The Economics of Health Professions Education
Lynn A. Blewett, PhD, Associate Professor, University of Minnesota School of Public Health
Deborah E. Powell, MD, Dean, University of Minnesota Medical School
Dr. Blewett described the role of public financing in graduate medical education and its two primary sources in Minnesota: Federal Medicare Payments (Direct Medical Education payment, or DME, and Indirect Medical Education payment, or IME) and Minnesota Medical Education and Research Cost Fund (MERC). She noted with concern that the aging of the baby boomers and the reduction in worker-retiree ratios may affect Medicare financing in the future. Dr. Blewett also discussed the positive and negative factors associated with The State of Minnesota Medical Education and Research Cost Fund, or MERC.
Dean Powell reviewed the pathway to becoming a physician and the related components of debt. She discussed how students pay for medical education and how they manage their debt. She noted with concern that the rapid increase of tuition/medical school debt and little or no salary increases for physicians means medical school may soon no longer be considered a viable career and that students may no longer apply to medical school. Dean Powell also noted that the University of Minnesota Medical School has the highest public tuition rate in the country.
View the Dr. Blewett presentation
View the Dean Powell presentation
