$1.6 trillion, 10 million jobs: Study shows physician impact on economy
From the American Medical Association
Each physician in the United States supports 13.84 jobs on average and contributes $2.2 million in economic output, underscoring how physicians influence the health of both their patients and the economy, according to the AMA’s new Economic Impact Study.
The study, prepared by IMS Health and released this week, focused on the roughly 720,000 physicians who primarily engage in patient care activities, as opposed to those who focus on research or teaching. Nationally, these physicians support $1.6 trillion in total economic output—that’s $2.2 million per physician—and 10 million jobs.
The study also found that:
• Physicians support $775.5 billion in wages and benefits at the national level.
• Physicians contribute $65.2 billion in total state and local taxes nationally, or $90,449 in local and state tax revenue per physician.
The study estimated the total economic impact of patient care physicians at the national level and for each of the 50 states and Washington, D.C., measuring output, jobs, wages and benefits, and state and local tax revenue. At the national level, physicians support greater economic output than the following industries: legal services, home health care, higher education and nursing home and residential care.
“Physicians carry tremendous responsibility as skilled healers, trusted confidants and patient advocates, but their positive impact isn’t confined to the exam room,” said AMA President Ardis Dee Hoven, MD, in a news release.
“The new AMA study illustrates that physicians are strong economic drivers that are woven into their local communities by the jobs, commerce and taxes they generate,” Dr. Hoven said. “These quality jobs not only support the caring role of physicians, but also generate taxes that support schools, housing, transportation and other public services in local communities.”
#KnowTheImpact: Visit the Economic Impact Study Web page to access an interactive map and see a specific break-down of economic contributions for each state.
