HealthDay News — Physicians have a large economic impact across the nation, creating an aggregate of $2.3 trillion of economic activity and supporting employment of nearly 12.6 million Americans, according to a report published by the American Medical Association.
The report captures the 2015 economic activity of all physicians providing patient care (nearly 750,000 physicians). Indirect benefits such as business-to-business spending on supplies, equipment, and laboratory services were included, as was the downstream economic activity of induced benefits.
According to the report, the state-level measure of direct and indirect revenue was calculated to be $32.8 billion.
For each direct output dollar, an extra $1.84 indirect output was created, resulting in a national figure of $2.3 trillion. At the individual state level, physicians supported an average of 182,370 total jobs, including their own and other direct positions and indirect employment; the total employment figure was close to 12.6 million nationally.
Physician-supported wages and benefits averaged $16.7 billion in state-level value; the figure was more than $1 trillion at the national level, including indirect wages and benefits. The average physician support was $1.3 billion for state and local taxes; with $92.9 billion in state and local tax revenues nationwide for 2015.
“The breadth of a physician’s impact reaches far beyond just the provision of patient care,” the authors write. “Physicians also play a vital role in the state and local economies by creating jobs, purchasing goods and services, and supporting state and community public programs through generated tax revenues.”
Physicians are more than healers — they support millions of jobs [news release]. AMA Wire. Updated January 08, 2018. Accessed February 6, 2018.