Bloomberg Gifts $600M To Historically Black Medical Schools

Bloomberg Philanthropies announced a $600 million gift to support the endowments of the nation’s four historically Black medical schools and establish a new medical school in New Orleans.

This gift is part of Bloomberg Philanthropies’ Greenwood Initiative, an effort aimed at advancing racial wealth equity by addressing systemic underinvestment in Black institutions and communities.

Strengthening Financial Stability and Institutional Capacity

The $600 million donation is designed to increase the financial stability and institutional capacity of these historically Black medical schools which graduate around half of all Black doctors in the U.S.

Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine will each receive $175 million, while Charles R. Drew University of Medicine & Science will receive $75 million. 

These gifts will more than double the endowments of three of the four medical schools, enhancing their ability to manage rising tuition costs, fund innovative research, and sustain operations.

In addition to these contributions, the Xavier Ochsner College of Medicine, a HBCU medical school in New Orleans, will receive a $5 million grant. 

This new institution is a collaborative effort between Xavier University of Louisiana, a leading educator of Black medical graduates in the U.S., and Ochsner Health, a top academic health care provider in the Gulf South.

Addressing Health Disparities and Underrepresentation

“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. Bloomerg, 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.”

Research indicates that Black patients often experience better health outcomes and receive more frequent medical care when treated by Black physicians. 

Despite the U.S. population being 13% Black, only 7% of medical school graduates and less than 6% of all practicing doctors are Black. 

The underfunding of Black medical schools has contributed to these disparities, which the Greenwood Initiative aims to rectify.

Building on Past Investments

Bloomberg Philanthropies’ latest gift builds on its previous investments in Black medical institutions. 

In 2020, the organization donated $100 million to the same four medical schools, which at the time was the largest philanthropic gift from a single donor to these institutions. 

This initial investment helped reduce student debt for nearly 1,000 future Black doctors, enabling many to choose primary care specialties and work in underserved communities.

With this new $600 million donation, Bloomberg Philanthropies continues to demonstrate its commitment to fostering a more equitable healthcare system and supporting the next generation of Black doctors. 

Feature Image Credit: The Associated Press