Louisiana Physicians Boost the State’s Economy
New study shows the state’s physicians support 119,515 jobs, generate $19.9 billion in economic activity
Physicians add opportunity, growth and prosperity to the Louisiana economy by creating 119,515 jobs and generating $19.9 billion in economic activity, according to a new report, The Economic Impact of Physicians in Louisiana, released by the Louisiana State Medical Society (LSMS) and the American Medical Association (AMA).
“Keeping Louisiana medical students in-state for their residency training is essential for long-term success. National studies have found that a large number of training physicians chose to set up permanent practices in areas where they complete their residency program. Once these providers leave the state, it’s much more difficult to get them to come back home. Additionally, keeping Louisiana doctors home means a larger work force of physicians which could translate into more care for our rural parishes, the most vulnerable in our state,” said LSMS President Susan Bankston, MD.
The new study quantifies the economic boost that more than 10,000 Louisiana 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 119,515 jobs in Louisiana – 11.9 for each physician on average.
- Economic activity: Physicians generate $19.9 billion in economic output, comprising 8.3 percent of the Louisiana economy. Each physician generates $2 million for the state’s economy on average.
- Wages & benefits: Physicians contribute $8.9 billion in total wages and benefits paid to workers across Louisiana, empowering a high-quality, sustainable workforce. Each physician contributes $888,745 to workers’ wages and benefits on average.
- State and local tax revenue: Physicians’ contribution to the Louisiana economy generates $646.5 million in state and local tax revenue for their communities–translating to $64,254 for each physician on average–enabling community investments to be made.
The report found that every dollar applied to physician services in Louisiana supports an additional $1.85 in other business activity. An additional 6.6 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, Louisiana 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.
To view the Louisiana report, click here.
The Louisiana State Medical Society invites all members and non-members to join us as we hit the road across Louisiana for our inaugural summer road trip! Attendees will have the chance to participate in *CME - Physician Burnout - in specified cities, cocktail hour, 2018 legislative session wrap up summary by the LSMS governmental affairs team, an opportunity to learn more about HealthSYNC of Louisiana, and the opportunity to ask and have questions answered by LSMS leadership and staff during a town hall event. For more information, click here.
Why Membership Renewals are Important
Membership is important to ensure the vitality of every professional association and the Louisiana State Medical Society (LSMS) is no exception. Membership in the LSMS introduces physicians, residents, fellows and medical students to member benefits, yet membership renewals help us to determine how well we meet the needs of our members by providing relevant resources. Members remain in the LSMS because they believe their membership helps their profession and their patients. Please help us educate members about what you do for patients, their families and within your community. It is important to have a good mix of new members and returning members; the future success of the LSMS depends on it. It also takes more effort to recruit a new member than it does to keep an existing one. A returning member who sees the value and impact of the LSMS is our best advocate for recruiting future members. Renewing members are an important part of achieving our annual membership goals as these renewals provide a solid base who in turn help us build a strong community network and future leaders within the LSMS. Please click here to renew your membership for 2018.