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In July 2014, the Institute of Medicine released a report recommending a substantial redesign of federal funding for graduate medical education (GME), suggesting that the public deserves better stewardship of the $20 billion it contributes annually to the education of physicians in the United States.1 While in absolute dollars this contribution is significant and vitally important to the institutions that sponsor residency programs, in relative terms this amount represents less than 1% of the total annual US health care expenditures. Thus, the IOM recommendations suggest a new funding model for GME not as a strategy to decrease overall health care expenditures but as an opportunity to increase the value of medical education to the public.
Lucey CR, Golub RM. Value, Social Contracts, and Medical Education. JAMA. 2014;312(22):2345-2347. doi:10.1001/jama.2014.15626