$100 Million Donation From Bloomberg Will Raise The Number of Black Doctors

A new monetary gift has been announced by the former New York City Mayor, Mike Bloomberg in support of four historically Black medical schools so as to increase the number of Black doctors in the U.S.
For the students facing an increased financial pressure due to COVID-19, the money is said to reduce their debt burden. It is supposed to the lessen the pressure of approximately 800 medical students.

Only five percent of the practicing physicians in the U.S are currently Black and, 13 percent of its population being Black, the chart indicates that Black patients are more likely to get better outcomes with Black doctors given to the compatibility factor.

The gift offered by Bloomberg as a token of benevolence is by far the largest, received by Howard University College of Medicine, Morehouse School of Medicine, Meharry Medical College and Charles R. Drew University of Medicine and Science. The medical school stipends will enable the officials to provide scholarships to nearly every medical student to an limitation of $100,000 those who are currently enrolled and accepting economic aid over the next four years.

Michael R. Bloomberg, the  founder of Bloomberg Philanthropies and Bloomberg LP,  as well as the three-term mayor of New York has reportedly said, “COVID-19 has been especially devastating for the Black community, and the scarcity of Black doctors practicing in Black communities is one reason for it.”

“More Black doctors will mean more Black lives saved and fewer health problems that limit economic opportunity in Black communities.”

“During my campaign for president, I proposed a set of bold policies—which we called the Greenwood Initiative — to increase generational wealth among Black families and shrink the racial wealth gap. The commitment Bloomberg Philanthropies is making today is just the first step we will take to bring that work to life.”

According to the reports, Meharry Medical College, Howard University College of Medicine, Morehouse School of Medicine, and Charles R. Drew University of Medicine and Science will be determining the eligibility of their currently enrolled students. More than 50 percent of all students enrolled at these four schools should benefit from this gift, in 2020. Unveiled on September 3, the grant also includes “wrap around” services, that includes financial counseling for students.

“Meharry graduates overwhelmingly choose to go into primary care so they can make the largest impact on the most people,” said Dr. James Hildreth, President and CEO of Meharry Medical College. “But primary care, particularly in rural areas, does not provide the same level of financial security as other medical specialties.”

“This transformative gift from Bloomberg Philanthropies will significantly ease the burden of debt for our students, allowing them to make the decision of what and where they practice based on passion, not a paycheck.”

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