A $5 million gift will help in planning for the establishment of the new historically Black medical school in New Orleans

Today, Bloomberg Philanthropies announced a gift of $5 million in seed funding to support the creation of the Xavier Ochsner College of Medicine (XOCOM), a newly established medical school in New Orleans founded by Xavier University of Louisiana and Ochsner Health.

Earlier this year, Xavier University of Louisiana, a historically Black college and university (HBCU) with a strong track record of sending graduates into the medical field, and Ochsner Health, the Gulf South’s leading not-for-profit health system with a long academic record of training physicians, announced their partnership to establish Xavier Ochsner College of Medicine (XOCOM) to address health disparities in diverse communities and helping fulfill the urgent need for more Black and Brown physicians in Louisiana and the nation.

The new medical school will be located in Benson Tower next to Caesars Superdome, in the BioDistrict of downtown New Orleans, and will be the first HBCU medical school in the Gulf South.

Bloomberg Philanthropies’ investment in XOCOM’s planning is part of its Greenwood Initiative – an effort that seeks to advance racial wealth equity by addressing systemic underinvestment in Black institutions and communities. Four already existing historically Black medical schools--Charles R. Drew University of Medicine & Science, Howard University College of Medicine, Meharry Medical College, and Morehouse School of Medicine—are the recipients of $600 million to bolster their endowments, strengthening their financial stability and institutional capacity to respond to the rising costs of tuition, innovative research, and operations.

“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. Bloomberg, founder, 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. By building on our previous support, this gift will empower new generations of Black doctors to create a healthier and more equitable future for our country.”

Research has shown that Black people have better health outcomes and receive medical care more frequently when they are treated by Black physicians. Further, Black patients are 34 percent more likely to receive preventative care if seen by Black doctors. Yet, data shows that while the U.S. population is 13 percent Black, only 7 percent of medical school graduates and less than 6 percent of all practicing doctors are Black. Debilitating health problems take an enormous economic toll on families and communities so creating more Black doctors will help to address racial wealth inequities.

“As the only HBCU medical school in the Gulf South, Xavier Ochsner College of Medicine will train physicians who reflect the diversity of the communities they serve and help address a critical healthcare shortage in the region,” said Dr. Reynold Verret, President, Xavier University of Louisiana. “We are profoundly grateful to Mike Bloomberg and Bloomberg Philanthropies’ Greenwood Initiative for their bold vision and tremendous support which will accelerate our mission to create a healthier, more equitable, more just future for the Gulf South and for the nation.”

Bloomberg Philanthropies has played a significant role in giving to historically Black medical schools. A sizable gift to the four existing HBCU medical schools in 2020 helped to reduce the student debt of nearly 1,000 future Black doctors.

“Bloomberg Philanthropies’ Greenwood Initiative understands that inequity in our healthcare systems is far too great a cost to our economy and our collective well-being,” said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. “Our continued partnership will build the institutional wealth of the historically Black medical schools, boosting their ability to provide the best training possible for current and future students. Ultimately, the benefits of this gift will be realized in the communities where the next generation of Black doctors practice and among patients who receive their care.”

“Thank you to Michael Bloomberg and Bloomberg Philanthropies' Greenwood Initiative for their robust support of historically Black medical schools’ work to address healthcare disparities and underrepresentation in the medical field,” said Dr. Leonardo Seoane, Founding Dean, Xavier Ochsner College of Medicine and EVP-Chief Academic Officer, Ochsner Health. “These funds set the stage for a new HBCU medical school and propel the medical profession forward by nurturing a new wave of doctors who genuinely reflect the societies they serve. This truly is an investment in a brighter, healthier future for America and is a catalytic investment for XOCOM and New Orleans."

"We are thrilled to receive this generous support from Bloomberg Philanthropies that will help us bring our vision for XOCOM that much closer," said Pete November, CEO, Ochsner Health. "The profound impact of this inaugural gift from Bloomberg Philanthropies will be deeply felt in New Orleans, the entire Gulf South, and across the nation as we launch the Xavier Ochsner College of Medicine.”

The gifts to the historically Black medical schools’ endowments are part of Bloomberg Philanthropies’ Greenwood Initiative which includes strategic investments such as the Black Wealth Data Center and its Racial Wealth Equity Database – created to provide public and private sector leaders with actionable data to advance racial wealth equity policies and strategies; Cities for Financial Empowerment Funds’ CityStart Initiative – focused on working closely with local leaders to create wealth building strategies for the residents they serve; and The Vivien Thomas Scholars Initiative at Johns Hopkins University, which was established to address underrepresentation in STEM by creating a sustained cohort of approximately 100 new slots in JHU’s more than 30 STEM programs for exceptional PhD students from HBCUs and other minority serving institutions (MSIs), and creating new pathways to the initiative and future leadership in STEM careers through partnership with the HBCUs and MSIs. Together these initiatives seek to implement, scale, and advocate for efforts that will help improve local conditions by acquiring resources, expanding community ownership, and increasing influence through economic power.