Official websites use .gov
Secure .gov websites use HTTPS
Economic impact of AAMC medical schools and teaching hospitals
Economic impact of AAMC medical schools and teaching hospitals
- Collection:
- Health Policy and Services Research
- Author(s):
- Nienow, Sara, author
Brown, Elizabeth G., (Of RTI International), author
Hogan, Michael, (Of RTI International), author
Smith, Daniel, (Of RTI International), author
Woollacott, Jared, author
Depro, Brooks, author - Contributor(s):
- Association of American Medical Colleges, issuing body.
RTI International, issuing body. - Publication:
- Washington, DC : Association of American Medical Colleges, June 2022
- Language(s):
- English
- Format:
- Text
- Subject(s):
- Academic Medical Centers -- economics
Hospitals, Teaching -- economics
United States - Genre(s):
- Technical Report
- Abstract:
- Medical schools and teaching hospitals are important contributors to their communities, playing crucial roles in educating tomorrow’s doctors and researchers, providing cutting-edge patient care, conducting groundbreaking research, and collaborating with communities to improve the health of all. In 2022, the AAMC retained RTI International to measure the economic impact of medical schools and teaching hospitals represented by the AAMC in 47 individual states, the District of Columbia, and Puerto Rico. This report presents the results of that study, which are based on data from 154 medical schools and 2581 teaching hospitals. This analysis demonstrates that medical colleges and teaching hospitals are economic engines, generating and sustaining substantial employment and economic development for surrounding communities. The data used for this analysis was collected prior to the onset of the COVID-19 pandemic and does not include the possibly significant impacts the pandemic had on medical schools, teaching hospitals, and the U.S. economy as a whole. According to RTI International’s research using data from 2019, the medical schools and teaching hospitals represented by the AAMC contributed more than $728 billion in gross domestic product (GDP). This amount translates to about 3.2% of the U.S. GDP, making the economic impact of these medical schools and teaching hospitals comparable in size to other important sectors such as transportation and warehousing, and accommodation and food services.2 On a per capita basis, these medical schools and teaching hospitals generate approximately $2,218 in economic impact per person. In addition, AAMC member institutions’ education, research, patient care, and community partnership work supports more than 7.1 million jobs in the United States across multiple industries (Table 1). These jobs are approximately 4.4% of the 2019 labor force nationwide, paying more than $488 billion in aggregate annual wages, salaries, and benefits--an average of more than $68,000 in wages, salaries, and benefits per job. Medical schools and teaching hospitals that are members of the AAMC also have substantial secondary economic and social impacts on their multicounty regions and within the counties and cities where they have operations. Communities in all regions of the country typically rely on these organizations for job creation, high-quality medical care, medical research and scientific advancements, new business development, and the education of the nation’s health care workforce. A full state-by-state accounting of this data analysis is available at aamc.org/EconomicImpact.
- Copyright:
- Reproduced with permission of the copyright holder. Further use of the material is subject to CC BY-NC-ND license. (More information)
- Extent:
- 1 online resource (1 PDF file (ES-1, 1 unnumbered page))
- Illustrations:
- Illustrations
- NLM Unique ID:
- 9918504888706676 (See catalog record)
- Permanent Link:
- http://resource.nlm.nih.gov/9918504888706676