Physicians in the United States supported 12.6 million jobs and generated $2.3 trillion in annual economic activity in 2015, proving to be vital economic drivers for opportunity, growth and prosperity at state and national levels, according to a report recently released by the AMA.
“The positive impact of physicians extends beyond safeguarding the health and welfare of their patients,” David O. Barbe, MD, MHA, president of AMA, said in a press release. “The AMA’s economic impact study illustrates that physicians are strong economic drivers that are woven into their local communities by the commerce and jobs they create. These quality jobs generate taxes to support schools, housing, transportation and other public services in local communities.”
The study measured the impact of 736,873 physicians regarding four economic indicators, including jobs, economic activity, wages and benefits, and state and local tax revenue.
In 2015, physicians created 12,575,602 jobs at the national level, with each physician supporting 17.1 jobs on average. Physicians contributed $2.3 trillion in direct and indirect economic output at the national level in 2015, with each physician contributing $3.2 million on average. This economic output by physicians made up 13% of the national economy.
Additionally, in 2015, physicians generated $1 trillion in direct and indirect wages and benefits that were paid to workers of all supported jobs across the United States at the national level. On average, each physician generated $1,417,958 in total workers’ wages and benefits. Physicians contributions to wages and benefits empower a high-quality, sustainable workforce, according to the AMA.
Physicians also created $92.9 billion in state and local tax revenues in 2015 at the national level, with each physician creating $126,129 on average.
Data from the report indicated that an additional $2.84 in other business activity is generated for each dollar that is applied to physician services. For each $1 million of revenue that is made by a physician’s practice, 11 more jobs — beyond clinical and administrative personnel — are created. Compared with higher education, nursing and community care facilities, legal services and home health professionals, physicians produce more jobs and economic output and pay more in wages and benefits. – by Alaina Tedesco
Healio Internal Medicine was unable to confirm relevant financial disclosures at the time of publication.