$100 Million Bloomberg Donation Aims to Increase The Number Of Black Doctors

• Mike Bloomberg, former three-term Mayor of New York City, announced his plan to grant financial help to four historically Black medical schools.
• This aims to increase the number of Black practicing physicians in the US, which is currently only 5%.
• This is by far the largest financial aid that the Bloomberg Philanthropies has granted to schools.

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New York City’s former Mayor Mike Bloomberg announced his support to increase the number of Black doctors by granting financial assistance to four historically Black medical schools in the US.

The money will help about 800 medical students lower their loans, especially after they were further burdened financially by the pandemic.

The Bloomberg Philanthropies financial assistance benefits the students from Morehouse School of Medicine, Charles R. Drew University of Medicine and Science, Howard University College of Medicine, and Meharry Medical College.

While 13% of the population in the country is Black, only 5% of Black people are practicing physicians. This is unfortunate because study shows that Black patients have a higher recovery rate when created by Black doctors. 

So far, it was the largest-ever donation that the organization has given to schools — which allows them to provide scholarships of about $100,000 to almost every medical student enrolled currently, and aid them financially in the next four years. 

“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,” Bloomberg, former NY mayor for three terms and founder of Bloomberg Philanthropies and Bloomberg LP, said.

“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,” he continued.

“The commitment Bloomberg Philanthropies is making today is just the first step we will take to bring that work to life.”

Each of the four schools mentioned above will determine the qualifications of their students. More than 50% of the students enrolled should benefit from the grant. They also offer financial education to students and other services to help them.

“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,” President and CEO of Meharry Medical College, Dr. James Hildreth, said.

Source: Good News Network