Physicians Support 12.6 Million Jobs in US, According to AMA Report

Wed, Mar 14, 2018 --

My Career

It’s no secret that healthcare is a major player in the U.S. economy. AMA’s new economic impact report indicates that patient-care physicians are one of the top job creators in the country. According to the report, physicians supported the employment of nearly 12.6 million people and contributed $2.3 trillion to the nation’s economy in 2015.

Each Physician Supports 17.1 Jobs on Average

The report — put together by IQVIA — captures economic data from 2015 pertaining to the country’s 736,873 physicians providing patient care. The report includes both office-based and hospital-based MDs and DOs. The report looked at four key indicators — jobs, output, wages and benefits, and tax revenue. Per the report, each physician directly or indirectly supports an average of about 17.1 jobs. The AMA’s president claims these jobs in turn generate taxes to assist schools, transportation, and other public services in local communities.

From the total sum of $2.3 trillion that physicians contributed in direct and indirect output, the report calculates that each physician contributed almost $3.2 million on average. And the economic output by the physician community contributed 13 percent of the national economy, the AMA states.

Wages, Benefits, and Taxes 

Beyond jobs and economic activities, the report also looks at how physicians contribute to wages and benefits and state/local taxes. In 2015, physicians supported (directly and indirectly) roughly $1 trillion in wages and worker benefits, and $92.9 billion dollars in state and local tax benefits, according to the report.

To get more details on how the report estimates healthcare givers are making an economic impact in communities across the nation, explore this interactive map.

What About You?

Do you think physician-employed jobs are well paid? Does this indicate a trend of job growth? What’s the scenario in your practice?

 

About 

Barnali is a medical coding and billing writer at TCI who has worked in the healthcare industry since 2009. She holds a master’s degree in English literature and a diploma in advertising and marketing. She enjoys writing about ICD-10 and Medicare compliance.

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