918
$55,036
$62,844
$73,051
$82,405
$0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000
Retail trade
Construction
Military
Local government
Stategovernment
Information
Wholesaletrade
Manufacturing
Average annual
employee
compensation in
2003 was $38,000.

Sector
Total
Purchases
Purchases from
Louisville MSA
Firms
REAL ESTATE $67,500 $66,100
DRUGS $28,130 $5,330
OTHER BUSINESSSERVICES $17,270 $7,430
MGT. CONSULT. AND PUBLIC REL. $15,330 $6,780
INDUSTRIAL CHEM. INORG & ORG $14,430 $10,710
MISC. PLASTIC PRODUCTS $12,750 $3,970
WHOLESALING: NONDURABLE GOODS $10,480 $7,690
ELECTRIC UTILITIES $9,440 $4,180
SURGICAL APPLIANCES& SUPPLIES $9,180 $2,130
EATING & DRINKING PLACES $8,010 $7,210
MAINT & REP: NON-RES. BLDGS. $7,640 $7,640
PERSONNEL SUPPLY SERVICES $7,570 $7,110
COMMUNICATIONSEXC RADIO & TV $7,390 $4,160
COMPUT. & DATA PROC. SERVICES $6,500 $850
PHOTOGRAPHIC EQUIP. & SUPPLIES $6,220 $0
RETAIL: MISCELLANEOUSSTORES $5,560 $3,460
PETROLEUM REFINING $5,230 $0
TRUCKING & WAREHOUSING $4,610 $3,230
X-RAY & OTHER ELECTROMED. EQUI $3,920 $870
APPAREL FROM PURCHASED MATLS. $3,540 $110
MED. & HEALTH SRVCS. FAC. NEC $3,410 $3,250
COMMERCIAL PRINTING $3,110 $2,400
DETECTIVE & PROTECTIVE SRVCS $3,010 $1,280
INSURANCE CARRIERS $2,880 $1,430
SURGICAL & MEDICAL INSTRUMENTS $2,760 $0
WHOLESALING: DURABLE GOODS $2,530 $2,260
RESEARCH & TESTING SERVICES $2,500 $480
POSTAL SERVICE $2,350 $2,130
FABRICATED RUBBER PROD NEC $2,190 $130
ACCOUNTING MISC. SERVICESNE $2,140 $630
HOUSEFURNISHINGSNEC $2,100 $1,290
AIR TRANSPORTATION $2,030 $470
GASUTILITIES $1,970 $250
SOAP& OTHER DETERGENTS $1,830 $1,510
MEAT PACKING PLANTS $1,770 $1,360
MISC REPAIR SHOPS $1,670 $420
SERVICESTO BUILDINGS $1,530 $330
Subtotal $290,480 $168,580
Sum of Purchasesfrom 200 Other Industries $38,620 $14,810
Total Purchasesof Goodsand Services $329,100 $183,390
Source: Regional Science Research Institute, PCIO Model of Louisville MSA, Version 6.10, May 1
Hospital Purchases from Other Industries
per $1 Million in Hospital Output
The table provides
estimates of the value
of vendor purchases
per $1 million in
hospital sales.
The first column
shows how much is
purchased from other
industries, and the
second column shows
how much can be
provided locally.

Vendor Purchases per $1Million Hospital
Revenues
24 Largest Supplying Industries
$2,760
$2,880
$3,010
$3,110
$3,410
$3,540
$3,920
$4,610
$5,230
$5,560
$6,220
$6,500
$7,390
$7,570
$7,640
$8,010
$9,180
$9,440
$10,480
$12,750
$14,430
$15,330
$17,270
$28,130
$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000
Surgical and medical instruments
Insurance carriers
Detective and protective services
Commercial printing
Medical & health services facilities, nec
Apparel from purchased materials
X-ray & other electromedical equipment
Trucking and warehousing
Petroleum refining
Misc Retail Stores
Photographic equipment and supplies
Computer and data processing services
Communications, excluding radio and TV
Personnel supply services
Maintenance and repair
Eating and drinking places
Surgical appliances and supplies
Electric utilities
Wholesale nondurable goods
Misc plastic products
Industrial chemicals - inorganic and organics
Management consulting and public relations
Other business services
Drugs
Source: Regional Science
Research Insistute, PCIO input-
output model, 1994. Total
purchases from vendor =
$329,000 per $1 million in
revenues.
The chart
summarizes the data
in the first column of
the previous table.
This gives an idea of
the economic
development
opportunities
generated as inpatient
health care grows
over time.

Estimated Labor and Proprietors' Earnings per Capita, Louisville MSA
Health Services/ Health Care and Social Assistance Industry
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,0001969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
Source: USBureau of Economic Analysis. Wehavespliced dataacrossindustrial classification systems,
usingLabor and ProprietorsEarningsfor SIC 80 (Health Services) datathrough 2000, and Employee
Compensation NAICS62 (Health Careand Social Assistance) after 2000 (blown up by thehistorical
ratio of labor and proprietors' earningsto employeecompensation.
in 2004, total labor and proprietors' earnings in
Louisville was about $3.2 billion, or $2,647 per capita
Total employee
and proprietors’
earnings have
grown by an
average rate of
5.3% per year over
the last decade.

Relative Labor and Proprietors' Earnings per Capita, Louisville MSA
Health Services/ Health Care and Social Assistance Industry
0.80
0.90
1.00
1.10
1.20
1.30
1969
1971
1973
1975
1977
1979
1981
1983
1985
1987
1989
1991
1993
1995
1997
1999
2001
2003
National average
Louisville MSA
Source: USBureau of Economic Analysis. Wehavespliced dataacrossindustrial classification systems,
usingLabor and ProprietorsEarningsfor SIC 80 (Health Services) datathrough 2000, and Employee
Compensation NAICS62 (Health Careand Social Assistance) after 2000. Therelativedeclinefor
Louisvilleoccurred in 2000.
Louisville surged
in its health care
concentration
during the 1970s,
1980s and 1990s.

Jobs in Health and Education Services
Louisville Metropolitan Statistical Area, 1990 to 2005
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Ambulatory Care (offices of doctors, dentists, outpatient centers, labs, home health, etc) grew by 87 percent.
Hospitals, Nursing Homes, Social and Educational Services: grew by 33 percent.
Source: US Bureau of Labor Statistics, annual average of monthly wage and salary jobs.

Detailed Health Care Industry Data for Louisville
and Comparison Metro Areas
Total Health Care and Social Assistance (supersector NAICS 62)
Sales per capita, 2002
Payrolls per capita, 2002
Jobs per 100 Residents, 2002
Ambulatory care (NAICS 621)
Establishments by type, Louisville MSA
Hospitals (NAICS 622)
Narrative
Hospitals in the Louisville MSA – Beds, Discharges, Gross Revenues, 2006
General Medical and Surgical Hospitals (NAICS 6221), Sales per Capita, 2002
General Medical and Surgical Hospitals (NAICS 6221), Payroll per Capita, 2002
General Medical and Surgical Hospitals (NAICS 6221), Jobs per 100 Residents, 2002
American Hospital Association: inpatient days per capita, 2004
American Hospital Association: expenses per inpatient day, 2004
American Hospital Association: total expenses per capita, 2004
American Hospital Association: payroll expenses per capita, 2004
Nursing and residential care (NAICS 623)

Health Care and Social Assistance
Per Capita Sales 2002
$3,754
$3,898
$3,975
$4,336
$4,419
$4,462
$4,617
$4,633
$4,956
$4,993
$5,435
$7,189
$4,303
$4,695
$0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000
Greensboro
Raleigh
Charlotte
Richmond
Jacksonville
Memphis
Kansas City
Columbus
Louisville
Dayton
Birmingham
Indianapolis
Lexington
US
Source: Census of Service Industries, 2002.
The Census Bureau, US Department of
Commerce.
$5.62 billion in revenues in
Louisville MSA; on per
capita basis, very similar to
its peers; slightly higher
than national average.
Lexington highest: it is a
regional health care center,
and smallest population of
comparison metros. Data
not disclosed for Cincinnati,
Nashville, Memphis.

Per Capita Payroll 2002
$1,684
$1,696
$1,714
$1,740
$1,770
$1,797
$1,885
$1,898
$1,976
$2,103
$2,177
$2,554
$1,767
$2,017
$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000
Jacksonville
Raleigh
Charlotte
Greensboro
Richmond
Memphis
Columbus
Kansas City
Birmingham
Louisville
Dayton
Indianapolis
Lexington
US
Source: Census of Service Industries,
2002. The Census Bureau, US Department
of Commerce.
$2.4 billion in payrolls in
Louisville MSA; among
highest on per capita
basis.

Jobs Per Capita 2002
4.79
5.01
5.02
5.12
5.14
5.51
5.56
5.62
5.64
6.25
6.44
7.52
5.37
5.97
0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00
Charlotte
Greensboro
Raleigh
Memphis
Jacksonville
Richmond
Kansas City
Birmingham
Columbus
Louisville
Dayton
Indianapolis
Lexington
US
Source: Census of Service
Industries, 2002. The Census
Bureau, US Department of
Commerce.
70,600 jobs in
Louisville MSA;
among highest on
per capita basis.

Ambulatory Care Establishments, by Type, Louisville MSA, 2002
Offices of optometrists
Offices of mental health practitioners
(except physicians)
Offices of physical, occupational &
speech therapists, and audiol
Offices of all other health
practitioners
Outpatient mental health & substance
abuse centers
Other outpatient care centers
Medical & diagnostic laboratories
Home health care services
Ambulance services
All other ambulatory health care
services
Offices of chiropractors
Offices of dentists
Offices of physicians
Source: USCensusBureau, 2002 Economic Census; therewereatotal of 2,050
establishmentsin theAmbulatory Health CareServicesindustry (NAICS621).
890
515

Per Capita Sales,
Ambulatory Health Care Services, 2002
$1,613
$1,723
$1,737
$1,802
$1,812
$1,869
$1,919
$1,989
$2,026
$2,244
$3,108
$1,742
$1,863
$1,875
$1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 $3,200
Richmond
Charlotte
Memphis
Greensboro
Raleigh
Louisville
Indianapolis
Kansas City
Jacksonville
Columbus
Dayton
Birmingham
Lexington
US
Source: Census of Service Industries, 2002. The Census
Bureau, US Department of Commerce. Cincinnati,
Nashville and Omaha are not calculated due to
disclosure issues.
$2.2 billion in revenues in Louisville
MSA; on per capita basis, very similar to
its peers; slightly higher than national
average.
Lexington highest, since it is a regional
health care center and is the smallest
metro in terms of population.

21
Per Capita Payroll,
Ambulatory Health Care Services, 2002
$745
$749
$784
$792
$792
$812
$817
$858
$865
$881
$978
$994
$725
$821
$600 $700 $800 $900 $1,000 $1,100
Memphis
Richmond
Indianapolis
Jacksonville
Charlotte
Raleigh
Kansas City
Louisville
Greensboro
Dayton
Columbus
Birmingham
Lexington
US
Source: Census of Service
Industries, 2002. The Census
Bureau, US Department of
Commerce. Cincinnati, Nashville
and Omaha are not calculated
due to disclosure issues.
$972 million in payrolls in
Louisville MSA; on per
capita basis, very similar to
its peers; higher than
national average.

Hospitals
There are more data available on hospital activity than in any other component of the health
enterprises network. We present several measures here, accumulated from multiple sources. Together, they paint
a picture of the size and scope of the hospital industry in Louisville.
We identified 25 hospitals in the metropolitan area, 17 of which are classified as short-term acute
care. Other categories include psychiatric, rehabilitation, and long-term care. Most are owned and operated by
nonprofit corporations, though Louisville also has three investor-owned hospitals, two owned by state
government, two by local governments, and one by the federal government. They support a total of over 4,000
beds, with over 175,000 patient discharges annually.
The Census Bureau provides estimates of activity by ‘general medical and surgical hospitals’, or
industrial code 6221. Data for 2002 were disclosed for most of the comparison metro areas and is summarized in
the slides below. Louisville generally ranks in the middle of the comparison metros in terms of hospital
revenues, payrolls, and jobs per capita.
We also include some economic data from the American Hospital Association. Their database
includes measures on 20 ‘community hospitals’ in Louisville, which while not comprehensive gives another
comparison. Louisville ranks a bit higher in these rankings, particularly in terms of inpatient days. (Community
hospitals are defined as all nonfederal, short-term general, and other special hospitals. Other special hospitals
include obstetrics and gynecology; eye, ear, nose, and throat; rehabilitation; orthopedic; and other individually
described specialty services. Community hospitals include academic medical centers or other teaching hospitals
if they are nonfederal short-term hospitals. Excluded are hospitals not accessible by the general public, such as
prison hospitals or college infirmaries.)

Name of facility Location Primary type of care
Type of
ownership &
control
Hospital
Beds
Total
Discharges
Patient
Days
Gross Patient
Revenue ($000)
1 Baptist Hospital East Louisville Short term acute care N 356 25,928 110,098 $603,378,197
2 Baptist Hospital Northeast La Grange Short term acute care N 90 3,114 13,509 $60,163,000
3 Central State Hospital Louisville Psychiatric S 172 1,299 39,374 25,739,204
4 Clark Memorial Hospital (JHHN) Jeffersonville Short term acute care N 169 8,888 46,375 $310,117,702
5 Flaget Memorial Hospital Bardstown Short term acute care N 40 2,824 8,236 $82,650,132
6 Floyd Mem Hosp & Hlth Servs New Albany Short term acute care N 191 10,484 37,776 $275,083,899
7 Harrison County Hospital Corydon Short term acute care L 51 1,708 6,869 $62,668,438
8 Jewish Hospital - downtonwn (JHHN) Louisville Short term acute care N 442 21,695 124,988 $1,359,902,878
9 (Jewish) Frazier Rehabilitation Institute Louisville Physical rehabilitation N
10 Jewish Hospital-Shelbyville (JHHN) Shelbyville Short term acute care N 70 2,835 14,239 $112,129,678
11 Kindred Hospital-Louisville Louisville Long term P 367 621 30,412 $149,660,615
12 Med Center of Southern Indiana Charlestown Short term acute care P 78 1,314 4,349 $32,199,891
13 Norton Hospital Louisville Short term acute care N 1,175 64,117 311,086 $2,368,059,519
14 Norton Audubon Hospital Louisville Short term acute care N
15 Norton Suburban Hospital Louisville Short term acute care N
16 Norton Southwest Hospital Louisville Short term acute care N
17 (Norton) Kosair Children's Hospital Louisvillle Short term acute care N
18 Sts. Mary&Elizabeth Hospital (JHSMH) Louisville Short term acute care N 442 14,226 118,206 $419,409,372
19 Our Lady of Peace (JHSMH) Louisville Psychiatric N
20 Southern Indiana Rehab Hosp New Albany Physical rehabilitation N 60 974 13,070 $36,372,368
21 Ten Broeck Hospital-Dupont Louisville Psychiatric P 66 1,771 22,479 32,887,759
22 Ten Broeck Hospital-KMI Louisville Psychiatric P 94 1,732 33,103 $46,364,685
23 Univ of Louisville Hospital Louisville Short term acute care S 283 14,033 90,388 $743,896,477
24 Veterans Administration Hospital Louisville Short term acute care F 122 na na $155,980,000
25 Washington County Memorial Hospital Salem Critical access L 25 1,066 3,812 $33,430,000
Totals 4,293 178,629 1,028,369 $6,910,093,814
Sources: American Hosptital Directory (www.ahd.com); Business First, November 25, 2005;
Ownership Codes: (F) Federal government, (G) Local government, (N) Nonprofit corporation, (P) Private corporation, (S) State government/ university
JHCN: Jewish Hospital Healthcare Network
JHSMH: Jewish Hospital and St. Mary's Healthcare
Hospitals in the Louisville Metropolitan Statistical Area, 2006 (with data forlatest yearavailable)

General Medical and Surgical Hospitals (NAICS 6221)
Per Capita Sales, 2002
$1,104
$1,430
$1,624
$1,686
$1,897
$1,963
$2,038
$2,043
$3,281
$1,674
$1,926
$2,661
$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500
Greensboro
Charlotte
Jacksonville
Columbus
Kansas City
Louisville
Richmond
Memphis
Dayton
Indianapolis
Lexington
US
Source: Census of Service Industries, 2002. The
Census Bureau, US Department of Commerce.
Birmingham, Cincinnati, Nashville, Omaha, and
Raleigh are not included in calculation due to
disclosure issues.

Per Capita Payroll, 2002
$496
$515
$553
$581
$681
$718
$743
$847
$1,175
$649
$782
$980
$0 $200 $400 $600 $800 $1,000 $1,200 $1,400
Greensboro
Jacksonville
Charlotte
Columbus
Richmond
Kansas City
Memphis
Louisville
Dayton
Indianapolis
Lexington
US
disclosure issues.

1.31
1.45
1.55
1.56
1.83
1.91
2.40
3.29
1.70
1.89
1.98
2.68
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50
Greensboro
Charlotte
Jacksonville
Columbus
Memphis
Louisville
Kansas City
Richmond
Dayton
Indianapolis
Lexington
US
disclosure issues.

Per Capita Inpatient Days for US Community Hospitals,
by Metro Area 2004
0.51
0.61
0.63
0.63
0.66
0.67
0.70
0.71
0.74
0.75
0.77
0.82
0.86
0.98
1.02
0.84
0.00 0.20 0.40 0.60 0.80 1.00 1.20
Raleigh
Cincinnati
Dayton
Columbus
Jacksonville
Charlotte
Omaha
Kansas City
Nashville
Indianapolis
Richmond
Memphis
Louisville
Greensboro
Lexington
Birmingham
Source: American Hospital Association Hospital
Statistics, 2006 & 2004 AHA Annual Survey
Database
AHA reports 1 million
inpatient days at Louisville
area hospitals; near the top
on a per capita basis.

Total Expenses Per Inpatient Day
US Community Hospitals, 2004
$310
$327
$345
$356
$363
$373
$375
$377
$387
$427
$427
$443
$454
$455
$597
$435
$0 $100 $200 $300 $400 $500 $600 $700
Columbus
Indianapolis
Omaha
Dayton
Cincinnati
Charlotte
Kansas City
Lexington
Nashville
Raleigh
Jacksonville
Louisville
Memphis
Birmingham
Richmond
Greensboro
Source: American Hospital Association Hospital
Statistics, 2006 & 2004 AHA Annual Survey Database
AHA reports $2.3 billion in
expenses at Louisville area
hospitals; near the top on a
per patient-day basis.

Total Expenses per Capita,
US Community Hospitals by Metro Area 2004
$1,200
$1,434
$1,555
$1,684
$1,700
$1,771
$1,788
$1,847
$1,882
$1,918
$2,034
$2,042
$2,248
$2,281
$2,593
$1,930
Raleigh
Greensboro
Jacksonville
Cincinnati
Richmond
Dayton
Charlotte
Memphis
Kansas City
Nashville
Louisville
Omaha
Columbus
Birmingham
Indianapolis
Lexington
Source: American Hospital Association
Hospital Statistics, 2006 & 2004 AHA Annual
Survey Database
AHA data on expenses
(proxy for revenues) reveal
similar pattern to payrolls.

Per Capita Payroll Expenses, US Community Hospitals,
by Metro Area 2004
$547
$564
$620
$645
$667
$723
$740
$744
$771
$772
$773
$808
$825
$903
$965
$748
Raleigh
Jacksonville
Greensboro
Richmond
Cincinnati
Charlotte
Memphis
Nashville
Louisville
Dayton
Kansas City
Columbus
Omaha
Birmingham
Indianapolis
Lexington
Source: American Hospital Association
Hospital Statistics, 2006 & 2004 AHA Annual
Survey Database
More recent data, from
AHA, reveals similar
payroll pattern as Census
data.

Nursing and Residential Care Facilities, 2002
Sales per Capita
$299
$317
$325
$370
$406
$423
$430
$441
$475
$507
$595
$498
$475
$0 $100 $200 $300 $400 $500 $600 $700
Memphis
Birmingham
Lexington
Raleigh
Richmond
Kansas City
Jacksonville
Charlotte
Greensboro
Louisville
Indianapolis
Dayton
US
Columbus, Nashville and Omaha are not included in
calculation due to disclosure issues.

