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Tip of the week: Six expenses to factor into your budget

Residency Program Insider, November 1, 2013

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Creating a budget for your residency program requires patience. First, you need to identify expenses and income accurately. Most income for GME is paid directly to your sponsoring institution. Income collected by your department may include faculty revenues, grants, and endowments. Unfortunately, this revenue schema makes your program vulnerable to budgetary changes. Hospital administrators, the DIO, and your department chair will determine what funds to allocate to your program. An accurate determination of the expenses incurred with resident education is your most effective way to lobby for adequate resources. Income and expenses to consider include:
•    Faculty compensation for clinical supervision of residents
•    Faculty salaries and benefits for GME-related activities not associated with clinical supervision
•    Program expenses
•    Research and scholarly activities
•    Program coordinator expenses
•    Program director expenses

The GME expenses listed here are not related to clinical supervision. Nonclinical expenses are usually shared between your department and the sponsoring institution. Every institution has its own formula to allocate expenses, so you need to accurately identify all expenses attributed to GME activities. This information will help you negotiate payment for various expenses incurred by your training program.

This tip is from The Residency Program Director’s Handbook, by Robert V. Higgins, MD.

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