AMA Examines Economic Impact of Physicians
Each physician contributes $2.2 million in economic output, supports 13.84 jobs on average
FRIDAY, April 18, 2014 (HealthDay News) -- Physicians who mainly engage in patient care contribute a total of $1.6 trillion in economic output, according to the American Medical Association (AMA)'s Economic Impact Study.
The study was prepared by IMS Health and estimated the economic impact of the approximately 720,000 physicians who mainly engage in patient care activities at the national and state levels. Output, jobs, wages and benefits, and state and local tax revenue were measured.
According to the results of the study, these physicians support a total economic output of $1.6 trillion and 10 million jobs nationally, equivalent to $2.2 million and 13.84 jobs per physician. At the national level, physicians support $775.5 billion in wages and benefits. They also contribute $65.2 billion in total state and local taxes nationally, equivalent to a per-physician contribution of $90,449 in local and state tax revenue. Physicians support greater economic output than legal services, home health care, higher education, and nursing home and residential care at a national level.
"The new AMA study illustrates that physicians are strong economic drivers [who] are woven into their local communities by the jobs, commerce, and taxes they generate," Ardis Dee Hoven, M.D., president of the AMA, said in a statement. "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."