March 12, 2009

The Economic Impact of Private Practice Physicians' Offices in Florida

This study utilized the REMI input-output model to estimate the economic impact of private practice physicians on Florida’s economy in terms of employment, real disposable personal income, total output, and government revenues generated by those physicians’ offices. The study also estimated the relative economic impact of physicians in key specialties within the practice of medicine and the economic impact of a physician shortage in Florida, provided background on characteristics of Florida’s current physician workforce, and illustrated the importance of considering “economic impact” in healthcare policymaking. Analysts were able to determine using the REMI model to project economic activity and social conditions that in 2009, Florida’s private physicians’ offices generated or supported approximately 451,500 jobs, $56 billion in total output, $22 billion in real disposable personal income, and $3 billion in government revenues. They also determined that in 2020, Florida’s private physicians’ offices would facilitate 650,000 jobs, over $41 billion in real disposable personal income, $93 billion in total output, and around $6 billion in government revenues.

Florida State University – The Economic Impact of Private Physicians’ Offices in Florida [full PDF]