Bloomberg Announces $600M Gift to Four Historically Black Medical Schools – urbangeekz

Bloomberg Philanthropies has committed $600 million to bolster the endowments of four historically Black medical schools nationwide. 

The schools are Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine. Seed funding will also be provided to support the creation of the Xavier Ochsner College of Medicine, a new medical school in New Orleans.

Advancing Racial Health Equity

The investment was announced as part of Bloomberg Philanthropies’ Greenwood Initiative, an effort that seeks to advance racial wealth equity, including addressing systemic underinvestment in Black institutions and communities. 

The funding will support historically Black medical schools’ long-established commitment to diversifying the medical field by training the next generation of doctors. 

Increasing the schools’ endowments will strengthen their financial stability and institutional capacity to respond to rising tuition costs, innovative research, and operations.

“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 Michael R. Bloomberg, founder of Bloomberg Philanthropies and Bloomberg L.P.  

“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, he added.”

Research has shown that Black people have better health outcomes and receive medical care more frequently when Black physicians treat them. Furthermore, Black patients are 34 percent more likely to receive preventative care if seen by Black doctors. 

Yet, data reveals that while the U.S. population is 13 percent Black, only 7 percent of medical school graduates and less than 6 percent of all practicing doctors are Black. Debilitating health problems takes an enormous economic toll on families and communities, so creating more Black doctors will help to address racial wealth inequities.

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Boosting Black Medical Schools

The four historically Black medical schools alone graduate around half of all Black doctors in the U.S. but have significantly underfunded endowments due to systemic funding inequities, including lower federal and state support. 

Since the early 1900s, a combination of factors – including the impacts of the Flexner report and other discriminatory practices and attitudes –  have led to the closing of ten Black medical schools in the United States.

Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine will each receive a gift of $175 million, and Charles R. Drew University of Medicine & Science will receive $75 million. The new funding will more than double the endowments of three of the four medical schools. 

Funding levels were determined by current class size and anticipated growth. In addition, the Xavier Ochsner College of Medicine, an HBCU medical school being developed in New Orleans, will receive a $5 million grant. 

The school is a partnership between Xavier University of Louisiana – one of the top educators in the U.S. of Black students who go on to graduate from medical school – and Ochsner Health – the leading not-for-profit academic healthcare provider in the Gulf South.

Reacting to the initiative, Dr. James E.K. Hildreth, President and CEO, Meharry Medical College, said, “With this extraordinary investment in historically Black medical schools, Bloomberg Philanthropies is underscoring the importance of creating a healthcare system that better reflects the people and communities it serves. The entire Meharry family extends our profound gratitude to Bloomberg Philanthropies for this gift and for its support of our mission, our college, our students, and, most importantly, the people in our care around the world.”

In addition, Dr. David M. Carlisle, President and CEO, Charles R. Drew University of Medicine and Science, said, “This historic gift is a transformative investment in the future of healthcare, our university, and most importantly, our students, for generations to come.“

“It will significantly enhance our ability to educate and empower diverse healthcare professionals who are committed to serving underserved communities and becoming leaders dedicated to health equity and social justice. We are confident this gift’s impacts will be felt in South Los Angeles, California, across the United States, and globally for decades, he added.”

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A Legacy of Enhancing Health Education and Research Opportunities

Bloomberg Philanthropies‘ Greenwood Initiative includes endowments for historically Black medical schools, the Black Wealth Data Center, and Cities for Financial Empowerment Funds. It also includes the Vivien Thomas Scholars Initiative, whose aim is to address racial wealth inequality and underrepresentation in STEM through data, local partnerships, and increased Black student enrollment.

Bloomberg Philanthropies gave $100 million in 2020 to the four historically Black medical schools, the largest philanthropic gift from a single donor to these institutions at the time. Since then, the institutions have been able to shine a spotlight on how critical they are to advancing health equity, catalyze support from new funders, and break annual fundraising goals.

The 2020 gift from Bloomberg Philanthropies also helped to reduce the student debt of nearly 1,000 future Black doctors. Less debt has given graduates more freedom to practice what they choose and where the need is greatest. 

More than 50 percent of the graduates benefiting from the support selected primary care specialties, including internal medicine, pediatrics, and OB/GYN. The top non-primary care areas chosen were emergency medicine and psychiatry. Additionally, many of the graduates opted to work in underserved communities, urban communities, and public hospitals. 

In 2021, Bloomberg Philanthropies gave an additional $6 million to the four historically Black medical schools to expand their efforts to provide access to COVID-19 vaccines to underserved populations in their local communities.

Together, these initiatives seek to implement, scale, and advocate for efforts that will help improve local conditions by acquiring resources, expanding community ownership, and increasing influence through economic power.

“Bloomberg Philanthropies’ Greenwood Initiative understands that inequity in our healthcare systems is far too great a cost to our economy and our collective well-being,” said Garnesha Ezediaro, who leads the Initiative. 

“Our continued partnership,” he continued, “will build the institutional wealth of the historically Black medical schools, boosting their ability to provide the best training possible for current and future students. Ultimately, the benefits of this gift will be realized in the communities where the next generation of Black doctors practice and among patients who receive their care.”