Contact: Kendi Parvin - 608.442.3748 email@example.com
New study demonstrates that physicians support more than 150,000 jobs, generate $25.8 billion in economic activity
January 10, 2018 – Physicians add opportunity, growth and prosperity to the Wisconsin economy by creating 151,072 jobs and generating $25.8 billion in economic activity, according to a new report, The Economic Impact of Physicians in Wisconsin, released by the Wisconsin Medical Society and the American Medical Association (AMA).
“Physicians make a difference in the lives of the patients and families they care for every day,” said Wisconsin Medical Society CEO Bud Chumbley, MD, MBA. “And while the value of that physician/patient relationship is immeasurable, this report brings to light the added impact physicians have on Wisconsin’s economy—an impact that is enormous.”
- Jobs: Physicians support 151,072 jobs in Wisconsin–an average of approximately 12 jobs per physician.
- Economic activity: Physicians generate $25.8 billion in economic output, comprising 8.5 percent of Wisconsin’s economy. On average, each physician generates $2 million for the state economy.
- Wages & benefits: Physicians contribute $13.3 billion in total wages and benefits paid to Wisconsin workers, empowering a high-quality, sustainable workforce. On average, each physician contributes $1.1 million to workers’ wages and benefits.
- State and local tax revenue: Wisconsin physicians’ contribution to the state economy generates $1.2 billion in state and local tax revenue for their communities–translating to $96,630 for each physician on average–enabling community investments to be made.
“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 physicians are woven into their local communities and have a vital role in fueling state economies 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 Wisconsin supports an additional 94 cents in other business activity. An additional 6.8 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.
Across the country, physicians add $2.3 trillion to the U.S. economy, support more than 12.6 million jobs nationwide, contribute $1 trillion in total wages and benefits paid to U.S. workers, and generate $92.9 billion in state and local tax revenue.
To view the full report and an interactive map, please visit www.PhysiciansEconomicImpact.org.
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Wisconsin Medical Society
608.442.3748 or 608.852.4082 (cell)
Robert J. Mills
American Medical Association
About the Wisconsin Medical Society
With nearly 13,000 members dedicated to the best interests of their patients, the Wisconsin Medical Society is the largest association of medical doctors in the state and a trusted source for health policy leadership since 1841.
About the American Medical Association
The American Medical Association is the premier national organization providing timely, essential resources to empower physicians, residents and medical students to succeed at every phase of their medical lives. Physicians have entrusted the AMA to advance the art and science of medicine and the betterment of public health on behalf of patients for more than 170 years. For more information, visit ama-assn.org.