Payroll per Capita
$132
$134
$158
$167
$174
$187
$206
$207
$214
$244
$265
$231
$228
$0 $50 $100 $150 $200 $250 $300
Memphis
Birmingham
Lexington
Raleigh
Richmond
Jacksonville
Charlotte
Kansas City
Greensboro
Louisville
Indianapolis
Dayton
US
Cincinnati, Columbus, Nashville and Omaha are not
included in calculation due to disclosure issues.

Jobs per 100 Residents
0.67
0.70
0.82
0.83
0.87
0.88
0.98
0.98
1.05
1.17
1.24
1.01
1.06
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4
Memphis
Birmingham
Raleigh
Lexington
Richmond
Jacksonville
Charlotte
Kansas City
Greensboro
Louisville
Indianapolis
Dayton
US
Columbus, Nashville and Omaha are not included in
calculation due to disclosure issues.

Health-Related Occupations
The US Bureau of Labor Statistics produces estimates of jobs and pay by occupation
for metropolitan areas. We have organized the latest data on health-related occupations for
Louisville and the comparison metros. The data are summarized in the next slide, with the
following slide showing our forecasts of job growth by occupation.
In the next slide we plot the number of jobs per capita against pay per job, with the
center of the graph representing the average across the sixteen metros. Data was not available for
all occupations and all metros, so this is not comprehensive. But it does give an indication of the
relative concentration and pay in certain professions. Unfortunately, there are not many
occupations for which Louisville has both a high concentration and high pay. Certain
occupations, like optometrists and opticians, have a high concentration in Louisville but earn 20-
40% less than in comparable markets. A few occupations, like occupational therapist assistants,
home health aides and pharmacists, seem have a relatively low presence but high pay. Finally, a
set of high-skill occupations have both a low presence and low pay in Louisville: pediatricians,
internists, psychiatrists, and physicians’ assistants.
Registered nurses are the biggest health-related occupational category in Louisville,
and is also the one projected to grow the most over the next ten years. The average pay is nearly
$48,000. Other higher skill, higher pay occupations expected to grow include physicians,
surgeons, and physical therapists.

Occupations in the Louisville MSA
Number of Workers per Capita and Average Hourly Wage Compared to 16 MSA Average
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
-80% -60% -40% -20% 0% 20% 40% 60% 80% 100% 120%
Relative number
Relativewage
GPs
Optometrists
Medical equipment preparers
General
internists
Medical equipment
i
Medical
records
and health
information
t h i i
Pediatricians
Opticians
Occupational
therapist
assistants
Higher wage, fewer jobs
Higher wage, more jobs
Lower wage, more jobsLower wage, fewer jobs
People employed in these
sectors can expect a lower
wage and fewer job
opportunites in the
Louisville MSA.
Home health aides
Most occupations that pay a higher wage than
our peer metros (on avergae) and offer more
job opportunites are in lower-skill, lower-pay
sectors such as specialized technologists and
technicians, pharmacy aides, nursing aides and
orderlies, and physical therapist assistants.
The exceptions are RNs and speech
pathologists.
Occupations that fall in this quadrant have
more job opportunities but lower wages
relative to the average among peer markets.
Cardiovascular technologists & technicians,
nuclear medicine technologists, pharmacy techs, radiology technicians,
occupational therapists, dieticians, physical therapists, surgical techs
RNs
Aides, assistants, orderlies
Speech pathologists
Medical transcriptionists
Physicians'
assistants
Respiratory therapist techs
EMTs
Dental lab techs
Psychiatrists
Chiropractors
Medical secretaries
Pharmacists
Dietary technicians
Lab techs

Projected Growth in Health Industry Jobs
within the Louisville MSA
2002-2012
-500
0
500
1,000
1,500
2,000
2,500
3,000
3,500
D
entalLaboratory
Technicians
Podiatrists
Audiologists
Veterinary
Assistants
and
Laboratory
Anim
alCaretakers
O
ccupationalTherapistAides
M
edicalEquipm
entR
epairers
Athletic
Trainers
N
uclearM
edicine
Technologists
R
adiation
Therapists
Pharm
acy
Aides
O
ptom
etrists
M
edicalEquipm
entPreparers
Psychiatric
Aides
M
assage
Therapists
C
hiropractors
O
ccupationalTherapistAssistants
D
iagnostic
M
edicalSonographers
R
espiratory
Therapy
Technicians
C
ardiovascularTechnologists
and
Technicians
Speech-Language
Pathologists
PhysicalTherapistAides
M
edicalTranscriptionists
PhysicalTherapistAssistants
SurgicalTechnologists
O
ccupationalTherapists
H
ealth
D
iagnosing
and
Treating
Practitioners,AllO
ther
M
edicaland
C
linicalLaboratory
Technicians
R
espiratory
Therapists
Physician
Assistants
R
adiologic
Technologists
and
Technicians
PhysicalTherapists
H
ealthcare
Practitioners
and
TechnicalW
orkers,AllO
ther
D
entalH
ygienists
H
ealthcare
SupportW
orkers,AllO
ther
M
edicalSecretaries
M
edicalR
ecords
and
H
ealth
Inform
ation
Technicians
Em
ergency
M
edicalTechnicians
and
Param
edics
D
entalAssistants
Physicians
and
surgeons
H
om
e
H
ealth
Aides
M
edicalAssistants
N
ursing
Aides,O
rderlies,and
Attendants
R
egistered
Nurses
Source: KentuckianaWorks Occupational Outlook,
Projections 2002-2012
$47,680
$21, 430
$23, 330
$19, 910
$122,460
$30,600
The greatest amount of growth will occur in lower-
paying sectors such as orderlies, medical and home
health aides, dental and medical assistants,
secretaries and information technicians, and EMTs.
Job opportunities for
registered nurses will see
the most growth.
Physicians and surgeons
will see some growth.

Occupations
Louisville
MSA
16 MSA
average
Registered Nurses 12,080 1,162.0 1,060.8 9.5% $25.74 $24.88 3.5%
Nursing Aides, Orderlies, and Attendants 7,240 696.4 552.3 26.1% $11.12 $10.49 6.0%
Licensed Practical and Licensed Vocational Nurses 3,540 340.5 293.0 16.2% $17.06 $17.09 -0.2%
Medical Assistants 2,300 221.2 148.1 49.4% $12.09 $12.24 -1.2%
Dental Assistants 1,720 165.4 102.5 61.4% $13.38 $14.65 -8.7%
Pharmacy Technicians 1,340 128.9 116.4 10.8% $11.09 $11.55 -4.0%
Medical Secretaries 1,270 122.2 127.3 -4.0% $12.17 $12.60 -3.4%
Home Health Aides 1,260 121.2 201.3 -39.8% $9.88 $9.46 4.4%
Healthcare Support Workers, All Other 1,240 119.3 71.3 67.3% $11.12 $12.26 -9.3%
Radiologic Technologists and Technicians 980 94.3 90.2 4.5% $20.47 $21.58 -5.2%
Pharmacists 900 86.6 97.6 -11.3% $41.63 $40.64 2.4%
Medical and Clinical Laboratory Technologists 750 72.1 79.5 -9.3% $21.84 $21.92 -0.4%
Medical Records and Health Information Technicians 730 70.2 69.1 1.6% $14.23 $13.50 5.4%
Physical Therapists 720 69.3 54.0 28.3% $28.87 $29.74 -2.9%
Medical Transcriptionists 650 62.5 44.6 40.3% $13.92 $13.83 0.7%
Respiratory Therapists 580 55.8 43.5 28.1% $20.66 $20.73 -0.3%
Occupational Therapists 550 52.9 34.3 54.1% $26.11 $27.56 -5.2%
Emergency Medical Technicians and Paramedics 540 51.9 57.4 -9.4% $12.10 $13.88 -12.8%
Speech-Language Pathologists 530 51.0 37.1 37.4% $26.91 $26.05 3.3%
Surgical Technologists 480 46.2 36.5 26.6% $16.02 $16.53 -3.1%
Medical and Clinical Laboratory Technicians 400 38.5 65.1 -40.9% $14.77 $14.82 -0.3%
Cardiovascular Technologists and Technicians 380 36.6 22.6 61.7% $17.46 $19.07 -8.4%
Physical Therapist Assistants 370 35.6 26.8 33.0% $18.84 $18.28 3.1%
Medical Equipment Preparers 350 33.7 19.7 70.7% $12.68 $11.86 6.9%
Dietitians and Nutritionists 340 32.7 21.2 54.6% $19.84 $20.75 -4.4%
Surgeons 340 32.7 27.9 17.2% $91.34 $91.79 -0.5%
Health Technologists and Technicians, All Other 340 32.7 27.6 18.5% $18.18 $17.26 5.3%
Family and General Practitioners 330 31.7 50.5 -37.1% $70.83 $72.87 -2.8%
Opticians, Dispensing 310 29.8 25.7 16.1% $11.28 $13.95 -19.2%
Medical Equipment Repairers 240 23.1 11.7 97.2% $18.38 $18.70 -1.7%
Healthcare Practitioner and Technical Workers, All Other 210 20.2 25.4 -20.4% $15.67 $18.10 -13.4%
Diagnostic Medical Sonographers 190 18.3 19.9 -8.1% $23.49 $25.22 -6.9%
Internists, General 180 17.3 26.3 -34.1% $56.85 $75.14 -24.3%
Pharmacy Aides 170 16.4 14.2 14.9% $9.26 $9.00 2.9%
Dental Laboratory Technicians 160 15.4 16.6 -7.2% $14.95 $16.70 -10.5%
Health-Related Occupations, Employment and Pay in the Louisville MSA, 2004
Employment by Occupation Average Hourly Wage
per100,000 residents
Louisville
MSA
16 MSA
average
Louisville
wage
relative to 16
MSA
average
Louisville
concentration
as %of 16 MSA
average
concentration
Numberin
Louisville
MSA
*According to OES website for MSA definitions, the 2004 OES estimates are aggregated to old MSA boundaries with total populations reflecting those boundaries.
Source for 2002 US Population estimates <http:/ / www.census.gov/ popest/ archives/ 2000s/ vintage_2002/ NA-EST2002-01.html>
Data for another 15 occupations were not available for Louisville; average for 16 metro areas calculated over metros for which data disclosed.

