In a significant step to combat the underrepresentation of Black physicians in the United States, Bloomberg Philanthropies has announced a $600 million donation to the endowments of four historically Black medical schools. According to officials, the donation is part of Bloomberg Philanthropies’ Greenwood Initiative, which aims to promote racial wealth equity and combat systematic underinvestment in Black institutions and communities. Howard University College of Medicine, Meharry Medical College and Morehouse School of Medicine will each receive $175 million, while Charles R. Drew University of Medicine & Science will receive $75 million. In addition, according to Bloomberg, $5 million in seed capital will be used to establish a new historically Black medical school in New Orleans, the Xavier Ochsner College of Medicine. This historic investment will more than double the endowments of three medical schools and significantly strengthen their financial stability and ability to train future Black physicians.
A recent study highlighted the need for such support, finding that only 5.7% of U.S. physicians identify as Black or African American, despite Black people making up 13% of the population. Research shows that Black physicians treating Black patients leads to better health outcomes and more frequent medical care. For example, Black patients are 34% more likely to receive preventive care when they see Black physicians. The four historically Black medical schools that receive funding graduate about half of all Black physicians in the U.S., but they have traditionally been underfunded due to systemic inequities, including lower federal and state support. Since the early 20th century, discriminatory practices and the impact of the Flexner Report have led to the closure of 10 Black medical schools in the U.S. The funding from Bloomberg Philanthropies is expected to have a transformative impact.
Michael Bloomberg, former New York mayor, Democratic presidential candidate and founder of Bloomberg LP, will formally announce the donation at the National Medical Association’s annual meeting. “This donation will empower new generations of Black physicians to create a healthier and more equitable future for our country,” Bloomberg said. In 2020, Bloomberg Philanthropies provided $100 million to these same medical schools to help ease the debt burden of enrolled students facing severe financial burdens exacerbated by the COVID-19 pandemic. Valerie Montgomery Rice, president of the Morehouse School of Medicine, noted that the donation relieved each student of an average of $100,000 in debt in 2020, significantly improving the faculty’s ability to fundraise and support their students.
Denise Smith, deputy director of higher education policy and senior fellow at the Century Foundation, emphasized the importance of such philanthropic gifts. She pointed to MacKenzie Scott’s donations to HBCUs in 2020 and 2021, which were instrumental in increasing support from other major donors. “The donations that followed are the kind of momentum and support that institutions need right now,” Smith told the Associated Press.
Dr. Yolanda Lawson, president of the National Medical Association, said she was relieved to hear of Bloomberg’s donation, especially in light of the Supreme Court’s recent decision banning affirmative action and attacks on programs promoting inclusion and equity. “This opportunity and this investment not only affects these four institutions, but the health and future of our country,” Lawson said.
