Making “Cents” Out of GME Financing
Presenter: Pam Royston, PhD
Recorded: October, 2018
Clinicians use medical terminology when diagnosing or treating patients. Similarly there is terminology that is important in business. Graduate Medical education (GME) is a business. The revenue side of GME is complex and at times doesn’t make “cents”. In order to be effective advocating for your program and GME, you need to understand how the C-suite considers business decisions.
- Describe the costs of your training program.
- Develop an expense budget.
- Describe indirect and direct GME Medicare funding.
- Identify where to find GME revenue on the Cost Report.
- Estimate contribution margin of your training program.
- Calculate the opportunity costs with program elimination.