Manufacturing
38
Business establishments, pharmaceutical and medicine, 2002
Business establishments, medical equipment & supplies, 2002
Number of employees, medical equipment & supplies, 2002
Average wages, average salaries, medical equipment & supplies, 2002
There are two manufacturing industries most clearly linked to health enterprises:
pharmaceuticals and medicine (NAICS 3254), and medical equipment and supplies (NAICS
3391). Detailed industrial data on sales, payrolls, and jobs are only available every five years
when the economic census is taken. The last census covered the year 2002, and results were
published in late 2005. We summarize what was published for these two industries in the
slides that follow. Due to federal privacy laws, some data for some metro areas are
suppressed.
The census revealed no pharmaceutical companies in Louisville (we know of at
least one Louisville company, CreoSalus, that manufacturers drugs and has a small but
growing payroll). The lead cities were Kansas City, Raleigh, Omaha, Indianapolis, and
Cincinnati.
Louisville did have 40 establishments that manufacture medical equipment and
supplies, the same number as five years earlier. However, these manufacturers now employ
765 persons, a 33 percent growth over 1997. The companies shipped products valued at $92.8
million, and had an annual payroll of $28.7 million. In Louisville area, the pay was relatively
high for production workers and low for supervisory employees, suggesting that most of the
top managers in these firms are located outside of Louisville.

Number of Business Establishments, Pharmaceutical and Medicine
Manufacturing, 2002
0 5 10 15 20 25
Richmond
Lexington
Memphis
Greensboro
Charlotte
Columbus
Cincinnati
Indianapolis
Omaha
Raleigh
Kansas City
with 20 or more employees
with less than 20 employees
Source: USCensusBureau, 2002 Economic Census, October 2005.
Louisville has no
pharmaceutical businesses.
Kansas City, Raleigh, Omaha,
Indianapolis, and Cincinnati
have most.

40
Number of Business Establishments, Medical Equipment & Supplies
Manufacturing, 2002
0 10 20 30 40 50 60 70 80 90
Lexington
Raleigh
Greensboro
Richmond
Dayton
Birmingham
Louisville
Nashville
Memphis
Jacksonville
Columbus
Charlotte
Cincinnati
Kansas City
Indianapolis
with 20 or more employees
with less than 20 employees
Source: USCensusBureau, 2002 Economic Census, October 2005.
Louisville ranks in the middle in terms of total
number of establishments, but has 11 firms
with more than 20 employees.

Number of Employees, Medical Equipment & Supplies
Manufacturing, 2002
0 500 1000 1500 2000 2500 3000 3500 4000
Lexington
Birmingham
Nashville
Raleigh
Dayton
Louisville
Omaha
Richmond
Greensboro
Kansas City
Cincinnati
Charlotte
Columbus,
Indianapolis
Memphis
Jacksonville
Source: USCensusBureau, 2002 Economic Census, October 2005. Datafor
Omahaestimated based on rangeindicated.
Louisville’s medical equipment and supplies
industry employed 765 persons in 2002, 11th
highest among the comparison metros.

Average Pay per Job, Medical Equipment and Supplies
Manufacturing
Comparison Metros, 2002
$78,097
$62,918
$59,903 $59,525 $59,457
$57,354
$54,860
$53,224 $53,002
$50,373 $50,094 $48,810 $47,660
$44,325
$39,959
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
JacksonvilleG
reensboro
Charlotte
M
em
phisColum
bus,
RaleighIndianapolis
Lexington
CincinnatiK
ansasCity
Louisville
Richm
ond
D
ayton
N
ashvilleBirm
ingham
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
hourly wage of production workers, right scale
annual pay, supervisory and other salaried workers, left scale
Pay for production workers was 2nd highest, behind only Jacksonville; pay for
supervisory and other workers was 11th highest.

Corporate Headquarters
43
Market valuation of publicly traded companies headquartered in Louisville, 2000 to 2005
Fortune 1000 companies, with revenues, 2004
Dun&Bradstreet listings for Louisville MSA
Reference USA listing, all comparison metro areas February 2006
Reference USA listing, continued
There is no publicly available database on company headquarters. We have investigated four
privately produced directories to learn about major companies based in Louisville and our comparison metros.
There are five publicly traded health-related companies headquartered in Louisville: Almost Family, Humana,
Kindred Healthcare, ResCare, and Ventas. At the end 2005, their combined market value was $13.7 billion, a
growth of almost fourfold since 2000.
Fortune magazine famously publishes a list each year of the top 1000 companies in terms of sales.
We have sorted the list by industry and headquarters location, and reported the results in the next slide. Louisville
is home to two of the 79 companies listed under health-related industries nationally - Humana and Kindred
Healthcare. Nashville clearly dominates the ranking, followed by Indianapolis and Louisville.
We examined Dun&Bradstreet’s listing for the Louisville metropolitan area. This is the most
exhaustive company listing we are aware of, but it would be expensive to acquire it for all the comparison markets.
It shows 14 Louisville-based companies in health-related industries with revenues of over $100 million, and
another 28 with revenues between $10 and $100 million. Many of these are large Louisville-only operations, such
as University Hospital. However, some prominent Louisville-based organizations are not listed (under health-
related industries), such as Jewish Hospital, Ventas, Passport, Trover, SHPS, and Yellow Ambulance.
Finally, we examined another database, Reference USA, which lists companies by place and industry.
Reference USA is similar to Dun & Bradstreet but can be accessed without charge via licensed sites such as public
libraries. It has limitations, including the occasional use of ranges rather than discrete numbers for employment
and sales, some discrepancies in business type when compared to Dun&Bradstreet (headquarters, branch, single
site, subsidiary) and the inability to access more than 50 records at a time. The database is updated twice yearly.

company ticker 2000 2001 2002 2003 2004 2005
change
2000 to
2005
percent
change
Almost Family AFAM $11.2 $39.2 $15.7 $20.6 $34.1 $37.3 $26.2 234.7%
Humana HUM $2,555.6 $1,990.0 $1,672.8 $3,681.0 $4,731.8 $8,843.2 $6,287.5 246.0%
Kindred Healthcare KND $3.6 $811.5 $320.3 $928.5 $1,111.0 $1,004.4 $1,000.8 27928.6%
ResCare RSCR $109.4 $215.7 $88.6 $199.8 $388.2 $462.1 $352.7 322.3%
Ventas VTR $384.9 $791.7 $797.7 $1,762.3 $2,312.0 $3,302.8 $2,917.9 758.2%
sum $3,064.7 $3,848.1 $2,895.1 $6,592.2 $8,577.0 $13,649.8 $10,585.2 345.4%
from Compustat database University of Louisville, May 17, 2006
Market Value, Publicly Traded Companies Headquartered in Louisville
year ending December 31, in millions

Company Industry
Revenues (mil)
2005 City Metro
Caremark Rx Health Care: Pharmacy and Other Services $32,991 Nashville Nashville
HCA Health Care: Medical Facilities $24,455 Nashville Nashville
Wellpoint Health Care: Insurance $45,136 Indianapolis Indianapolis
Eli Lilly Pharmaceuticals $14,645 Indianapolis Indianapolis
Humana Health Care: Insurance $14,418 Louisville Louisville
Omnicare Health Care: Pharmacy and Other Services $5,293 Covington Cincinnati
Guidant Medical Products & Equipment $3,551 Indianapolis Indianapolis
Kindred Healthcare Health Care: Medical Facilities $3,979 Louisville Louisville
Community Health Sys. Health Care: Medical Facilities $3,789 Brentwood Nashville
Vanguard Health Systems Health Care: Medical Facilities $2,269 Nashville Nashville
Lifepoint Hospitals Health Care: Medical Facilities $1,903 Brentwood Nashville
Iasis Healthcare Health Care: Medical Facilities $1,524 Franklin Nashville
PSS World Medical Health Care: Wholesalers $1,474 Jacksonville Jacksonville
Renal Care Group Health Care: Medical Facilities $1,570 Nashville Nashville
Source: Fortune Magazine, April 17, 2006; www.fortune.com.
Health-Related Fortune 1000 Companies, Headquartered in Comparison Metros
Louisville is home to two of the 79 Fortune 1000 companies classified as
health-related: Humana and Kindred Healthcare. Among the comparison
metros, Louisville ranks behind only Nashville (7) and Indianapolis (3).

