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Michigan Physicians Add Nearly $52B to the State’s Economy

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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:

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:

http://www.PhysiciansEconomicImpact.org