Colorado physicians support 133,000 jobs

Thursday, May 01, 2014 12:21 PM

New study demonstrates Colorado physicians drive $20.1 billion in economic activity

Kate Alfano, CMS contributing writer

Colorado’s 12,263 patient care physicians fulfill a vital role in the state’s economy by supporting 132,971 jobs and generating $20.1 billion in economic activity, according to a report released on April 16 by the Colorado Medical Society and the American Medical Association.

“Physicians carry tremendous responsibility as skilled healers charged with safeguarding healthy communities, but their positive impact isn’t confined to the exam room,” said AMA President Ardis Dee Hoven, MD. “The new study illustrates that physicians are strong economic drivers that are woven into their local communities by the economic growth, opportunity and prosperity they generate.”

The report notes that given the changing health care environment, it is paramount to quantify the economic impact physicians have on society. To provide lawmakers, regulators and policymakers with reliable information, the report measured the economic impact of Colorado physicians according to four key economic barometers. The overall findings in the state of Colorado include:

• Jobs: Each physician supported an average of 10.84 jobs and contributed to a total of 132,971 jobs statewide.
• Output: Each physician supported an average of $1.6 million in economic output and contributed to a total of $20.1 billion in economic output statewide.
• Wages and benefits: Each physician supported an average of $910,600 in total wages and benefits and contributed to a total of $11.2 billion in wages and benefits statewide.
• Tax revenues: Each physician supported $64,686 in local and state tax revenues and contributed to a total of $793.2 million in local and state tax revenues statewide.

The study found that, in comparison to other industries, patient care physicians almost always contribute more to the state economy than each of the following: higher education, home health care, legal services, nursing and residential care.

To view the full report and an interactive map of the United States, go to www.ama-assn.org/go/eis.