Beyond the Business of Medicine and Healing: Social Responsibility for Economic Growth and Job Creation

Jesuit business education has promoted the concept of “the 3 P’s: People, Planet, and Profit” to blend corporate economic goals with corporate social responsibility. One sector that embodies the concept of “doing good” for people while “doing well” financially is the healthcare industry. Often the impact on the health and well-being of society is discussed as an industry benefit, yet we hear little of the impact of job creation and local economic growth that healthcare institutions provide. Hospital systems are the largest employer in a number of American cities. Medical facilities or institutions of higher education are found among the top ten private employers in each of the 20 largest cities in the US. The nation’s hospitals employ more than 5.5 million people making hospitals the second biggest private employer in the U.S. behind restaurants. According to the American Medical Association, physicians generate $1.6 trillion to the national economy and support almost 10 million jobs. Creating well-paying jobs can impact the vast disparities of wealth in the U.S. and around the world. In his 2013 Evangelii Gaudium (“The Joy of the Gospel”), Pope Francis calls for an examination of the purpose of business and prioritizing the common good. This paper explores the role of the healthcare industry in providing access to care and living wages to a greater number of individuals. Growth of the healthcare industry can allow society to reap the benefits of greater health and provide economic growth and prosperity to the local community.