The U.S. Medical School Revenue summary tables and graphs summarize data from the Liaison Committee on Medical Education (LCME) Part I-A Annual Medical School Financial Questionnaire (AFQ) administered by the AAMC. Fiscal year (FY) 2024 is the most recent data covering 158 U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation.
Selected summary tables include a drop-down menu that allows users to choose between showing data from U.S. MD-granting medical education programs with full LCME accreditation and showing data from U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation. In order to maintain the confidentiality of medical schools in breakouts with fewer than five medical schools, summary tables including public medical school and private medical school details only show data from medical education programs with full LCME accreditation.
For the following data displays, constant-dollar values are based on FY 2024 dollars:
- Tables 6 through 8
- II. Percent Change in Revenue, FY 2023 to FY 2024
- III. Ten-Year Trends, FY 2015 to FY 2024
Like in FY 2023, the FY 2024 summary tables and graphs display Federal Appropriations combined with State, Local, and Parent University Support. This approach reflects the oftentimes commingled nature of the Government and Parent University Appropriations.
Questions about the data or requests for additional comparative data can be directed to Clarissa Gomez, Senior Research and Data Analyst, Data Operations and Services at AFQ@aamc.org.
FY 2024 Medical School Financing Highlights
- Total revenue supporting the 151 U.S. MD-granting medical education programs with full LCME accreditation was $210.0 billion in FY 2024, which represents an increase of 9.3% from FY 2023. Total revenue supporting the 158 U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation was $211.3 billion in FY 2024, which represents an increase of 9.3% from FY 2023.
- Of the $210.0 billion in total medical school revenue for U.S. MD-granting medical education programs with full LCME accreditation, $113.4 billion (54.0%) was "recorded" on the books of the medical schools, while $96.6 billion (46.0%) was "not-recorded" (received or borne by an entity other than the medical school such as an affiliated hospital or practice plan). Of the $211.3 billion in total medical school revenue for U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation, $113.6 billion (53.8%) was "recorded" on the books of the medical schools, while $97.6 billion (46.2%) was "not-recorded" (received or borne by an entity other than the medical school such as an affiliated hospital or practice plan).
- Total federal research grants and contracts supporting U.S. MD-granting medical education programs with full LCME accreditation were $30.2 billion in FY 2024, which represents an increase of 6.8% from FY 2023. Total federal research grants and contracts direct costs for U.S. MD-granting medical education programs with full LCME accreditation were $21.4 billion in FY 2024, which represents an increase of 6.8% from FY 2023. Total federal research grants and contracts facilities and administrative/indirect costs for U.S. MD-granting medical education programs with full LCME accreditation were $8.7 billion in FY 2024, which represents an increase of 6.8% from FY 2023. Total federal research grants and contracts supporting U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation were $30.2 billion in FY 2024, which represents an increase of 6.4% from FY 2023. Total federal research grants and contracts direct costs for U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation were $21.5 billion in FY 2024, which represents an increase of 6.4% from FY 2023. Total federal research grants and contracts facilities and administrative/indirect costs for U.S. MD-granting medical education programs with preliminary, provisional, or full LCME accreditation were $8.7 billion in FY 2024, which represents an increase of 6.4% from FY 2024.
Summary Tables
I. Revenue of U.S. Medical Schools by Source, Fiscal Year 2024 (Excel)
- Table 1: Revenues Supporting Programs and Activities, FY 2024 ($ in Millions)
- Table 2: Revenues Supporting Programs and Activities, Public vs. Private, FY 2024 ($ in Millions)
- Table 3: Percent Change in All Revenues, FY 2023 ($ in Millions) vs. FY 2024 ($ in Millions)
- Table 4: Percent Change in All Revenues at Public U.S. Medical Schools, FY 2023 ($ in Millions) vs. FY 2024 ($ in Millions)
- Table 5: Percent Change in All Revenues at Private U.S. Medical Schools, FY 2023 vs. FY 2024 ($ in Millions)
- Table 6: Revenues Supporting Programs and Activities, FY 2022 through FY 2024 ($ in Millions)
- Table 7: Revenues Supporting Programs and Activities at Public U.S. Medical Schools, FY 2022 through FY 2024 ($ in Millions)
- Table 8: Revenues Supporting Programs and Activities at Private U.S. Medical Schools, FY 2022 through FY 2024 ($ in Millions)
Graphs
I. Revenue of U.S. Medical Schools by Source, Fiscal Year 2024
- Figure 1: Total and Recorded Revenues by Source for the 151 U.S. MD-Granting Medical Education Programs with Full LCME Accreditation, FY 2024
- Figure 2: Total Revenue by Source for the 151 U.S. MD-Granting Medical Education Programs with Full LCME Accreditation, FY 2024
II. Percent Change in Revenue, FY 2023 to FY 2024
- Figure 3: Percent Change in Revenue by Source for U.S. MD-Granting Medical Education Programs with Full LCME Accreditation, FY 2023 to FY 2024 in Current Dollars
- Figure 4: Percent of U.S. MD-Granting Medical Education Programs with Full LCME Accreditation Reporting a Revenue Decrease, FY 2023 to FY 2024 in Constant FY 2024 Dollars
III. Ten-Year Trends, FY 2015 to FY 2024
- Figure 5: Ten-Year Trends of Average Total Revenue, U.S. MD-Granting Medical Education Programs with Full LCME Accreditation, Public vs. Private
- Figure 6: Ten-Year Trends of Average Practice Plan Revenue, U.S. MD-Granting Medical Education Programs with Full LCME Accreditation, Public vs. Private
- Figure 7: Ten-Year Trends of Average Federal Research Grants & Contracts, U.S. MD-Granting Medical Education Programs with Full LCME Accreditation, Public vs. Private
IV. Revenue by Source, FY 1977 through FY 2024
- Figure 8: Revenue by Source for U.S. MD-Granting Medical Education Programs with Full LCME Accreditation, FY 1977 through FY 2024
- Figure 9: Revenue by Source as a Percentage of Total Revenue for U.S. MD-Granting Medical Education Programs with Full LCME Accreditation, FY 1977 through FY 2024