As diverse as academic medical centers are, the methods for GME financing vary widely. This article provides a snapshot of some of the possible methods for funding medical education. However, there is no single best way to finance this important educational investment. Rather, we look at how each method can benefit the individual institution. Read on to learn more. Also, keep reading for a discussion of some of the key challenges for GME finance. This article will focus on three common challenges that institutions face.
The Office of Graduate Medical Education works closely with program administrators to help them manage financial matters, including the health insurance recharge. The Office of Graduate Medical Education facilitates the recharge process, which involves submitting an excel template to GME finance. Once the form is received, the finance team at the department can adjust the previous month’s health insurance charges. Then, GME finance can process the reimbursement. Ultimately, this means that the resident can concentrate on patient care and research.
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The monetary sources of GME are vast, and the financial underpinnings of this enterprise are complex. The chapter also examines the public and private sources of GME funding. First, it explores the sources of GME funding, focusing on Medicare, Medicaid, and Veterans Health Administration (VA) GME. It also looks at how these funds are distributed. The chapter also discusses the financial costs associated with residency training in teaching hospitals. The authors conclude with an analysis of how the current GME funding system affects the sponsorship of residency training.