$600 million commitment aims to increase financial sustainability across the institutions and further their mission of training the next generation of doctors. New support builds on Bloomberg Philanthropies’ $100 million gift in 2020, the largest-ever individual philanthropic gift to these institutions at the time.

(Black PR Wire) NEW YORK, NY – Recently, Bloomberg Philanthropies announced a new $600 million gift to help bolster the endowments of the nation’s four historically Black medical schools: 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 given to support the creation of the Xavier Ochsner College of Medicine, a new medical school in New Orleans.

Bloomberg Philanthropies’ investment is part of its Greenwood Initiative – an effort that seeks to advance racial wealth equity including addressing systemic underinvestment in Black institutions and communities. The funding will fuel the historically Black medical schools’ long-established commitments to diversifying the medical field and training the next generation of doctors. Increasing the schools’ endowments will strengthen their 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 R. Drew University of Medicine & Science will receive $75 million. The new funding will more than double three of the four medical schools’ endowments. 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 health care provider in the Gulf South.

“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.”

Bloomberg will share more about this new investment with the attendees of the National Medical Association (NMA) 2024 Annual Convention and Scientific Assembly in New York City this morning.

Research has shown that Black people have better health outcomes and receive medical care more frequently when they are treated by Black physicians. Further, Black patients are 34 percent more likely to receive preventative care if seen by Black doctors. Yet, data shows 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 take an enormous economic toll on families and communities so creating more Black doctors will help to address racial wealth inequities.

The four historically Black medical schools alone graduate around half of all Black doctors in the U.S. but have significantly underfunded endowments as a result of 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.

“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 Bloomberg Philanthropies’ Greenwood Initiative. “Our continued partnership 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.”

In 2020, Bloomberg Philanthropies gave $100 million to the four historically Black medical schools, which at the time was the largest philanthropic gift from a single donor to these institutions. Since then, the institutions have been able to put a spotlight on how critical they are to advancing health equity and have catalyzed support from new funders and broken 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, OB/GYN, and 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.

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

“This is a transformational gift, not only for its impact on cultivating the next generation of health professionals, but for its visionary investment in the intergenerational wealth and health of our medical students and the communities they will serve,” said Ben Vinson III, Ph.D., President, Howard University. “Endowment support has traditionally been an area of underinvestment for Historically Black Colleges and Universities, but today’s gift is an extraordinary vote of confidence in the lasting benefits of such support. Thank you to Mike Bloomberg and Bloomberg Philanthropies’ Greenwood Initiative for your inspiring leadership and commitment to addressing the racial wealth gap and decades of underinvestment in Black communities.”

“This is a momentous day for so many who are working to shape a healthier and more equitable future for our country,” said Dr. James E.K. Hildreth, President and CEO, Meharry Medical College. “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.”

“We are immensely grateful to Bloomberg Philanthropies for this generous gift, which will significantly enhance our ability to support the needs and aspirations of our students, while expanding our efforts to diversify the healthcare workforce,” said Dr. Valerie Montgomery Rice, President and CEO, Morehouse School of Medicine. “As we approach our 50th anniversary, this support accelerates our endowment goal and fortifies Morehouse School of Medicine’s commitment to help build a future where every community has access to quality healthcare.”

“As the only HBCU medical school in the Gulf South, Xavier Ochsner College of Medicine will train physicians who reflect the diversity of the communities they serve and help address a critical healthcare shortage in the region,” said Dr. Reynold Verret, President, Xavier University of Louisiana. “We are profoundly grateful to Mike Bloomberg and Bloomberg Philanthropies’ Greenwood Initiative for their bold vision and tremendous support which will accelerate our mission to create a healthier, more equitable, more just future for the Gulf South and for the nation.”

The gifts to the historically Black medical schools’ endowments are part of Bloomberg Philanthropies’ Greenwood Initiative which includes strategic investments such as the Black Wealth Data Center and its Racial Wealth Equity Database – created to provide public and private sector leaders with actionable data to advance racial wealth equity policies and strategies; Cities for Financial Empowerment Funds’ CityStart Initiative – focused on working closely with local leaders to create wealth building strategies for the residents they serve; and The Vivien Thomas Scholars Initiative at Johns Hopkins University, which was established to address underrepresentation in STEM by creating a sustained cohort of approximately 100 new slots in JHU’s more than 30 STEM programs for exceptional PhD students from HBCUs and other minority serving institutions (MSIs), and creating new pathways to the initiative and future leadership in STEM careers through partnership with the HBCUs and MSIs. 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.

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About Bloomberg Philanthropies:

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. Bloomberg Philanthropies encompasses all of Michael R. Bloomberg’s giving, including his foundation, corporate, and personal philanthropy as well as Bloomberg Associates, a philanthropic consultancy that advises cities around the world. In 2023, Bloomberg Philanthropies distributed $3 billion. For more information, please visit bloomberg.org, sign up for our newsletter, or follow us on Instagram, LinkedIn, YouTube, Threads, Facebook, and X.

 Source: Bloomberg Philanthropies