Archives     Advertise     Editorial Calendar     Subscribe     Contact Us    


TMA, AMA Study Touts $29 Billion Economic Impact of Physicians on Tennessee


 

Physicians add opportunity, growth and prosperity to the Tennessee economy by creating 175,831 jobs and generating $29.1 billion in economic activity, according to a new report, The Economic Impact of Physicians in Tennessee, released Jan. 19, by the Tennessee Medical Association and the American Medical Association.

"It is important to recognize what the medical profession means to the communities where doctors live and work, and the economic impact to our state as a whole. We are proud of our colleagues who not only provide safe, quality, effective healthcare but also create and sustain jobs and help drive growth and prosperity," said Nita W. Shumaker, MD, Chattanooga pediatrician and TMA President.

The new study quantifies the economic boost that more than 14,000 Tennessee physicians provided 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 175,831 jobs in Tennessee - 12.5 for each physician, on average.
  • Economic activity:Physicians generate $29.1 billion in economic output, comprising 9.2 percent of the Tennessee economy. Each physician generates $2.1 million for the state's economy, on average.
  • Wages & benefits:Physicians contribute $13.7 billion in total wages and benefits paid to workers across Tennessee, empowering a high-quality, sustainable workforce. Each physician contributes $970,098 to workers' wages and benefits, on average.
  • State and local tax revenue:Physicians' contribution to the Tennessee economy generates $908.1 million in state and local tax revenue for their communities-translating to $64,420 for each physician on average-that enables communities to make additional investments in infrastructure, government services and civic programs.

"The positive impact of physicians extends beyond safeguarding the health and welfare of their patients," said AMA President David O. Barbe, MD, MHA. "The Economic Impact Study illustrates that our physicians are woven into their local communities and have a vital role in fueling the state's economy by creating jobs, purchasing goods and services, and supporting public services through the tax revenue they generate."

The report found that every dollar applied to physician services in Tennessee supports an additional $2.02 in other business activity. An additional 7.5 jobs, above and beyond the clinical and administrative personnel that work inside the physician practices, are supported for each $1 million of revenue generated by a physician's practice. Tennessee physicians also generate more economic output, produce more jobs and pay more in wages and benefits than higher education, nursing and community care facilities, legal services and home health.

To learn more about the Economic Impact Study and view the Tennessee report in detail, please visit physicianseconomicimpact.org.

 
Share:

Related Articles:


Recent Articles

THA Honors 26 Hospital Leaders at Annual Meeting

Tennessee Hospital Association (THA) today honored 26 hospital administrators, employees and volunteers during its 2018 Annual Meeting. The awards luncheon was held at the Franklin Marriott Cool Springs.

Read More

AMA Announces Playbook to Successfully Adopt Digital Health

Best practices based on lessons learned from multiple sources are combined into an authoritative resource

Read More

PYA Publishes New White Paper: "Urgent Care Centers: A Solution to Overuse of Hospital Emergency Rooms--Valuation Considerations"

PYA, a national management consulting and accounting firm, recently released a white paper that offers insights on valuation considerations related to urgent care centers.

Read More

Corker: PEPFAR Reauthorization Bill Passes Committee, Extends Successful U.S. Program to Combat HIV/AIDS

U.S. Senator Bob Corker (R-Tenn.), chairman of the Senate Foreign Relations Committee, today praised committee passage of legislation he authored with U.S. Senator Bob Menendez (D-N.J.) to extend the President's Emergency Plan for AIDS Relief (PEPFAR) for another five years.

Read More

TDH Issues Public Health Advisory On Cannabis

Evidence, Known Harms Increase Concerns about Risks to Health

Read More

HHS Secretary Addresses Nashville Health Care Council Audience

On Thursday, Sept. 27, Health and Human Services Secretary Alex M. Azar II flew to Nashville to share thoughts and updates on healthcare coverage in America during a Nashville Health Care Council Event held at Lipscomb University.

Read More

The War Against Opioids in Pain Management

Awareness, innovative therapies are effective tools to manage pain and ward against addiction.

Read More

Designed to Disinfect: The Relation Between Interior Design & Infection Control

About one in 25 patients in America has at least one healthcare-associated infection (HAI) on any given day, according to the most recent statistics from the Centers for Disease Control and Prevention.

Read More

Physician Spotlight: Changing Minds

Acadia Healthcare CMO Michael Genovese, MD, JD, tackles misconceptions around mental health and addiction.

Read More

Addressing the Gap Between Need & Access in Treating Addiction

Need far outstrips capacity when it comes to treating substance abuse disorders. American Addiction Centers CMO Dr. Lawrence Weinstein discusses barriers to care and possible solutions.

Read More

Email Print
 
 

 

 


Tags:
AMA, American Medical Association, David Barbe, Economic Impact, Nita Shumaker, Tennessee Medical Association, TMA
Powered by Bondware
News Publishing Software

The browser you are using is outdated!

You may not be getting all you can out of your browsing experience
and may be open to security risks!

Consider upgrading to the latest version of your browser or choose on below: