Medical schools and their teaching hospitals have a significant economic impact in the United States, according to an analysis compiled by the firm of Tripp Umbach.
In Iowa alone, the University of Iowa Roy J. and Lucille A. Carver College of Medicine and University of Iowa Hospitals and Clinics in Iowa City have a total employment impact of 32,598 people, support $277,075,329 in revenue for the state, and provide a total economic impact of $4,603,913,061.
“We are proud to serve as a major economic engine for the state, just as we are honored to meet the medical training, research and patient care needs of Iowans,” says Jean Robillard, MD, UI vice president for medical affairs.
UI Health Care leaders added that the study makes clear that colleges of medicine and teaching hospitals are not just places that prepare the next generation of health care providers, conduct breakthrough research and provide excellent patient care. They are also a good investment that often returns more than double the funds they receive.
“The economic value provided to Iowa and to our nation by the UI Carver College of Medicine, UI Hospitals and Clinics, and our peers is immense,” says Debra Schwinn, MD, dean, UI Carver College of Medicine. “The value of what we provide to our society overall is immeasurable.”
In total, the combined effect of the nation’s medical education, research and patient care activities in 2011 was $587 billion. Colleges of medicine and teaching hospitals support $34 billion in total state revenues and are directly or indirectly responsible for about 3.5 million jobs in the United States.
The Tripp-Umbach study also showed that one of every 40 wage earners in America works directly or indirectly for a medical school or teaching hospital, and research grants provide 1 out of every 500 jobs in any given state.
UI Health Care leaders also point out that a small portion of the data reflects residency education programs around the state as well.