Physicians add opportunity, growth and prosperity to the Delaware economy by creating 25,791 jobs and generating $4.8 billion in economic activity, according to a new report, “The Economic Impact of Physicians in Delaware,” by the Medical Society of Delaware and the American Medical Association.
The report details the economic value physicians in Delaware bring in job creation, wages and state and local tax revenue.
The study quantifies the economic boost that 2286 Delaware active patient care physicians provide 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 25,791 jobs in Delaware — 11.3 for each physician on average.
— Economic activity: Physicians generate $4.8 billion in economic output, comprising 7 percent of the Delaware economy. Each physician generates $2.1 million for the state economy on average.
— Wages and benefits: Physicians contribute $2.4 billion in total wages and benefits paid to workers across Delaware, empowering a high-quality, sustainable workforce. Each physician contributes $1.1 million to workers’ wages and benefits on average.
— State and local tax revenue: Physicians’ contribution to the Delaware economy generates $164.6 million in state and local tax revenue for their communities — translating to $72.015 for each physician on average — enabling community investments to be made.
The report found that every dollar applied to physician services in Delaware supports an additional $1.85 in other business activity. An additional 5.71 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. In addition, Delaware 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.
For more, visit physicianseconomicimpact.org.