In the 10 years since Banner Health and University of Arizona forged a partnership to redefine academic medicine and health care delivery across the region, a new study reports that the academic medicine program has delivered an estimated $59 billion in total economic impact to the state of Arizona.  

The overall economic impact encompasses:  

• $53.7 billion economic impact from ongoing Banner — University Medicine operations in addition to a one-time impact of $2 billion from construction and equipment
• 35,500  annual direct and indirect jobs and 12,600 temporary construction jobs
• $2.2 billion in cumulative tax revenue for the state, counties and cities
• $2.8 billion in estimated total value of economic activity from medical graduates who have stayed to work in Arizona  

This week, the Arizona Board of Regents convened leaders from the organizations to speak about the significance of this decade of partnership, and to share their vision for the decade ahead. The gathering included the publication of a new report indicating the economic impact of the tripartite agreement to expand medical education, advance clinical research and innovation and elevate and expand care delivery across the state. 

“This partnership is proof that when Arizona’s institutions work together, we can make a lasting impact for our state and its people,” said Doug Goodyear, Chair, Arizona Board of Regents. “The work Banner and the U of A have done over the past decade stands as a model for how public and private institutions can work together to address critical needs and deliver measurable results for the communities they serve.” 

Since 2015, Banner and the U of A have invested more than $2.4 billion to expand and upgrade aging facilities, launch new clinical trials, expand educational and simulation spaces, scale specialty care and grow residency and fellowship opportunities with Banner contributing $2 billion and the U of A contributing $400 million. These investments have modernized health care infrastructure across Arizona, expanding ambulatory care networks and establishing one of the nation’s largest graduate medical education programs.  

"The University of Arizona and Banner are part of the fundamental fabric of Arizona,” said Amy Perry, Banner Health president and CEO. “Our mutual and longstanding dedication to our neighbors throughout the state is demonstrated by our compassionate care, combined employment of nearly 100,000 people, technological advancements, billions in economic impact, and focus on health outcomes.” 

Together, the partnership is building a pipeline of health care professionals for Arizona, helping to ensure that the state can meet future demand for medical services. 

“We are very proud of the impact our partnership with Banner Health has had over the past 10 years,” said U of A President Suresh Garimella. “Academic medicine gives students hands-on experience at the cutting edge of healthcare, advances fundamental discovery and clinical research, and enables the best quality clinical care. Together, we’re equipping future health leaders with the skills and adaptability they’ll need to thrive in a rapidly evolving field and meeting the needs of patients in Arizona and beyond.”

Since its inception, more than 1,900 physicians and health care professionals have graduated from the U of A Colleges of Medicine in Tucson and Phoenix. Many now live and work in Arizona. In addition, thousands of U of A nurses, pharmacists and public health professionals are trained at Banner facilities each year, directly addressing workforce shortages. 

About 1,100 physicians and health care professionals trained at the U of A and Banner are practicing in the state, according to the Association of American Medical Colleges estimates. These professionals, along with the businesses and services they support, have generated an estimated $2.8 billion in total economic output and $96.3 million in state and local tax revenues over the past decade. 

Banner – University Medicine was formed through Banner Health’s acquisition of the University of Arizona Health Network in 2015. Today, the organization supports nearly 32,900 direct and indirect jobs in Phoenix and Tucson with 22.6 million recorded patient engagements over the decade, demonstrating the reach of this collaboration and its role in meeting the health care needs of Arizonans. 

The summary report, prepared by Rounds Consulting Group, was released Friday, at a convening of health care executives, policymakers and community members at the Virginia G. Piper Auditorium on the Phoenix Bioscience Core. In celebration of the partnership’s 10-year anniversary, October 24, 2025, was declared Academic Medicine Day in the state of Arizona by Governor Katie Hobbs. Phoenix Mayor Kate Gallego also recognized the milestone at the Phoenix event and highlighted the city’s role in advancing academic medicine and innovation.

As Banner and the U of A move into their second decade of collaboration, the partnership remains focused on advancing clinical care delivery, medical education and clinical research while looking ahead to leveraging rapidly evolving technology and artificial intelligence for training clinicians, improving provider-patient-interactions and analyzing vast amounts of data to better manage population health – all of which will serve to improve overall patient care delivery.