Company Name City Sales
Employment
Here
Employment
Total Line of Business
Humana Inc. Louisville $13,104,325,000 1,100 13,700 PROVIDES HMOS & PPOS SUPPLEMENTAL HEALTH INSURANCE & PRO
Kindred Healthcare Inc Louisville $3,531,223,000 50 50,840 HOSPITALS NURSING CENTERS & INSTITUTIONAL PHARMACIES
Humana Health Plan, Inc Louisville $2,199,657,000 4 3,000 HEALTH INSURANCE CARRIER & HMO
Baptist Healthcare System Louisville $1,283,966,000 224 8,996 HOSPITALS AND MEDICAL CLINICS HOSPITAL MANAGEMENT
RES-Care Inc Louisville $1,009,016,000 300 30,000 INTERMEDIATE CARE FACILITY & JOB TRAINING/ RELATED SVC
Kosair Children's Hospital Louisville $779,264,000 1,200 1,500 GENERAL HOSPITAL
Anthem Health Plans of KY Louisville $698,700,000 200 1,800 HEALTH CARE PLAN
Norton Audubon Hospital Louisville $580,000,000 1,100 1,242 GENERAL MEDICAL SURGICAL HOSPITAL
Norton Healthcare, Inc Louisville $312,700,000 950 9,300 MANAGEMENT SERVICES GENERAL HOSPITAL
University Medical Center Inc Louisville $290,676,000 1,955 2,000 GENERAL MEDICAL & SURGICAL HOSPITAL
Humana Mlitary Healthcare Svcs Louisville $269,800,000 190 700 HEALTH CARE SERVICES
Floyd Mem Hosp & Hlth Svcs New Albany $240,488,000 1,100 1,200 GENERAL HOSPITAL MEDICAL DOCTOR'S OFFICE
Atria Senior Living Group Louisville $183,600,000 120 7,500 ASSISTED LIVING
Clark Memorial Hospital Jeffersonville $109,656,000 1,498 1,500 GENERAL HOSPITAL
Delta Dental of Kentucky Inc Louisville $91,430,000 0 89 HOSPITAL/ MEDICAL SERVICE PLAN INSURANCE AGENT/ BROKER
Almost Family Inc Louisville $86,827,000 40 3,182 HOME HEALTH CARE SERVICES AND ADULT DAY CARE CENTER
Seven Counties Services Inc Louisville $78,504,000 0 1,300 SOCIAL SERVICE MEDICAL DOCTORS OFFICE SPECIALTY OUTPATIEN
Norton Hospitals, Inc Louisville $69,800,000 50 1,500 HOSPITALS PHYSICIAN GROUPS SPECIALTY CARE CENTERS
Spectracare Inc Louisville $64,987,000 300 1,400 HOME HEALTH CARE SERVICES
Trilogy Health Services LLC Louisville $62,727,000 25 2,000 NURSING/ PERSONAL CARE NONRESIDENTIAL CNSTN MANAGEMEN
Norton Hospital Louisville $57,600,000 1,150 1,242 GENERAL SURGICAL HOSPITAL
Healthessentials Solutions Inc Louisville $53,102,000 250 684 GERIATRIC MEDICAL CARE
Christian Care Community Inc Louisville $48,386,000 40 1,300 RESIDENTIAL CARE SERVICE MANAGEMENT SERVICES INTERMEDIA
Vencare Rehab Services Inc Louisville $45,800,000 115 2,000 EXTENDED CARE FACILITY FOR THE ELDERLY
Vencare Kentucky, Inc Louisville $44,300,000 82 900 SPECIALTY HOSPITAL
United Rehab LLC Louisville $41,000,000 25 2,200 NURSING CARE FACILITY
Baptist Hlthcare Affliates Inc Louisville $34,898,000 10 415 GENERAL HOSPITAL
Compdent Corporation Louisville $30,700,000 64 79 DENTAL BENEFIT PLAN
Dr Bizer's Visionworld Clarksville $25,000,000 30 500 OPTOMETRIST & OPTICIANS
Presbyterian Homes Svcs of KY Louisville $19,793,000 12 382 INDEPENDENT LIVING & SKILLED CARE NURSING HOMES
Christian Ch Campus of Wstn KY Louisville $18,800,000 30 850 NURSING FACILITY HOUSING FOR THE ELDERLY
Lifespring, Inc Jeffersonville $18,280,000 150 291 OUT PATIENT COMMUNITY MENTAL HEALTH & SUBSTANCE ABUSE C
Masonic Homes of KY Inc Masonic Home $16,846,000 230 375 CIVIC/ SOCIAL ASSOCIATION SKILLED NURSING CARE FACILITY
Transitional Hospitals Corp Louisville $16,300,000 150 368 OPERATES LONG TERM ACUTE CARE HOSPITALS
Seniorcare LLC Louisville $15,800,000 15 850 INTERMEDIATE NURSING HOMES
Holdaway Medical Services LLC Louisville $15,229,000 95 100 RENTS & RETAILS MEDICAL EQUIPMENT
Cardiovascular Associates PSC Louisville $15,000,000 195 220 MEDICAL DOCTOR'S OFFICE
Kutz Kleinert and Associates Louisville $13,100,000 130 200 PHYSICIANS & SURGEON
Charlestown Hospital, Inc. Charlestown $12,500,000 270 289 GENERAL HOSPITAL
Kentucky United Medical Corp Louisville $11,600,000 200 380 SPECIALTY OUTPATIENT FAC RESIDENTIAL CARE SERVICE SPECIALT
Health-Related Companies Headquarterd in the Louisville Area
with sales greater than $10 million

Companies Headquartered in the Louisville Metro Area
with sales greater than $10 million
Line of
Business Company Name City Sales Employment Here Employment Total
HumanaInc. Louisville $13,104,325,000 1,100 13,700
HumanaHealth Plan, Inc Louisville $2,199,657,000 4 3,000
Anthem Health Plansof KY Louisville $698,700,000 200 1,800
Norton Healthcare, Inc Louisville $312,700,000 950 9,300
HumanaMlitary HealthcareSvcs Louisville $269,800,000 190 700
DeltaDental of Kentucky Inc Louisville $91,430,000 0 89
Compdent Corporation Louisville $30,700,000 64 79
Holdaway Medical ServicesLLC Louisville $15,229,000 95 100
Kindred HealthcareInc Louisville $3,531,223,000 50 50,840
Baptist HealthcareSystem Louisville $1,283,966,000 224 8,996
Kosair Children'sHospital Louisville $779,264,000 1,200 1,500
Norton Audubon Hospital Louisville $580,000,000 1,100 1,242
University Medical Center Inc Louisville $290,676,000 1,955 2,000
Floyd Mem Hosp & Hlth Svcs New Albany $240,488,000 1,100 1,200
Clark Memorial Hospital Jeffersonville $109,656,000 1,498 1,500
Norton Hospitals, Inc Louisville $69,800,000 50 1,500
Norton Hospital Louisville $57,600,000 1,150 1,242
VencareKentucky, Inc Louisville $44,300,000 82 900
Baptist HlthcareAffliatesInc Louisville $34,898,000 10 415
Transitional HospitalsCorp Louisville $16,300,000 150 368
Charlestown Hospital, Inc. Charlestown $12,500,000 270 289
RES-CareInc Louisville $1,009,016,000 300 30,000
AtriaSenior LivingGroup Louisville $183,600,000 120 7,500
Trilogy Health ServicesLLC Louisville $62,727,000 25 2,000
VencareRehab ServicesInc Louisville $45,800,000 115 2,000
United Rehab LLC Louisville $41,000,000 25 2,200
Presbyterian HomesSvcsof KY Louisville $19,793,000 12 382
Christian Ch Campusof Wstn KY Louisville $18,800,000 30 850
Masonic Homesof KY Inc Louisville $16,846,000 230 375
SeniorcareLLC Louisville $15,800,000 15 850
Almost Family Inc Louisville $86,827,000 40 3,182
SpectracareInc Louisville $64,987,000 300 1,400
Lifespring, Inc Jeffersonville $18,280,000 150 291
Kentucky United Medical Corp Louisville $11,600,000 200 380
HealthessentialsSolutionsInc Louisville $53,102,000 250 684
Seven CountiesServicesInc Louisville $78,504,000 0 1,300
Christian CareCommunity Inc Louisville $48,386,000 40 1,300
Dr Bizer'sVisionworld Clarksville $25,000,000 30 500
Cardiovascular AssociatesPSC Louisville $15,000,000 195 220
Kutz Kleinert and Associates Louisville $13,100,000 130 200
Source: Dun & Bradstreet Business Director 47y, query February 2006
Social
Services
Medical
Offices
Finance,Insurance
Management
Hospitals
Nursing&PersonalCare
Facilities
Home&
Outpatient
Care

MSA Annual Revenues
Private Research and Development
Battelle Memorial Institute Columbus, OH Over $1 Billion
Pharmaceuticals
Eli Lilly & Co Indianapolis, IN $13,857,900,000
Cumberland Swan Holdings Inc Nashville, TN $100 to $500 Million
Omnicare Inc Cincinnati, OH-KY-IN $4,119,891,000
Medical Instruments
Mettler-Toledo Inc Columbus, OH Over $1 Billion
Reynolds & Reynolds Co Dayton-Springfield, OH $982,241,000
Aearo Co Indianapolis, IN $100 to $500 Million
Meridian Bioscience Inc Cincinnati, OH-KY-IN $79,606,000
Medical Supplies
Cardinal Health Inc Columbus, OH $74,910,700,000
Guidant Corp Indianapolis, IN $3,765,600,000
PSS World Medical Inc Jacksonville, FL $1,473,769,000
Barnhardt Manufacturing Co Charlotte-Gastonia, NC-SC $100 to $500 Million
Guilford Mills Inc Greensboro-Winston Salem, NC $100 to $500 Million
Vitafoam Inc Greensboro-Winston Salem, NC $100 to $500 Million
American Home Patient Inc Nashville, TN $335,823,000
Outpatient Medical Services
Health South Corp Birmingham, AL $3,753,781,000
Renal Care Group Inc Nashville, TN $1,345,047,000
AM Surg Corp Nashville, TN $301,408,000
Symbion Inc Nashville, TN $216,325,000
LCA-Vision Inc Cincinnati, OH-KY-IN $127,122,000
Sight Resource Corp Cincinnati, OH-KY-IN $50 to $100 Million
Corporate Headquarters, Health-Related Companies
continued……

Inpatient Health Services
HCA Inc Nashville, TN $23,502,000,000
Community Health Systems Inc Nashville, TN $3,332,641,000
Catholic Healthcare Partners Cincinnati, OH-KY-IN Over $1 Billion
Vanguard Health Systems Inc Nashville, TN Over $1 Billion
Life Point Hospitals Inc Nashville, TN $996,900,000
Iasis Healthcare Corp Nashville, TN $500 Million to $1 Billion
Baptist Health System Inc Birmingham, AL $500 Million to $1 Billion
Norton Health Care Louisville, KY-IN $500 Million to $1 Billion
Alegent Health Omaha, NE-IA $500 Million to $1 Billion
Med Cath Corp Charlotte-Gastonia, NC-SC $692,791,000
America Service Group Inc Nashville, TN $665,113,000
Psychiatric Solutions Inc Nashville, TN $480,190,000
Kettering Medical Ctr Network Dayton-Springfield, OH $100 to $500 Million
Nursing Homes, Assisted Living, Home Health
Kindred Healthcare Inc Louisville, KY-IN $3,531,223,000
Res Care Inc Louisville, KY-IN $1,009,016,000
National Health Care CORP Nashville, TN $521,829,000
American Retirement Corp Nashville, TN $447,609,000
Advocat Inc Nashville, TN $202,819,000
Almost Family Inc Louisville, KY-IN $86,827,000
Health Management Assoc Inc Lexington, KY $10 to $20 Million
Health Insurance/ Health Management
Humana Inc Louisville, KY-IN $13,104,325,000
Conseco Inc Indianapolis, IN $4,330,000,000
Jefferson-Pilot Corp Greensboro-Winston Salem, NC $4,102,000,000
Torchmark Corp Birmingham, AL $3,071,500,000
Nationwide Mutual Ins Co Columbus, OH Over $1 Billion
Cerner Corp Kansas City, MO-KS $926,356,000
American Healthways Inc Nashville, TN $245,410,000
Source: ReferenceUSA , February 2006, with companies screened to ensure proper industrial classification.
Corporate Headquarters, Health-Related Companies (cont)

Scientific Research & Development
We have some limited data on establishments engaged in scientific research and
development (NAICS 5417). Detailed metro-level data on industries is only available every five
years when the economic census is taken. The last economic census covered the year 2002, and
was published in late 2005. No data was disclosed on sales or payrolls for any of the sixteen
comparison metros, but job estimates were reported in ranges.
According to the economic census, the Louisville metro area has 27 establishments
in this industrial category. Only Omaha, Lexington, and Greensboro have fewer among the
comparison metros. On a per capita basis, Louisville ranks last.

51
Scientific R&D Establishments
per 100,000 population
2.36
2.46
2.68
2.88
3.47
3.50
3.74
3.81
3.87
4.17
4.17
5.48
5.76
8.74
14.55
5.47
2.28
0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0
Louisville
Memphis
Jacksonville
Omaha
Nashville
Charlotte
Greensboro
Birmingham
Kansas City
Indianapolis
Cincinnati
Richmond
Columbus
Lexington
Dayton
Raleigh
US
Source: US Bureau of the Census, 2002 Economic
Census, NAICS 5417.
According to the last
economic census,
Louisville has only 27
establishments engaged in
scientific research and
development, ranking last
on a per capita basis among
the comparison metros.
No sales, payroll, or job
data were disclosed by the
Census Bureau, though a
range of 500-999
employees was given for
Louisville.

University Research Activity
The University of Louisville continues to move up in important rankings of research activity.
In the next few slides, we summarize data on research funding, scholarship, and licensing.
Over the last eight years tracked, UL passed one hundred institutions in the amount of
research funding from the National Institutes of Health, the prime supporter of basic research in the life
sciences. UL now receives over $50 million annually in NIH funding, compared to only $7 million eight
years ago. In 2004, UL ranked 103rd among all institutions, up from 204th in 1996.
UL medical school faculty and scientists are the main attractor of NIH funding. The school
gained 40 million in NIH funding in FY04. We have identified fifteen medical schools located in the
comparison metros. UL now ranks 8th highest in NIH funding among those schools, up three places since
our 2001 study. Across all medical schools in the United States, UL has moved up from 95th to 72nd place
in just five years. Vanderbilt University and the University of Alabama at Birmingham continue to top the
rankings among the comparison metros, with five times the NIH funding as UL. Several of the metros have
more than one medical school, including Kansas City, Nashville, and Omaha.
Considering only the life sciences, UL attracted $31 million in federal research funding in
FY04, the latest year for which data are available.
UL health scholars published 2,588 journal articles between 2001 and the beginning of 2006.
This is 8th highest among the universities in the sixteen metro areas. The recent growth in scholarship was
7th highest.
Finally, UL executed four commercialization licenses in FY04, and received around $100,000
in license income. On this measure, Louisville still ranks near the bottom of the rankings with our
comparison metros.

University Research Activity
National Institutes of Health research funding
University of Louisville, 1996 thru 2004
15 medical schools, and NIH funding, 2004
NIH research funding, medical schools in comparison metros, 2004
Growth in NIH research funding, medical schools in comparison metros,
2000 to 2004
Federally-funded university research in life sciences fields, 2001-2003
Faculty research, Louisville vs. comparison metros
Articles published, 2001 thru present
Growth in articles published, 1996/00 to 2001/present
Number of articles published, 1996/00 and 2001/present
Articles published, selected universities, 2000 thru present
Licenses and royalties, Louisville and comparison metros
Licenses and options executed, 2004
Adjusted gross license income received, 2004

Awards from National Institutes of Health
to the University of Louisville
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
1996 1997 1998 1999 2000 2001 2002 2003 2004
Fiscal Year
rank among all
institutions = 103rd
rank among all
institutions = 204th
Source: National Institutesfor Health
Medical School
portion

Schools City
Total, including
research, training,
fellowships, other Research
University of Alabama School of Medicine Birmingham $207,078,637 $164,468,537
University of Cincinnati College of Medicine Cincinnati $92,000,206 $85,350,481
Ohio State University College of Medicine Columbus $77,046,216 $72,663,412
Wright State Univeristy School of Medicine Dayton $8,884,435 $8,835,506
Indiana University School of Medicine Indianapolis $102,406,769 $94,084,915
Univesity of Kansas School of Medicine Kansas City $34,291,511 $32,690,756
University of Missouri-Kansas City School of Medicine Kansas City $3,434,690 $3,434,690
University of Kentucky College of Medicine Lexington $62,202,492 $60,093,460
University of Louisville School of Medicine Louisville $40,117,515 $39,503,200
University of Tennessee College of Medicine Memphis $46,912,901 $44,575,404
Vanderbilt University School of Medicine Nashville $226,826,142 $206,509,582
Meharry Medical College School of Medicine Nashville $26,181,050 $21,356,870
Creighton University School of Medicine Omaha $7,291,315 $6,611,791
University of Nebraska College of Medicine Omaha $34,006,282 $32,496,519
Virginia Commonwealth University School of Medicine Richmond $59,133,196 $56,387,293
Source: National Institutes of Health
National Institutes of Health Funding, FY
2004
Medical Schools in Comparison Metropolitan Areas

Federal Research Grants and Contracts Awarded to Medical Schools,
by Metro Area, 2004
$8,884,435
$37,726,201
$41,297,597
$46,912,901
$59,133,196
$62,202,492
$77,046,216
$92,000,206
$102,406,769
$207,078,637
$253,007,192
$40,117,515
$- $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 $300,000,000
DAYTON
KANSAS CITY
LOUISVILLE
OMAHA
MEMPHIS
RICHMOND
LEXINGTON
COLUMBUS
CINCINNATI
INDIANAPOLIS
BIRMINGHAM
NASHVILLE
Source: National Institutes of Health. Total federal
research awards, including grants, fellowships and
contracts, to U.S. med schools in 2004 was approx.
$11.2 billion.
There are 15
medical schools
located in 12 of the
16 comparison
metros. Louisville
ranked 10th in
funding in 2004.

57
Federal Research Grants and Contracts Awarded to Medical Schools,
Growth FY99 to FY04, by Metro Area
7%
12%
20%
42%
51%
65%
70%
103%
105%
109%
175%
302%
COLUMBUS
CINCINNATI
DAYTON
KANSAS CITY
RICHMOND
BIRMINGHAM
INDIANAPOLIS
LEXINGTON
OMAHA
MEMPHIS
NASHVILLE
LOUISVILLE
Source: National Institutes of Health. At the national level, federal
research grants and contracts awarded to med schools increased by
50% between fiscal years 1999 and 2004.
Louisville (UL)
ranks first in
growth rate for
federal research
grants this decade.
Awards rose from
$10 million to $40
million in five
years.

University City 2000 2001 2002
Total Life
Sciences
Agricultural
Sciences
Biological
Sciences
Medical
Sciences
Life sciences,
nec
University of Alabama-Birmingham Birmingham $162,927 $182,745 $203,111 $226,708 $0 $71,622 $152,411 $2,675
University of Cincinnati all campuses Cincinnati $94,624 $112,087 $133,431 $167,484 $0 $48,856 $115,730 $2,898
Ohio State University, all campuses Columbus $79,507 $94,278 $109,006 $116,877 $6,306 $40,152 $55,686 $14,733
Wright State University, all campuses Dayton $8,064 $10,229 $10,321 $12,098 $0 $779 $11,258 $61
University of Missouri-Kansas City Kansas City $5,939 $6,667 $8,819 $12,021 $0 $4,289 $7,732 $0
University of Kentucky, all campuses Lexington $50,133 $60,341 $66,199 $79,976 $6,988 $34,550 $36,580 $1,858
University of Louisville Louisville $13,668 $19,988 $30,070 $30,931 $0 $3,767 $24,871 $2,293
Meharry Medical College Nashville $8,865 $14,305 $20,453 $24,195 $0 $23,331 $864 $0
Vanderbilt University Nashville $103,565 $117,681 $138,209 $179,144 $0 $93,586 $80,036 $5,522
North Carolina State University Raleigh $31,200 $34,243 $37,438 $39,689 $10,426 $28,316 $0 $947
Virginina Commonwealth University Richmond $45,047 $48,836 $56,343 $69,759 $0 $26,882 $38,509 $4,368
2003, by sub-field
Federally financed R&D expenditures in the life sciences at universities and colleges, ranked by all FY 2003 life sciences forthe first
150 institutions: FY 2000–03 and by subfield forFY 2003 (in thousands of dollars)
SOURCE: National Science Foundation/ Division of Science Resources Statistics, Survey of Research and Development Expenditures at Universities and Colleges, FY 2003;
<http:/ / www.nsf.gov/ statistics/ nsf05320/ > Table 53 fy 2003.
Federally-funded life sciences research at the University of Louisville is concentrated
in the medical fields. Some comparison universities, particularly state flagships, have a
major research emphasis in agricultural and/or biological sciences.
(Indianapolis activity is counted under IU and Purdue. University of Memphis activity counted under UT system. State medical
school activity in Kansas City and Omaha are counted under University of Missouri and University of Nebraska, respectively).

Numberof Journal Articles Published
2001to February 2006, by Metro Area
82
182
221
320
726
1,824
1,831
2,170
2,683
3,077
3,977
5,109
5,166
5,975
6,127
2,588
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000
Jacksonville
Greensboro
Charlotte
Indianapolis
Dayton
Kansas City
Memphis
Raleigh
Louisville
Omaha
Richmond
Lexington
Birmingham
Cincinnati
Nashville
Columbus
Source: Medline database [via Pubmed], widely recognized
as the premier source for bibliographic coverage of
biomedical literature. Years 2001 to 2006 (Feb).

Growth in Articles Published by University and Medical
School Faculty, 1996/ 00 to 2001/ 2006, by Metro Area
22%
23%
27%
27%
38%
42%
49%
58%
59%
61%
37%
21%
2%
7%
8%
9%
0% 10% 20% 30% 40% 50% 60% 70%
Dayton
Memphis
Omaha
Kansas City
Lexington
Richmond
Columbus
Nashville
Birmingham
Louisville
Indianapolis
Raleigh
Jacksonville
Greensboro
Cincinnati
Charlotte
Source: Medline database [via Pubmed], widely recognized as the
premier source for bibliographic coverage of biomedical literature.
Years 2001 to 2006 (Feb).

