Bloomberg Philanthropies Proves #HowardMedicineMatters Through $32.8 Million Gift

Dear Howard University Community,
 
I am pleased to announce that Mike Bloomberg and Bloomberg Philanthropies is making a $32.8 million donation to support scholarships for current College of Medicine students with financial need. The gift is part of a total $100 million awarded to the nation’s four historically Black medical schools to help increase the number of Black doctors in the U.S. by significantly reducing the debt burden of approximately 800 medical students, many of whom face increased financial pressure due to COVID-19. The gift marks the largest donation to the College of Medicine in its history.
 
Healthcare disparities exist for a myriad of reasons related to systemic infrastructural issues, not the least of which is the dearth of Black doctors. Black doctors with cultural competency are a major part of the solution, but their path is often hampered by a compromised financial situation. This gift from Bloomberg Philanthropies is the first stone dropped into a calm lake of opportunity and promise. The ripple effects that it will have on the lives of our students and our programs will carry on for generations.
 
Currently in the U.S. only five percent of practicing physicians are Black, yet data proves that Black patients -- who are twice as likely to die from COVID-19 than white Americans -- have better outcomes when treated by Black doctors. More Black doctors will mean more Black lives saved in America as well as a reduction of the health issues that end up suppressing economic opportunity in Black communities. Bloomberg Philanthropies’ grant to the historically Black medical schools will provide scholarships up to $100,000 to nearly every medical student currently enrolled and receiving financial aid at these schools over the next four years. This is the first investment of Bloomberg Philanthropies’ Greenwood Initiative, a new effort to increase generational wealth among Black families and address systemic underinvestment in Black communities.
 
Across the country, Black Americans are more likely than white Americans to die at nearly every stage of life. Most recently, the Black community has suffered the highest death rate from COVID-19. Black people are almost three times more likely than white people to contract the virus, and twice as likely to die from it. Experts cite a variety of factors contributing to this inequity, including pre-existing conditions and lack of access to trusted healthcare providers.
 
Black patients overall have better outcomes when treated by Black doctors. But only five percent of practicing physicians are Black, while Black people make up 13 percent of the U.S. population. Although Black doctors are more likely to serve minority patients, and in medically-underserved areas, the devastating economic impact of the current pandemic threatens to worsen existing disparities potentially preventing current Black medical students with financial need from completing their degrees or by forcing Black medical school graduates to pick specialties that offer higher pay in the interest of paying off their medical school debt. Ultimately, the pandemic could both slow the placement of Black doctors in communities with the most need and significantly limit the ability of historically Black medical schools (HBMSs) -- which have produced as many Black medical school graduates over the last 10 years as the top 10 non-HBMSs with the highest number of Black graduates -- to meet increased demand for financial assistance.

With this strategic investment, Bloomberg Philanthropies strives to reduce health and wealth disparities in Black communities by improving health outcomes for Black Americans and accelerating the Black community’s ability to create generational wealth.

Howard University College of Medicine will determine the eligibility of the students currently enrolled and receiving financial aid for scholarships up to $100,000 ($25,000 for each year of medical school from 2021 through the academic year that ends in 2024). Students currently in years two, three, and four of medical school will receive retro-active scholarships, meaning that they can receive up to $100,000 in support regardless of whether they are graduating in 2021 or 2023. With the goal of reducing debt load, the grants can be used for tuition and fees. Recent data suggests that this support will significantly reduce the debt burden of these medical students. The grant also includes “wrap around” services, such as financial counseling for students and resources to track the program’s success, for each school.
 
This is the first investment by Bloomberg Philanthropies’ Greenwood Initiative, born out of a commitment Mike Bloomberg made earlier this year during his campaign for U.S. President to help accelerate the pace of wealth accumulation for Black individuals and families and to address decades of underinvestment in Black communities nationwide. Bloomberg Philanthropies will partner with leaders and organizations across the country to implement, scale, and advocate for efforts that increase economic and social mobility -- and ultimately create intergenerational wealth for Black people in America.

As a business owner, mayor, and philanthropist, Mike Bloomberg has a long-standing commitment to reducing health disparities, addressing the most complex public health crises, and improving access to quality K-12 and higher education for lower income students.

Please join me in thanking Bloomberg Philanthropies for this remarkable investment into the future of the College of Medicine and the critical need for qualified diverse physicians. You can watch Mike Bloomberg’s message to the College of Medicine students here.
 
Excellence In Truth and Service,
 
Wayne A. I. Frederick, M.D., MBA
President