Tennessee’s patient care physicians fulfill a vital role in the state’s economy by supporting more than 143,000 jobs and generating $20.1 billion in economic activity, according to a new report released today by the Tennessee Medical Association and the American Medical Association.
“Tennesseans rightfully tend to think of our physicians first as healers and patient advocates. It’s important to also acknowledge the financial contributions of medical practices in our state. They not only provide an essential community service, but they also create jobs. They play a critical role in sustaining and growing local and state economies,” said Russ Miller, TMA Chief Executive Officer.
The timely report, completed by the AMA in conjunction with TMA and other state medical societies, quantifies the economic impact physicians have on each state and the U.S. as a whole. To provide lawmakers, regulators and policymakers with reliable information, the report measured physicians’ economic impact according to four key economic barometers.
The study focused on the roughly 720,000 U.S. physicians who primarily engage in patient care activities, as opposed to those who focus on research or teaching. Of these, 14,026 physicians practiced in Tennessee in 2012. Overall findings in the state of Tennessee include:
- Jobs: Each physician supported an average of 10.21 jobs and contributed to a total of 143,229 jobs statewide, including their own.
- Output: Each physician supported an average of more than $1.4 million in economic output and contributed to a total of $20.1 billion in direct and indirect economic output statewide.
- Wages and Benefits: Each physician supported an average of more than $834,263 in total wages and benefits, and physicians contributed to a total of more than $11.7 billion in wages and benefits statewide.
- Tax Revenues: Each physician supported $44,119 in local and state tax revenues and contributed to a total of $618.8 million in local and state tax revenues statewide.
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, home healthcare, legal services, nursing and residential care.
To view the full report and an interactive U.S. map, visit ama-assn.org/go/eis.
Tennessee Medical Association