1,884
2,588
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Jacksonville
Greensboro
Charlotte
Indianapolis
Dayton
KansasCity
Memphis
Raleigh
Louisville
Omaha
Richmond
Lexington
Birmingham
Cincinnati
Nashville
Columbus
1996-2000 2001-2006
Source: Medline database [via
Pubmed], widely recognized as the
premier source for bibliographic
coverage of biomedical literature.
Years 2001 to 2006 (Feb).
Journal Articles Published by University Faculty
1996-2000 and 2001-2006, by Metro Area

373
1,307
2,064
3,673
4,361
4,696
7,164
7,548
3,846
7,085
0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000
Indiana University - Purdue
University at Indianapolis
University of Kansas Medical Center
University of Nebraska Medical
Center
Virginia Commonwealth University
University of Louisville
University of Cincinnati
University of Kentucky
Vanderbilt University
Ohio State University
University of Alabama at
Birmingham
Number of Medical Articles Published by University of Louisville
and Selected Universities, 2000-2006
Source: Medline database [via Pubmed],
widely recognized as the premier source for
bibliographic coverage of biomedical
literature. Years 2001 to 2006 (Feb).

University Licenses and Options Executed, FY 2004
4
4
5
5
9
11
14
14
16
17
28
28
30
72
4
0 10 20 30 40 50 60 70 80
Charlotte
Dayton
Louisville
Greensboro
Kansas City
Indianapolis
Lexington
Birmingham
Memphis
Omaha
Richmond
Cincinnati
Nashville
Columbus
Raleigh
Source: AUTM Licensing Survey: Selected Facts and
Figures for Fiscal Year 2004. Association of University
Technology Managers. Data were aggregated for
metros with more than one university engaged in
licensing. Data for Indianapolis, Memphis, and Omaha
interpolated from figures on state university system.
Jacksonville has a Mayo Clinic facility, and we did not
feel comforable assigning a portion of the total for the
organization to that market.

University Adjusted Gross License Income Received, FY 2004
$32,212
$77,300
$110,680
$237,124
$486,995
$629,033
$670,007
$749,582
$762,530
$1,979,931
$3,353,967
$4,293,311
$4,459,038
$4,813,156
$98,841
$- $1,000,000 $2,000,000 $3,000,000 $4,000,000 $5,000,000 $6,000,000
Greensboro
Charlotte
Louisville
Kansas City
Dayton
Memphis
Columbus
Richmond
Omaha
Lexington
Birmingham
Cincinnati
Indianapolis
Nashville
Raleigh
Source: AUTM Licensing Survey: Selected Facts and
Figures for Fiscal Year 2004. Association of
University Technology Managers. Data were
aggregated for metros with more than one university
engaged in licensing. Data for Indianapolis,
Memphis, and Omaha interpolated from figures on
state university system. Jacksonville has a Mayo
Clinic facility, and we did not feel comforable
assigning a portion of the total for the organization
to that market.

Small Business Innovation Research
and Technology Transfer Grants
U.S. Small Business Administration programs for technology-
oriented start-ups: “The Office of Technology promotes small
business high technology programs to improve the competitive
capability of small research and development businesses with
particular emphasis on emerging and under served small firms.
It encourages state-of-the-market technology training,
technology information exchange, and outreach on federal
technology programs.”
in 2004, Louisville area companies won 12 grants worth $5
million (fifth highest among comparison metros in both
number and value). Dayton is clear leader.
over the 2000-04 period, Louisville area companies won 39
grants worth $11 million

SBIR-STTR awards
by Government Agency
Louisville Metro Area
FY 2004
Defense
8%Health & Human
Services
67%
NASA
8% Agriculture
7%
Source: US Small Business Administration, Small Business Innovation
Research Program and Small Business Technology Transfer Program,
2004 d
1 award @ $69,992,000
2 awards totaling $154,700
1 award @ $1.5 million
8 awards totaling $3.3
million
Total Amount Awarded FY 2004:
$5.04 million

Number of SBIR-STTR Awards Granted
by Fiscal Year 2004
1
2
2
4
5
7
8
8
8
9
10
29
34
39
108
12
0 20 40 60 80 100 120
Memphis
Lexington
Jacksonville
Omaha
Kansas City
Nashville
Birmingham
Greensboro
Richmond
Indianapolis
Charlotte
Louisville
Cincinnati
Columbus
Raleigh
Dayton
Source: US Small Business Administration, Small Business
Innovation Research Program and Small Business Technology
Transfer Program, 2004 data.

SBIR-STTR Awards by Metro Area
Fiscal Year 2004
$100,000
$900,837
$1,280,049
$1,805,831
$1,844,602
$2,584,021
$2,700,163
$3,144,392
$3,444,605
$3,840,474
$4,510,914
$7,997,570
$10,603,385
$12,667,456
$30,911,835
$5,047,291
$0 $5,000,000 $10,000,000 $15,000,000 $20,000,000 $25,000,000 $30,000,000 $35,000,000
Memphis
Jacksonville
Lexington
Kansas City
Birmingham
Charlotte
Greensboro
Richmond
Indianapolis
Omaha
Nashville
Louisville
Cincinnati
Raleigh
Columbus
Dayton
Innovation Research Program and Small Business
Technology Transfer Program, 2004 data.

Year Firm Federal Agency Amount
2004 Vitok Engineers, Inc. Defense $1,500,000
2004 Space Hardware Optimization Technology, Inc. Health & Human $1,188,691
2004 Peptides International, Inc. Health & Human $822,261
2003 Space Hardware Optimization Technology, Inc. Defense $777,236
2002 Space Hardware Optimization Technology NASA $669,881
2000 Visual Computing Systems Corporation NASA $600,000
2002 Space Hardware Optimization Technology, NASA $600,000
2002 Intellas Group, LLC NASA $598,346
2000 Space Hardware Optimization Technology Inc NASA $580,000
2004 Potentia Pharmaceuticals Health & Human $504,000
2003 Assenti, LLC Health & Human $501,464
2004 Potentia Pharmaceuticals Health & Human $252,798
2004 Regenerex, LLC Health & Human $220,500
2002 Space Hardware Optimization Technology, Inc. Health & Human $176,946
2000 Graphzepp Health & Human $149,392
2004 Neuronetrix, Inc. Health & Human $126,683
2004 Ocular Transplantation, LLC Health & Human $107,659
2003 Vitatech, LLC Health & Human $107,000
2000 Visual Computing Systems Corporation Energy $100,000
2000 Ocular Transplantation, LLC Health & Human $100,000
2001 Peptides International, Inc. Health & Human $100,000
2002 Kinetic Art & Technology Corp. Energy $100,000
2002 Apoimmune. Inc. Health & Human $100,000
2004 Apoimmune. Inc. Health & Human $100,000
2001 Visual Computing Systems Corp. Defense $99,993
2003 Space Hardware Optimization Technology, Inc. National Scien $99,976
2002 Borries Design & Consulting Defense $99,000
2002 Neurotek, Llc D/ B/ A Peak Achievement Training Defense $99,000
2003 Space Hardware Optimization Technology, Inc. Health & Human $92,549
2004 NetQuest Services, LLC Agriculture $80,000
2004 Caudill Seed Co., Inc. Agriculture $74,707
2004 Space Hardware Optimization Technology, Inc. NASA $69,992
2003 Vitok Engineers, Inc. Defense $69,921
2002 Space Hardware Optimization Technology, Inc. Defense $69,000
2003 Vitok Engineers, Inc. Defense $68,648
Total $11,315,454
Source: U.S. Small Business Administration
SBIR/ STTR Grants to Louisville MSA Companies, 2000 to 2004

Growth in the Number of SBIR-STTR Awards
Granted by Fiscal Year, 2000 to 2004
0
1
1
1
2
2
2
4
5
10
7
7
-1
-2
-400% -200% 0% 200% 400% 600% 800% 1000% 1200%
Birmingham
Nashville
Omaha
Greensboro
Lexington
Memphis
Indianapolis
Jacksonville
Richmond
Kansas City
Cincinnati
Charlotte
Louisville
Columbus
Innovation Research Program and Small Business
Technology Transfer Program, 2000-2004 data.

Growth in Value of SBIR-STTR Awards
by Metro Area, FY 2000 to 2004
$1,040,049
$1,540,831
$1,762,802
$2,645,722
$2,651,767
$3,561,080
$3,847,761
$4,555,071
$8,577,088
$9,481,244
$16,217,381
$3,517,899
-$235,758
$1,985,055
-$2,000,000 $0 $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $14,000,000 $16,000,000 $18,000,000
Birmingham
Lexington
Kansas City
Greensboro
Charlotte
Richmond
Indianapolis
Louisville
Omaha
Nashville
Cincinnati
Raleigh
Columbus
Dayton
Source: US Small Business Administration, Small
Business Innovation Research Program and Small
Business Technology Transfer Program, 2000-2004 data.

