Physicians Mean Business
New study shows the state’s physicians support 51,305 jobs, generate $8.2 billion in economic activity
Physicians add opportunity, growth and prosperity to the Mississippi economy by creating 51,305 jobs and generating $8.2 billion in economic activity, according to The Economic Impact of Physicians in Mississippi, released by MSMA the AMA. The nationwide report, with state-by-state breakdowns, is here.
“This is thrilling data,” said MSMA President Dr. William Grantham. “Physicians love their state and their communities. We are privileged to help our patients, and to help Mississippi’s bottom line.”
The new study quantifies the economic boost that nearly 5,000 Mississippi 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 51,305 jobs in Mississippi, 11 for each physician on average.
- Economic activity: Physicians generate $8.2 billion in economic output, comprising 7.8 percent of the Mississippi economy. Each physician generates $1.8 million for the state’s economy on average.
- Wages & benefits: Physicians contribute $3.8 billion in total wages and benefits paid to workers across Mississippi, empowering a high-quality, sustainable workforce. Each physician contributes $810,212 to workers’ wages and benefits on average.
- State and local tax revenue: Physicians’ contribution to the Mississippi economy generates $313.1 million in state and local tax revenue for their communities–translating to $67,043 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, M.D., M.H.A. “The Economic Impact Study illustrates that Mississippi 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 Mississippi supports an additional $1.75 in other business activity. An additional 6.1 jobs, above and beyond the clinical and administrative personnel that work inside the physician practices, are supported for each one million dollars of revenue generated by a physician’s practice. In addition, Mississippi physicians 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.
Spreading the Word
MSMA President Dr. William Grantham unveiling economic impact numbers.
MSMA unveiled the Economic Impact data at a press conference held in conjuncture with Gov. Phil Bryant. MSMA member physicians and medical students from the Mississippi Rural Physicians Scholarship Program were there to spread the good news. Some of the media coverage of the economic impact can be found here and here. More photos can be found on MSMA's Facebook page.
To view a quick, one-page summary of the data, just download the PDF below.