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Sunday, 14 January 2018 19:36

Report: Michigan physicians create $59.1 billion in economic impact

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Physician practices in Michigan drive $59.1 billion in economic output and support more than 305,000 jobs, according to a new study from the American Medical Association.

Each of the more than 23,500 active physicians caring for patients in the state on average supported 12.9 jobs as of 2016 and collectively paid nearly $24.8 billion in total wages and benefits to employees. Doctors practicing in Michigan also paid $1.9 billion in state and local taxes, according the AMA study released last week. Results for Michigan were issued jointly by the Michigan State Medical Society.

The study offers a glimpse of the economic contribution for the medical profession in each of the 50 states.

“Michigan physicians pride themselves on providing outstanding quality care to their patients, and clearly that aim provides a real spark to our state’s economy,” said Dr. Cheryl Gibson Fountain, president of Michigan State Medical Society and an obstetrician/gynecologist from Grosse Pointe Park.

“This study demonstrates the true extent of the positive impact Michigan physicians have, serving as job creators and revenue generators within our communities, in addition to delivering outstanding care to the patients we serve,” Gibson said.

The AMA study states that physicians contribute more to state economies than higher education, nursing and local care facilities, legal services and home health industries.

In Michigan, higher education generated nearly $4 billion in economic output in 2016 and legal services had $11.8 billion, according to the AMA study conducted by the analytics firm IQVIA in Durham, North Carolina. Nursing and community care facilities generated $10.1 billion in economic output and home health services generated nearly $5.5 billion.

The study was intended to demonstrate “how physician practices both ensure the health and well-being of communities as well as support local economies and enable jobs, growth and prosperity.”

“Given the rapidly changing health care environment, it is critical to quantify the economic impact physicians have on society,” the study’s authors stated.

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