Student interviews at Arkansas College of Osteopathic Medicine have economic impact

The process of interviewing an estimated 650 prospective students for the inaugural class of the Arkansas College of Osteopathic Medicine in Fort Smith could have an economic impact of more than $1 million for the region.

Dr. Keith Fudge, associate dean of student affairs at ARCOM, said 220 students have been interviewed as of Dec. 12, with the interview of 12 students on Mondays and Fridays set to continue through March 2017.

The college opened to the public on Aug. 20, and officials have been hiring faculty and staff, and interviewing prospective students. Work began in February 2015 on the $32.4 million facility located in the Chaffee Crossing area. The school is housed in the three story, 102,000-square-foot building, and a fully operational osteopathic college is expected to serve about 600 students. Each class will have 150 students. A June 2015 estimate was that full employment at the college would have an almost $11 million direct annual payroll benefit for the Fort Smith metro economy.

The college is part of the Arkansas Colleges of Health Education, which was created with primary support from The Degen Foundation, a Fort Smith-based philanthropy created with some of the revenue from the 2009 sale of Sparks Health System to then Naples, Fla.-based Health Management Associates.

INTERVIEW IMPACT ESTIMATE
Based on 2015 data from the Arkansas Department of Parks & Tourism, the average one day/overnight spend of a person traveling to Sebastian County was $299. That includes a wide variety of costs, including hotel, restaurants, car rental, airfare and miscellaneous spending, said Claude Legris, director of the Fort Smith Convention & Visitors Bureau.

Multiplying the amount by the 650 estimated students to be interviewed, the direct impact of a two-day stay is $388,700. That tally does not include spouses or other family members who sometimes accompany the students. Applying an economic rollover factor of 2-3, the impact ranges from $777,400 to $1.166 million.

Granted, it’s more back-of-the-envelope analysis than an in-depth study, but it does provide some idea of how students are benefitting the regional economy before the college opens.

Fudge told Talk Business & Politics that demand for interviews has reached the point where a Wednesday interview cycle will be added in January and February. The demand has been a pleasant surprise for college officials considering the students are applying to be part of the first class.

“It really takes someone with an adventuresome spirit, because here they are, coming into a school that is brand new. There are no reviews on us at this point,” Fudge said.

Homes of prospective students in recent sessions included south Florida, New Jersey, Boston and Tennessee, Fudge said. Reasons why they interview so many students is because not all will be accepted, and many apply to more than one medical school and may not select ARCOM.

He also said most students typically end up interviewing college officials. Most want to know about city and regional quality-of-life amenities.

“It’s not just fly in for the interview and fly back out. They are asking us a lot of questions about this area. … So it’s also about geography and not just academic. They are really interested in what western Arkansas has to offer,” Fudge said, adding that part of his presentation includes information about the “Unexpected” murals and art installments in downtown Fort Smith.