Utility Patents Granted,
by Metro Area, 2004
1
4
7
9
10
11
16
17
25
39
41
44
79
88
104
15
0 20 40 60 80 100 120
Lexington
Greensboro
Nashville
Dayton
Richmond
Charlotte
Louisville
Omaha
Jacksonville
Kansas City
Birmingham
Columbus
Memphis
Raleigh
Indianapolis
Cincinnati

Percent Growth in Utility Patents Granted,
by Metro Area, 2000 to 2004
-61.5%
-52.6%
-52.2%
-48.8%
-47.2%
-46.8%
-22.8%
-22.2%
-20.0%
-19.6%
0.0%
0.0%
6.3%
7.1%
8.2%
25.8%
-70.0% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0%
Richmond
Dayton
Charlotte
Indianapolis
Cincinnati
Kansas City
Memphis
Nashville
Omaha
Columbus
Lexington
Greensboro
Jacksonville
Louisville
Raleigh
Birmingham

Notes
1. Metropolitan area definitions have changed since our last report. For example, the Louisville MSA now includes thirteen
counties rather than seven. The changes impacted rankings of health-related activity, particularly for the North Carolina
metros. The Charlottte, Greensboro, and Raleigh metros were split into multiple metros, thus lowering their populations,
dropping some universities, and narrowing their economic bases. The Raleigh metro formerly included counties containing
the Duke University and the University of North Carolina, as well as North Carolina State University. Only NCSU is
located in the newly defined Raleigh metro. See accompanying table for a detailed list of changes to metropolitan area
definitions since our last study.
2. Historical comparisons are also made more tricky due to the conversion from the Standard Industrial Classification (SIC)
system to the North American Industrial Classification System (NAICS). The conversion took place for most data series in
the late 1990s. Some statistical agencies have made retroactive estimates, others have not.. See the following web site for a
correspondence between SIC and NAICS industrial classifications: www.census.gov/epcd/www/naicstab.htm

Green (additions), Red (subtractions) from previous MSA definition
County
Code
Metropolitan Statistical Area
or equivalent 2003
Population
2002
13820 Birmingham-Hoover, AL 1,068,177
01007 .Bibb County, AL, added to Brimingham MSA in 2003 21,838
01009 .Blount County, AL 52,968
01021 .Chilton County, AL added to Brimingham MSA in 2003 40,516
01073 .Jefferson County, AL 661,153
01115 .St. Clair County, AL 67,215
01117 .Shelby County, AL 153,832
01127 .Walker County, AL added to Brimingham MSA in 2003 70,655
16740 Charlotte-Gastonia-Concord, NC-SC 1,410,292
37007 .Anson County, NC added to Charlotte MSA in 2003 25,351
37025 .Cabarrus County, NC 140,182
37071 .Gaston County, NC 193,443
37119 .Mecklenburg County, NC 737,950
37179 .Union County, NC 139,611
45091 .York County, SC 173,755
37159 Rowan, NC becomes part of Salisbury NC Micropolitan Area 133,359
37109 Lincoln, NC becomes part of Lincolnton NC Micropolitan Area 66,598
17140 Cincinnati-Middletown, OH-KY-IN 2,040,746
18029 .Dearborn County, IN 47,333
18047 .Franklin County, IN added to Cincinnati MSA in 2003 22,585
18115 .Ohio County, IN 5,804
21015 .Boone County, KY 93,290
21023 .Bracken County, KY added to Cincinnati MSA in 2003 8,482
21037 .Campbell County, KY 88,604
21077 .Gallatin County, KY 7,836
21081 .Grant County, KY 23,620
21117 .Kenton County, KY 152,164
21191 .Pendleton County, KY 14,815
39015 .Brown County, OH 43,464
39017 .Butler County, OH added to Cincinnati MSA in 2003 340,543
39025 .Clermont County, OH 183,352
39061 .Hamilton County, OH 833,721
39165 .Warren County, OH 175,133
MSA Definitions, as of 2005 18140 Columbus, OH 1,659,893
39041 Delaware County, OH 125,399
39045 Fairfield County, OH 129,161
39049 Franklin County, OH 1,086,814
39089 Licking County, OH 148,731
39097 Madison County, OH 40,365
39117 Morrow County, OH added to Columbus MSA in 2003 32,976
39129 Pickaway County, OH 53,437
39159 Union County, OH added to Columbus MSA in 2003 43,010
19380 Dayton, OH 846,710
39057 .Greene County, OH 149,964
39109 .Miami County, OH 99,596
39113 .Montgomery County, OH 554,470
39135 .Preble County, OH added to Dayton MSA in 2003 42,680
39023 Clark, OH becomes part of Springfield OH MSA in 2003 143,416
Greensboro-High Point, NC 657,932
37081 .Guilford County, NC 430,937
37151 .Randolph County, NC 134,217
37157 .Rockingham County, NC added to Greensboro MSA in 2003 92,778
37057 Davidson, NC becomes part of Lexington-Thomasville, NC Micro SA in 2003 151,238
37059 Davie County, NC becomes part of Winston-Salem NC MSA in 2003 36,734
37169 Stokes County, NC becomes part of Winston-Salem NC MSA in 2003 44,984
37067 Forsyth County, NC becomes part of Winston-Salem NC MSA in 2003 314,933
37197 Yadkin County, NC becomes part of Winston-Salem NC MSA in 2003 37,329
37001 Alamance County, NC becomes part of Burlington NC MSA in 2003 135,893
26900 Indianapolis, IN 1,574,680
18011 .Boone County, IN 48,277
18013 .Brown County, IN added to Indianapolis MSA in 2003 15,211
18057 .Hamilton County, IN 205,610
18059 .Hancock County, IN 58,343
18063 .Hendricks County, IN 114,301
18081 .Johnson County, IN 121,604
18097 .Marion County, IN 863,429
18109 .Morgan County, IN 67,791
18133 .Putnam County, IN added to Indianapolis MSA in 2003 36,440
18145 .Shelby County, IN 43,674
18095 Madison County, IN becomes part of Anderson, IN MSA in 2003 132,068

27260 Jacksonville, FL 1,177,602
12003 .Baker County, FL added to Jacksonville MSA in 2003 22,793
12019 .Clay County, FL 152,093
12031 .Duval County, FL 806,120
12089 .Nassau County, FL 60,558
12109 .St. Johns County, FL 136,038
28140 Kansas City, MO-KS 1,889,315
29013 .Bates County, MO added to Kansas City MSA in 2003 16,976
29025 .Caldwell County, MO added to Kansas City MSA in 2003 9,096
29037 .Cass County, MO 87,310
29047 .Clay County, MO 191,381
29049 .Clinton County, MO 19,632
20059 .Franklin County, KS added to Kansas City MSA in 2003 25,322
29095 .Jackson County, MO 660,773
20091 .Johnson County, KS 476,536
29107 .Lafayette County, MO 33,125
20103 .Leavenworth County, KS 70,789
20107 .Linn County, KS added to Kansas City MSA in 2003 9,674
20121 .Miami County, KS 28,904
29165 .Platte County, MO 77,655
29177 .Ray County, MO 23,811
20209 .Wyandotte County, KS 158,331
30460 Lexington-Fayette, KY 416,383
21017 .Bourbon County, KY 19,576
21049 .Clark County, KY 33,726
21067 .Fayette County, KY 263,618
21113 .Jessamine County, KY 40,740
21209 .Scott County, KY 35,320
21239 .Woodford County, KY 23,403
21151 Madison County, KY becomes part of Richmond KY Micropolitan Area in 200 73,334
31140 Louisville, KY-IN 1,182,832
21029 .Bullitt County, KY 63,800
18019 .Clark County, IN 98,198
18043 .Floyd County, IN 71,633
18061 .Harrison County, IN 35,244
21103 .Henry County, KY added to Louisville MSA in 2003 15,367
21111 .Jefferson County, KY 698,080
21163 .Meade County, KY added to Louisville MSA in 2003 27,439
21179 .Nelson County, KY added to Louisville MSA in 2003 38,823
21185 .Oldham County, KY 49,310
21211 .Shelby County, KY added to Louisville MSA in 2003 35,125
21215 .Spencer County, KY added to Louisville MSA in 2003 13,523
21223 .Trimble County, KY added to Louisville MSA in 2003 8,672
18175 .Washington County, IN added to Louisville MSA in 2003 27,618
18143 Scott, IN becomes part of Scottsburg, IN Micropolitan Area in 2003 23,334
32820 Memphis, TN-MS-AR 1,230,554
05035 .Crittenden County, AR 51,291
28033 .DeSoto County, MS 118,458
47047 .Fayette County, TN 31,202
28093 .Marshall County, MS added to Memphis MSA in 2003 35,163
47157 .Shelby County, TN 905,678
28137 .Tate County, MS added to Memphis MSA in 2003 25,751
47167 .Tipton County, TN 53,436
28143 .Tunica County, MS added to Memphis MSA in 2003 9,575
34980 Nashville-Davidson--Murfreesboro, TN 1,353,096
47015 .Cannon County, TN added to Nashville MSA in 2003 13,060
47021 .Cheatham County, TN 36,986
47037 .Davidson County, TN 570,785
47043 .Dickson County, TN 44,231
47081 .Hickman County, TN added to Nashville MSA in 2003 23,125
47111 .Macon County, TN added to Nashville MSA in 2003 20,860
47147 .Robertson County, TN 57,446
47149 .Rutherford County, TN 194,934
47159 .Smith County, TN added to Nashville MSA in 2003 18,177
47165 .Sumner County, TN 136,170
47169 .Trousdale County, TN added to Nashville MSA in 2003 7,354
47187 .Williamson County, TN 136,889
47189 .Wilson County, TN 93,079

36540 Omaha-Council Bluffs, NE-IA 784,463
31025 .Cass County, NE 24,839
31055 .Douglas County, NE 472,744
19085 .Harrison County, IA added to Omaha MSA in 2003 15,585
19129 .Mills County, IA added to Omaha MSA in 2003 14,714
19155 .Pottawattamie County, IA 88,157
31153 .Sarpy County, NE 129,319
31155 .Saunders County, NE added to Omaha MSA in 2003 19,894
31177 .Washington County, NE 19,211
39580 Raleigh-Cary, NC 797,071
37069 .Franklin County, NC 47,260
37101 .Johnston County, NC 121,965
37183 .Wake County, NC 627,846
37037 Chatham, NC becomes part of the Durham NC MSA in 2003 53,893
37063 Durham, NC becomes part of the Durham NC MSA in 2003 234,199
37135 Orange, NC becomes part of the Durham NC MSA in 2003 120,458
40060 Richmond, VA 1,126,262
51007 .Amelia County, VA added to Richmond, VA MSA in 2003 11,714
51033 .Caroline County, VA added to Richmond, VA MSA in 2003 22,622
51036 .Charles City County, VA 7,239
51041 .Chesterfield County, VA 271,142
51570 .Colonial Heights city, VA 17,063
51049 .Cumberland County, VA added to Richmond, VA MSA in 2003 8,899
51053 .Dinwiddie County, VA 24,747
51075 .Goochland County, VA 17,523
51085 .Hanover County, VA 92,050
51087 .Henrico County, VA 268,270
51670 .Hopewell city, VA 22,525
51097 .King and Queen County, VA added to Richmond, VA MSA in 2003 6,558
51101 .King William County, VA added to Richmond, VA MSA in 2003 13,822
51109 .Louisa County, VA added to Richmond, VA MSA in 2003 27,007
51127 .New Kent County, VA 14,157
51730 .Petersburg city, VA 33,115
51145 .Powhatan County, VA 23,997
51149 .Prince George County, VA 34,135
51760 .Richmond city, VA 197,456
51183 .Sussex County, VA added to Richmond, VA MSA in 2003 12,221

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