Royalties and credentialing products are 64 percent of the AMA's $513 million; membership dues are 6 percent
The AMA's audited 2024 statements report $513.2 million in revenue. Royalties and credentialing products are $326.0 million, up from $308.0 million. Membership dues are $32.5 million. Equity reached $1.15 billion.
We have not finished checking this source. No judgement either way. how we score evidence
Caveat on this rating: The royalties line combines CPT licensing with credentialing products and licensed data sales; the report does not print CPT alone, so no CPT-only figure is stated. An annual report is the organization's account of itself, audited by a firm it pays.
Significant findings
The American Medical Association's 2024 annual report carries its consolidated statements of activities, audited by Deloitte & Touche LLP. Revenues for 2024 against 2023, in millions, verbatim labels: "Membership dues" $32.5 ($33.3); "Advertising" $7.8 ($11.0); "Journal print subscription revenues" $2.2 ($2.7); "Journal online revenues" $32.2 ($31.6); "Other publishing revenues" $18.8 ($18.0); "Books, newsletters and online product sales" $22.1 ($23.8); "Royalties and credentialing products" $326.0 ($308.0); "Insurance commissions" $29.7 ($31.6); "Investment income" $25.7 ($21.3); "Grants and other income" $16.7 ($15.0). "Total revenues" $513.2 ($495.1).
Expenses: "Compensation and benefits" $279.4; "Total general and administrative expenses" $434.3; "Operating results before income taxes" $55.2; "Net gain on investments" $79.7; "Total association equity at end of year" $1,150.7, up from $1,023.4. Management's discussion attributes the year's $18.1 million revenue growth to "Continued growth in AMA's royalties and increased investment income", partly offset by declines in publishing advertising, coding book sales and insurance commissions.
Our arithmetic: royalties and credentialing are about 64 percent of revenue; dues about 6 percent. The royalty line is not broken out, but the AMA's own licensing page states that "CPT is copyrighted by the AMA and as such must be licensed to be used in electronic products or other forms" and that "Any entity using CPT content anywhere worldwide must have a license authorizing the use of CPT code set from the AMA or an authorized distributor."
Worth asking
Sixty four cents of every AMA dollar is a royalty or a credentialing fee, most of it on the procedure code set that federal regulation names as the standard for every physician claim (the next row). Six cents is a member's dues. Whether that is a conflict or simply what a standards owner looks like is a judgement the report does not make and this row does not make; the report prints the lines.
Source
2024 AMA Annual Report, including the consolidated financial statements of the American Medical Association and Subsidiaries — American Medical Association; Deloitte & Touche LLP (independent auditor) (2025)
Read the source: https://www.ama-assn.org/system/files/2024-ama-annual-report.pdf
How this was scored
- Study design
- not recorded
- Funding
- not recorded
- Published in
- not recorded
- Sample size
- not recorded
- Preregistered
- not recorded
- Conflicts disclosed
- not recorded
- Independent of proponent
- not recorded
- Retracted
- No
We have not finished checking this source, so there is no scoring to show yet. “We have not checked this yet” and “this is disputed” are different statements, so no scored band is shown rather than a low one.
Read the full scoring rubric, including what it can't tell you.
Published September 21, 2026.
Questions
How strong is the evidence behind this?
veisund rates this source "not yet assessed". We have not finished checking this source. No judgement either way. One caveat travels with that badge: The royalties line combines CPT licensing with credentialing products and licensed data sales; the report does not print CPT alone, so no CPT-only figure is stated. An annual report is the organization's account of itself, audited by a firm it pays. The score is calculated from recorded facts about the source — study design, funding, publication venue, sample size, preregistration — not typed in by an editor.
What is the source for this?
2024 AMA Annual Report, including the consolidated financial statements of the American Medical Association and Subsidiaries — American Medical Association; Deloitte & Touche LLP (independent auditor) (2025). The full source is linked on this page so you can read it yourself.
Is this medical advice?
This is information to bring to your prescriber, not medical advice and not a reason to change anything on your own. Nothing here is an instruction to stop or reduce a medication. If you are in crisis, call or text 988.
This is information to bring to your prescriber, not medical advice and not a reason to change anything on your own. Nothing here is an instruction to stop or reduce a medication. If you are in crisis, call or text 988.