Funding of Graduate Medical Education
PROGRAM DESCRIPTION Graduate Medical Education program directors are convinced that without the labor of resident physicians, teaching hospitals would implode. All physicians understand the training formula that allows the use …
Graduate Medical Education program directors are convinced that without the labor of resident physicians, teaching hospitals would implode. All physicians understand the training formula that allows the use of cheap resident labor to produce expensive patient care and revenue for host hospitals. Yet the host hospitals see resident physicians as an expense with little revenue potential. This may seem like an irrelevant business question but the impact of this concept is profound. Every business entity has to make a profit or as they say “No money, no mission”. The business of residency training needs to be funded and it is the application of business skills that will ensure its success.We all know that health care reform will produce less federal funding for Graduate Medical Education. This video series will not only answer the federal funding question but also allow the viewer to understand the business solutions that need to be applied to ensure the success of every residency program.The video tutorial is divided into 20 - 30 minute segments to enhance the learning experience. It can be viewed on any smart device an unlimited number of times, 24 hours a day, 7 days a week.Go here to see other modules in The Business of Medicine Program.
After participating in this activity, participants will demonstrate the ability to:Discuss if graduate medical education is a profit or cost center for its hosting health system Discuss if resident physicians are capable of producing revenue for a hospitalIdentify which reimbursement rules are commonly overlooked in resident billing for services they provideIdentify which Medicare rules aid in maximizing resident physician revenue productionDescribe which business principles program directors need to learn to maximize their efforts to finance graduate medical educationDiscuss whether federal funding of graduate medical education helps or hinders the hosting health systemAnalyze a medical organization's financial health
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