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 a 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”. Those that do are prized and those that don’t are often treated as an after thought.
- Is Graduate Medical Education a profit or cost center for its hosting health system?
- Are resident physicians capable of producing revenue for a hospital?
- What reimbursement rules are commonly overlooked in resident billing for services they provide?
- What Medicare rules aid in maximizing resident physician revenue production?
- What business principles do program directors need to learn to maximize their efforts to finance Graduate Medical Education?
- Federal funding of Graduate Medical Education, does it help or hinder?
We all know that health care reform will produce less federal funding for Graduate Medical Education. This video series will not only answer all of these questions but also allow the viewer to understand the business solutions that need to be applied to insure the success of every residency program.