The TCU and UNTHSC School of Medicine is expected to positively impact the North Texas community by addressing Texas’ growing physician shortage, providing new opportunities for employment and boosting the local economy, according to a report by Tripp Umbach, the leading provider of economic impact analysis for academic health centers in the nation.
The new school of medicine is set to open in 2019, pending accreditation from the Liaison Committee on Medical Education and approval from the Southern Association of Colleges and Schools Commission on Colleges.
“It’s fitting to start highlighting the incredible economic impact that the TCU and UNTHSC School of Medicine will have on our region as it approaches accreditation,” said Fort Worth Mayor Betsy Price. “And, beyond the economic impact, I’m thrilled to see how this new school will only further the city’s image as a world class higher education hub that will draw more medical professionals and their families to Fort Worth.”
A new research-based allopathic school of medicine is anticipated to attract additional top scientists and faculty, as well as entrepreneurs and business leaders from across the country further expanding Fort Worth’s life sciences industry.
“When we study medical schools across the country, we find that the institutions with the greatest economic impact on their communities are those that are created from a partnership between two successful universities,” said Paul Umbach, founder and president of Tripp Umbach. “With two outstanding research universities like TCU and UNTHSC partnering to create a new M.D. school, there is enormous potential for the Fort Worth economy.”
The average medical school in the U.S. produces $1.7 billion of economic impact annually. A new medical school will grow to that impact with base operations of more than $140 million, and additional impacts of research, clinical care, spin offs and indirect support.
The TCU and UNTHSC School of Medicine will provide additional value to the community through the training and graduating of physicians who will remain in the region and state to practice after residency training. Each physician is expected to generate an estimated $1.5 million in economic impact and potentially provide $300,000 in tax revenue each year for the state of Texas as a result of operational, employee and visitor spending. These are considered new funds to the economy, not resources diverted from elsewhere within the community.
Additionally, each practicing physician is estimated to provide 13 new jobs. These new opportunities for employment are in addition to the positions the School of Medicine will account for directly and will provide a stable source of income for North Texans, as academic health centers are considered strong economic engines and are not typically affected by fluctuations in the economy.
“The TCU and UNTHSC School of Medicine is fortunate to have a dedicated partner in the city of Fort Worth,” said Founding Dean Stuart D. Flynn, M.D. “With the energy and enthusiasm of this city, as well as the state of Texas, we’ll develop a cutting-edge M.D. school that produces empathetic scholars who will transform medical care for our community and beyond.”