ALBANY - A major economic study focused on private practice physicians in New York State indicates that the estimated 20 physician practices in Essex County are driving $13 million into the county's economy through the employment of 152 physicians and staff members.
The study was developed by Specialized Analytics and Kavet, Rockler & Associates, a Storrs, CT, research organization, and was funded by the Medical Society of the State of New York.
According to the study, each private practice physician's office in Essex County employs an average of eight individuals with each practice putting an average of $663 thousand into the economy.
"This translates into real money going into the local economy to pay the rent or mortgage, buy groceries, put gas in the car and buy from local retailers," commented Dr. Leah McCormack, President-Elect of MSSNY and chair of the economic study. "While the focus of local physicians and their staff is alleviating pain and getting people better, we seldom recognize that these team members also participate in the local community, help their kids with homework, vote in the local election and are part of the local economic backbone."
Private practice physician offices in Essex County put an estimated $87,136 per employee into the local economy, the study said. This, in turn, spins off an estimated $9,602 per employee to fund schools, police and fire departments, road maintenance and other municipal and county services through local taxes. Almost the same amount is generated to pay state taxes.
On average, each of New York's 18,000-plus private practices has nine employees. Data indicates that an additional four people are employed in support of each private practice physician's office.
According to the study, private practice physician offices rank second in the state in terms of total business establishments and sixth in terms of total employment.