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AMA: Physicians Generate $1.6 Trillion in Economic Activity, Support 10 Million Jobs

April 23, 2014 Comments off

AMA: Physicians Generate $1.6 Trillion in Economic Activity, Support 10 Million Jobs
Source: American Medical Association

A new report released today by the American Medical Association (AMA) shows that physicians have a huge influence on national and state economies beyond their role of safeguarding a healthy community and productive workforce. Patient care physicians enable economic growth, opportunity and prosperity by contributing $1.6 trillion in economic activity and supporting 10 million jobs nationwide in 2012.

The report notes that given the changing health care environment, it is paramount to quantify the economic impact physicians have on society. To provide lawmakers, regulators and policymakers with reliable information, the report measured the economic impact of physicians at the national level and in each of the 50 states and District of Columbia according to key economic barometers:

  • Output: Each physician supported an average of $2.2 million in economic output and contributed to a total of $1.6 trillion in economic output nationwide.
  • Jobs: Each physician supported an average of 13.84 jobs and contributed to a total of 10 million jobs nationwide.
  • Wages and Benefits: Each physician supported an average of $1.1 million in total wages and benefits and contributed to a total of $775.5 billion in wages and benefits nationwide.
  • Tax Revenues: Each physician supported $90,449 in local and state tax revenues and contributed to a total of $65.2 billion is local and state tax revenues nationwide.
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New AMA Study: Patients Responsible for Nearly One-quarter of the Medical Bill

June 19, 2013 Comments off

New AMA Study: Patients Responsible for Nearly One-quarter of the Medical Bill
Source: American Medical Association

Patients are responsible for nearly one-quarter of the medical bill, according to the findings released today from the AMA’s sixth annual check-up of health insurers and their patterns for processing and paying medical claims.

For the first time, the AMA’s National Health Insurer Report Card examined the portion of health care expenses that patients are responsible for through copays, deductibles and coinsurance.

During Feb. and March of this year, patients paid an average 23.6 percent of the amount that health insurers set for paying physicians.

“Physicians want to provide patients with their individual out-of-pocket costs, but must work through a maze of complex insurer rules to find useful information,” said AMA Board Member Barbara L. McAneny, M.D. “The AMA is calling on insurers to provide physicians with better tools that can automatically determine a patient’s payment responsibility prior to treatment.”

2010 National Health Insurer Report Card (Commercial Payers)

February 24, 2011 Comments off

2010 National Health Insurer Report Card (Commercial Payers) (PDF)
Source: American Medical Association

The American Medical Association’s (AMA) National Health Insurer Report Card (NHIRC) provides physicians and the general public a reliable and defensible source of critical metrics concerning the timeliness, transparency and accuracy of claims processing by health insurance companies. Billions of dollars in administrative waste would be eliminated each year if third-party payers sent a timely, accurent and specific response to each physician claim.

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