New study demonstrates that physicians support 688,760 jobs, generate $141.2 billion in economic activity
New York physicians boost the state’s economy
Fleadership tracks have been established for medical students, resident/fellow physicians and young physicians, both in MSSNY and the AMA.
Service on the Governing Council of the AMA, International Medical School Graduates (IMG) Section, Medical Schools Section or the Organized Medical Staff Section is a valuable entree to top leadership roles as well as a powerful learning experience for future leaders.
In addition, international medical graduates, minority physicians and salaried and group practice physicians have all been recognized as special constituencies whose increased participation and input MSSNY wants to encourage. Special efforts are made to identify and involve individuals from among these groups who are interested in leadership positions.
MSSNY has committees that focus on issues of interest to IMGs and group practice physicians, women and young physicians.
Public Health is one of MSSNY’s main areas of focus. The public health activities seek to ensure access to health care for all New Yorkers. In this vein, the organization focuses on the following public health initiatives: Health disparities and attracting a more diversified physician workforce Health care for New York’s Veterans, including educational programming on PTSD and traumatic brain injury A carefully considered approach to balance the need to address the societal problem of opioid addiction with the need to control patients’ pain — Tom Madejski, MD is President of the Medical Society of the State of New York
Physicians add opportunity, growth and prosperity to the New York economy by creating 688,760 jobs and generating $141.2 billion in economic activity, according to a new report, The Economic Impact of Physicians in New York, released today by the Medical Society of the State of New York (MSSNY) and the American Medical Association (AMA).
“Every day, New York physicians dedicate themselves to protecting the health of their patients,” said MSSNY Immediate Past President Charles Rothberg, MD. “However, physicians also have a positive impact on New York State that goes beyond the wellbeing of their patients. The AMA’s Economic Impact Study demonstrates that physicians help their local communities in many ways—including creating jobs and generating tax revenue.”
The study quantifies the economic boost that 60,444 New York physicians provide to the state’s economy, producing a ripple effect that is felt statewide. The study measures physicians’ impact using four key economic indicators:
Physicians support 688,760 jobs in New York–11.4 for each physician on average.
Physicians generate $141.2 billion in economic output, comprising 9.8 percent of the New York economy. Each physician generates $2.3 million for the state economy on average.
Physicians contribute $78.2 billion in total wages and benefits paid to workers across New York, empowering a high-quality, sustainable workforce. Each physician contributes $1.3 million to workers’ wages and benefits on average.
Physicians’ contribution to the New York economy generates $7.3 billion in state and local tax revenue for their communities—translating to $121,536 for each physician on average—enabling community investments to be made.
The report found that every dollar applied to physician services in New York supports an additional $1.93 in other business activity. An additional 5.46 jobs, above and beyond the clinical and administrative personnel that work inside the physician practices, are supported for each one million dollars of revenue generated by a physician’s practice. In addition, New York physicians generate more economic output, produce more jobs and pay more in wages and benefits than Higher Education, Nursing, Home Health and Legal Services.
Across the country, physicians add $2.3 trillion to the U.S. economy, support more than 12.6 million jobs nationwide, contribute $1 trillion in total wages and benefits paid to U.S. workers, and generate $92.9 billion in state and local tax revenue.