For Immediate Release
January 8, 2018
New York Physicians Boost the State’s Economy
New study demonstrates that physicians support 688,760 jobs,
generate $141.2 billion in economic activity
January 8, 2018 - 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 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 new 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:
- Jobs: Physicians support 688,760 jobs in New York–11.4 for each physician on average.
- Economic activity: 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.
- Wages & benefits: 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.State and local tax revenue: 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.
To view the full report and an interactive map, please visit www.PhysiciansEconomicImpact.org.
Founded in 1807, the Medical Society of the State of New York is the state's principal non-profit professional organization for physicians, residents and medical students of all specialties. Its mission is to represent the interests of patients and physicians to assure quality healthcare services for all.
Medical Society of the State of New York
865 Merrick Avenue
Westbury, NY 11590
516.488.6100 x 302
Robert J. Mills
American Medical Association
About the Medical Society of the State of New York
Founded in 1807, the Medical Society of the State of New York is the state's principal non-profit professional organization for physicians, residents and medical students of all specialties. Its mission is to represent the interests of patients and physicians to assure quality healthcare services for all. For more information, visit www.mssny.org.
About the American Medical Association
The American Medical Association is the premier national organization providing timely, essential resources to empower physicians, residents and medical students to succeed at every phase of their medical lives. Physicians have entrusted the AMA to advance the art and science of medicine and the betterment of public health on behalf of patients for more than 170 years. For more information, visit ama-assn.org.