Physicians and the Economy

What do physicians contribute to the economy here in the U.S.?  In a recent study, it was reported that they create and support 12.6 million jobs, 17.1 jobs per physician.  They contribute 2.3 trillion to the overall economy.

In addition to the jobs, add in the taxes they pay personally or with professional organizations.  They pay not only the wages, but worker benefits, all of which create state and local tax revenues.  Physicians contribute $1 trillion in wages and benefits paid to workers.  State and local tax revenue is around 93 billion. The employees, in turn, purchase services from other industries in the state, thereby stimulating their state’s economy.

As specialization has increased, and with an ageing population, a shortage of physicians is expected which will absolutely reduce access to care, and as a result, economic development in communities nationwide will certainly suffer.

AMA President David O. Barbe, MD, MHA, said in a press release, 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.