Hot on the heels of a $1 billion pledge to John Hopkins University earlier this year, Bloomberg Philanthropies has committed another enormous donation, this time to America’s foremost Black medical schools.
$600 Million Donation
Bloomberg Philanthropies, a philanthropic organization founded by businessman Michael Bloomberg, has announced its plan to donate a considerable $600 million donation to four historically Black medical schools.
Four Medical Schools
The beneficiaries of this generous donation include – The Howard University College of Medicine, Charles R. Drew University of Medicine & Science, Meharry Medical College, and Morehouse School of Medicine. The schools are located in Washington, LA, Nashville, and Atlanta respectively.
National Medical Association Convention
Bloomberg made the announcement himself at a National Medical Association convention held earlier this week. He declared his intention to ensure that these medical schools thrive far into the future.
“Lack of Support Driven by Prejudice”
“Lack of funding and support driven probably in no small part by prejudice and racism, have forced many to close their doors,” he told attendees, emphasizing that the donation would “ensure it doesn’t” happen again.
Largest Donation They Have Ever Received
During his speech, the former New York City Mayor claimed that the commitment by Bloomberg Philanthropies would be the largest donation ever received by all four schools.
Allocations for Each
The Howard, Meharry, and Morehouse schools will receive $175 million each, with the remaining $75 million allocated for Charles R. Drew.
Seed Funding for New School
A separate $5 million in seed funding has also been pledged to the Xavier Ochsner College of Medicine, an HBCU medical school currently in development in Downtown New Orleans.
Four Schools Left
It is a meaningful pledge, given that these four schools are the only remaining historically Black medical schools that survived to the 21st century, according to the Associated Press.
Training Half of America’s Black Doctors
Bloomberg Philanthropies has also confirmed that these four schools are responsible for training and certifying half of all Black doctors in the US.
Worse Health Outcomes
Black medical schools played an important part in improving health outcomes for Black Americans, who have historically fared worse than their white counterparts and still do today, according to the KFF, a non-partisan non-profit focused on US health policy.
Keep Fighting Inequity
Bloomberg reiterated the need for Black medical schools to maintain financial stability and security in order to keep addressing these inequities.
Helping Students to Pursue Their Dreams
Bloomberg intends for the donations to contribute to a future “where every person, regardless of race, has equal access to quality health care – and where students from all backgrounds can pursue their dreams.”
Empowering New Generations
“This gift will empower new generations of Black doctors to create a healthier and more equitable future for our country,” he concluded.
NMA Welcomed the Announcement
The announcement was well-received by attendees at the National Medical Association convention. The NMA is the largest organization in the US representing and advocating for Black physicians.
“A Game Changer”
“It’s a game changer,” said Harry L. Williams told the Washington Post following the announcement. Williams is president of the Thurgood Marshall College Fund, a non-profit that supports and represents Black colleges, including medical schools. “It’s a really significant moment when it comes to supporting historically Black colleges and universities.”
Greenwood Initiative
The gift is a part of the wider Greenwood Initiative, an effort of Bloomberg Philanthropies to combat inequities in healthcare and medical institutes, particularly HBCU’s – or, historically black college universities.
Realized in the Next Generation
The initiative is very future-focused. “The benefits of this gift will be realized in the communities where the next generation of Black doctors practice,” said Garnesha Ezediaro, the head of the Greenwood Initiative, in conversation with the Wall Street Journal.
Not the First
This is not the first HBCU donation from the Greenwood Initiative via Bloomberg either. Back in 2020, the organization donated $100 million to the four schools, which was the largest donation to the schools to date until this week.
$1 Billion Pledge
The $600 million announcement arrives on the heels of a previous pledge made by Bloomberg in July, committing $1 billion to Johns Hopkins University, effectively wiping the tuition fees for most students who study there.
Keeping Tuition Costs Down
Now, the four HBCUs benefiting from the Greenwood Initiative donation will also be able to keep costs down for prospective medical students.
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The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
