In addition to treating people, private physicians are also doing their part to keep the economy from flat lining, according to a study released by the Medical Society of the County of Queens.
The study, conducted by Specialized Analytics, purports to demonstrate physician practices in Queens have a far-reaching impact on the local economy as well as the economy throughout New York State.
Queens Borough President Helen Marshall said on Tuesday, February 23, that she hopes this study help to spur legislation to reform malpractice lawsuits and the tort system, which increase the cost of practicing medicine.
“Private practices are vital contributors to the economy for the entire State of New York. We need to be sure in the stability of these practices and we need to attract younger physicians to our communities,” said Marshall. “Healthcare is the first line of defense and right now there is a healthcare bottleneck in Queens.”
Physicians on hand said that while it is common to think about physicians providing medical care, they also play an increasingly important role in contributing to the broader economy. And in order to attract and retain physicians, their total benefit must be understood.
“The study shows just how private practices fit into the economy of New York,” said Leah McCormack, M.D., president-elect of the Medical Society of the State of New York “The data shows that on average, every doctor with a private practice generates close to $600,000 in income and over $1 million in sales. They create jobs and this ripples through the economy.”
President of the Medical Society of the County of Queens, Paul Aaronson, M.D., said these benefits are in jeopardy because of the difficulty physicians have practicing in New York.
“The economic and financial stresses that doctors in Queens are facing are unprecedented,” said Aaronson, referring to the recent rash of hospital closures in the borough. “It is to a point where private practices may not be a viable way for doctors to exist here in Queens over the next decade or so.”
Aaronson said that the loss of physicians is most acutely felt in primary care specialties like internal medicine, family practice and pediatrics. When these physicians leave Queens, according to Aaronson, they are taking with them the economical benefits once prescribed to the people of Queens.
“We do not have qualified people coming in to replace these physicians who leave because of the difficulty of practicing here,” he said. “We might not have this important part of the economic engine around much longer.”
