New York's Physicians Continue to Be Major Economic Engine for the State of New York
WESTBURY, NY (04/16/2014)(readMedia)-- New York's physicians generated over 570,000 jobs and nearly 10 jobs per physician in 2012, according to a new study released today. The study also showed that the economic activity by New York's physicians generated $5.6 billion in state and local taxes, and over $57 billion in wages and benefits for New Yorkers. View the AMA's New York Physicians Report here.
The new report announced by the American Medical Association shows that physicians have a huge influence on national and state economies beyond their role of safeguarding a healthy community and productive workforce. Patient care physicians enable economic growth, opportunity and prosperity by contributing $1.6 trillion in economic activity and supporting 10 million jobs nationwide in 2012. The efforts of New York's physicians are a major reason, generating nearly $100 billion in total economic activity, with each New York physician supporting nearly $1.7 million in economic output.
"While New York's physicians naturally play an enormous role in preserving the health of the communities where we practice, they also are a major economic engine and job-creator for the State of New York" stated Andrew Kleinman, MD, President of the Medical Society of the State of New York. "First and foremost, we are very proud to deliver the quality care every day that our patients need, but we are also very proud that we are a significant contributor to New York's economy."
According to the federal government, spending on physician services grew more slowly between 2009 and 2012 than at any time in the last 15 years and accounts for only 16 percent of all health care dollars spent in the U.S. in 2012. Yet expenditures for physician services have a ripple effect through the economy. Every dollar applied to physician services supports an additional $1.62 in other business activity.
The study found that physicians had a greater national economic impact than each of the following industries: higher education, home health care, legal services, nursing and residential care.
"While the report details the enormous contributions our physicians provide to the State of New York and across the country, we cannot take that for granted" stated Dr. Kleinman. "We urge our lawmakers to be cognizant of these substantial economic contributions as physicians face a number of different challenges of practicing in New York State, including increasing government mandates as a condition of medical practice, exorbitant medical liability insurance costs and decreasing payments from Medicare and health insurers. Recent data from the Center for Health Workforce Studies shows that the number of physicians trained in New York who stay in New York has declined significantly in the last decade, from 53% in 2001 to 44% in 2012, in part due to New York's very difficult practice environment. We have repeatedly argued that this disturbing trend is harmful to our outstanding but fragile health care system. This study re-iterates that it's also harmful to New York's economy. We must do more to assure we can keep quality physicians in New York".
To view the full report and an interactive map of the United States, please visit www.ama-assn.org/go/eis.
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.