If, as they say, an apple a day will keep the doctor away, we might want to instead welcome the doctors of Michigan simply for their impact on the state economy. Everybody wants to keep the doc at bay, but the role of the physicians of Michigan support more than 305,000 jobs and generate nearly $52-billion in economic activity according to a new report just out.
The Economic Impact of Physicians in Michigan is a new study released this week by the Michigan State Medical Society and the American Medical Association. The report shows the Michigan economy is bolstered by 305,298 jobs thanks to Michigan physicians and those jobs, in turn, generate $51.9-billion in economic activity.
Dr. Cheryl Gibson Fountain is President of the Michigan State Medical Association, and she says, “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.” She adds, “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.”
The study quantifies the economic boost that 23,591 active patient care 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 305,298 jobs in Michigan (including their own). On average, each physician supports 12.94 jobs.
- Economic activity: Physicians generate $51.9 billion in economic output. Each physician generates $2,198,139 for the state economy on average.
- Wages and benefits: Physicians contribute $24.8 billion in total wages and benefits paid to workers across Michigan, empowering a high-quality, sustainable workforce. Each physician contributes $1,049,160 to workers’ wages and benefits on average.
- State and local tax revenues: Physicians’ contribution to the Michigan economy generates $1.9 billion in state and local tax revenue–translating to $83,979 for each physician on average–enabling community investments to be made.
Dr. David Barbe is President of the American Medical Association. He reports, “The positive impact of physicians extends beyond safeguarding the health and welfare of their patients.” He points out, “The Economic Impact Study illustrates that physicians are woven in their local communities and have a vital role in fueling state economies by creating jobs, purchasing goods and services, and supporting service through the tax revenue they generate.”
The study found that, in comparison to other industries, patient care physicians contribute more to the state economy than each of the following: higher education, nursing and community care facilities, legal services and home health industries.
To view the full report and an interactive map, you can click the link below: