New report finds Virginia physicians play significant role in Virginia's economic health

24 March 2011
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Richmond, VA - The Medical Society of Virginia (MSV) announced that a new report released by the American Medical Association (AMA) shows that office-based physicians play a vital role in Virginia’s economy by supporting jobs, purchasing goods and services, and generating tax revenue.

According to the survey, in 2009, office-based physicians in Virginia contributed $21.5 billion in economic activity and supported 90,464 jobs. The study found that office-based physicians contribute more economic output in Virginia than each of the following industries: hospital, legal, nursing home and home health.

“Most people think of their physicians as healers and don’t consider the business side of medical practices,” said MSV President Cynthia C. Romero, M.D., FAAFP. “This AMA study shows what MSV has long asserted, that medical practices contribute significantly to the health of Virginians and to local and state economies. It benefits us all to ensure that Virginia is an attractive place for physicians to practice. MSV’s efforts to protect Medicaid funding and ensure a fair medical malpractice environment are important elements in attracting and keeping an adequate network of great physicians to care for our citizens.”

The findings show the economic impact of office-based physicians as measured through sales revenue, jobs, wages and benefits, and tax revenue. The report provides information on the economic impact of office-based physicians in all 50 states and the District of Columbia. In Virginia, office based physicians supported $14.2 billion in wages and benefits, and generated $953.6 million in taxes.

“Although physicians are primarily focused on providing excellent patient care, physician offices and the jobs and revenue they produce are significant contributors to state economies,” said AMA President Cecil B. Wilson, M.D.

To view the full report, please visit www.ama-assn.org/go/eis.