September 25, 2022

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The Importance of GME Finance

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The methods for GME finance are as varied as hospitals. This blog aims to highlight a few of them. Ultimately, you should choose one that is appropriate for your circumstances and your institution. There is no one best method for funding a GME. However, there are many options that will work for you. It is crucial to understand the requirements and timeline involved in obtaining GME finance. There are numerous advantages to applying for GME funding.

A common set of requirements for DIOs include MD, experience in a GME setting, and attendance at ACGME conferences. Most DIOs also cite professionalism, verbal communication, and interpersonal skills as important. Of note, 46% of DIOs report professionally developing their knowledge of GME finances. For example, they report obtaining professional development on budgeting. Amongst these, establishing an accredited training program for GMEs is the most common professional accomplishment.

A key function of the GME finance coordinator is to compile monthly finance data from all cost centers. This person is responsible for reviewing variances to the budget. In addition, the GME finance coordinator oversees the approval of faculty and resident travel and track all funding sources. Aside from the administrative duties, the GME finance coordinator also oversees the coordination of a GME’s accreditation process. So, if you have questions or concerns about GME finance, the GME finance office can help you.

Another key function of GME finance is to support innovation. Pilot projects can test new training models and evaluate potential changes to the GME funding system. The pilots should be funded with funds from existing GME funds. It is important to make sure that you understand the role of these pilot projects in GME financing. If you want your program to be able to grow and succeed, GME finance is crucial. However, there are many challenges to overcome.

In addition to health insurance reimbursement, GME finance manages the monthly recharge process. Program administrators submit an excel template to GME finance each month. Once GME finance processes the monthly recharge, the department finance team can make necessary adjustments for previous month’s health insurance charges. The office also facilitates payment for travel to and from a GME. You can also request reimbursement for travel and lodging. The Office of Graduate Medical Education also runs various programs to help program administrators with these processes.

The DIOs surveyed for the GME finance survey are predominantly physicians, with the majority of respondents being under 55 years old. The majority of DIOs feel well prepared for the role and report that they are supported by their institutions. However, many report that they have other roles in addition to their GME finance role. Their most challenging aspects include GME budgets, sharing best practices, preparing job descriptions, and sharing knowledge about GME finances.