The largest-ever gift to nation's Historically Black Medical Schools will
strengthen endowments and support the launch of a new school  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
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John,

Today in a speech at the National Medical Association 2024 Annual Convention
and Scientific Assembly in New York City,Mike announced that Bloomberg
Philanthropies will provide $600 million to strengthen the future of the
nation's four historically Black medical schools
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. The gift will bolster the endowments of Charles Drew University of Medicine &
Science, Howard University College of Medicine, Meharry Medical College, and
Morehouse School of Medicine, and also provide seed funding for the creation of
a new medical school in New Orleans, the Xavier Ochsner College of Medicine.

With additional resources, the schools will be in a stronger position to
prepare more Black doctors to enter the medical profession -- an important step
in reducing health inequities and promoting the acceleration of wealth
accumulation for Black individuals and families. The nation’s four historically
Black medical schools alone "graduate around half of all Black doctors in the
U.S., so there is really no way to overstate how important they are to equality
in medicine," said Mike in his remarks. "The funding will help ensure long-term
financial stability for each of these vital institutions, which is critically
important."


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LEARN MORE
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READ MIKE'S REMARKS
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Data shows that Black people have better health outcomes and receive medical
care more frequently when they are treated by Black physicians -- but Black
doctors are significantly underrepresented in the medical field. In the U.S.,
13 percent of the population is Black, but only seven percent of medical school
graduates are Black, and less than six percent of all practicing doctors are
Black.

The gift announced today builds on a 2020 investment to support the creation
of more Black doctors by reducing debt burdens for students at historically
Black medical schools
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. That $100 million gift -- part of Bloomberg Philanthropies' Greenwood
Initiative -- has helped reduce medical school debt for nearly 1,000 future
Black doctors. Without the need to manage overwhelming financial burdens, more
than 50 percent of graduates benefiting from the support selected primary care
specialties including internal medicine, pediatrics, and obstetrics/gynecology,
while the top non-primary care areas chosen were emergency medicine and
psychiatry. Many of the graduates also opted to work in underserved
communities, urban communities, and public hospitals where greater access to
care is urgently needed.

The $600 million gift, also being made through the Greenwood Initiative, will
more than double three of the four medical schools’ endowments, enhancing each
school’s financial stability and institutional capacity to respond to the
rising costs of tuition, innovative research, and operations. Howard University
College of Medicine, Meharry Medical College, and Morehouse School of Medicine
will each receive a gift of $175 million, and Charles Drew University of
Medicine & Science will receive $75 million. Xavier University of Louisiana and
Ochsner Health, who are partnering to develop a new medical school, will
receive $5 million.

"We have much more to do to build a country where every person, regardless of
race, has equal access to quality health care – and where students from all
backgrounds can pursue their dreams," said Mike. "Addressing health disparities
and underrepresentation in the medical field are critical challenges, and
Bloomberg Philanthropies is dedicated to making a difference. By building on
our previous support, this gift will empower new generations of Black doctors
to create a healthier and more equitable future for our country."

Learn more about today's announcement and Bloomberg Philanthropies' support
for historically Black medical schools:


www.bloomberg.org/press/bloomberg-philanthropies-announces-largest-ever-gift-to-the-nations-four-historically-black-medical-schools/

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Thanks,

Bloomberg Philanthropies




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About our work

Bloomberg Philanthropies invests in 700 cities and 150 countries around the
world to ensure better, longer lives for the greatest number of people. The
organization focuses on creating lasting change in five key areas: the Arts,
Education, Environment, Government Innovation, and Public Health.


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Bloomberg Philanthropies encompasses all of Michael R. Bloomberg's giving,
including his foundation, corporate, and personal philanthropy as well as
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