US Medical school finances

Article Abstract:

The 30th yearly review of American medical school finance discusses the development of trends in American medical school, which seem to fall into two periods. The period of 1958-1979 was typified by enormous gains in all parts of medical education. The number of medical schools increased, the number of students for academic degrees in some cases tripled, and faculty nearly quintupled. Medical school expenditures increased by an even greater rate, by a factor of 17.5 in current dollars (or 7.0 when adjusted for inflation, representing a compound growth rate of 9.7 percent in real terms). During the following nine-year period the number of schools and medical students grew slightly; however, the expenditures of medical school operations continued to grow at a rapid rate. Expenditures increased by 6.8 percent in current dollars. The number of graduate and postdoctoral students in basic medical sciences continued to grow at annual rates of 2.8 and 5.1 percent, respectively. Faculty size continues to grow at a 4.1 percent rate, down from the 7.7 percent of the previous era. Sources of funding for medical schools have shifted with public policy. While in the early period public funding was directed at increasing the number of physicians by developing new medical schools and increasing class size, present government expenditures are currently focused upon clinical practice. Similarly there has been a shift in emphasis from pregraduate medical teaching to postgraduate residency training. Research continues to be encouraged by both federal appropriations and public support. Tables showing revenues, expenditures and other pertinent financial data are provided. During the 1988-1999 academic year, total revenues for United States medical schools increased by $3,013 million, or 21.4 percent over the prior year. Private practice by faculty also demonstrated strong growth, with revenues increasing by $1,103 million. Increases in revenues from federal grants and contracts grew by $130 million, despite budgetary restraints. Collectively, federal grants and contracts during the period amounted to $4,043 million or 23.6 percent of total revenues. Total medical school revenues during 1988-89 were $17,119 million. Total revenues exceed total expenditures by $547 million, with the excess funds being transferred to other funds to reduce debt or to undertake capital investment. (Consumer Summary produced by Reliance Medical Information, Inc.)

Economic aspects

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US Medical school finances

Article Abstract:

The 29th annual review of medical school finances as prepared by the Association of American Medical Colleges is presented. During the period of review, both the absolute and the relative growth of medical education can be judged by its increased revenue collection and expenditures. During the period of 1959 to 1979, the number of medical schools has increased, the size of their collective student bodies has doubled and the number of faculty has quintupled. Medical school expenditures increased by 17 percent in current dollars (seven percent when adjusted for inflation). However, during the eight-year period from 1979, the number of schools and medical students showed little growth. The number of full-time faculty, an excellent measure of medical school activity, continued to grow at a four percent annual rate. Expenditures continue to grow faster than any other index at a 5.8 percent annual rate over the last eight years. Financial data are reported for the current period from all 127 accredited American medical schools, of which 74 are public and 53 are private. During the current period, approximately $14 billion was reported as the total revenue of the 127 schools. A total of 107 medical schools reported capital expenditures during the last academic year of $623.6 million for physical construction and site improvement, and $178.1 million for equipment. For medical schools taken as a whole, state funding increased by 6 percent (124 million) over the previous period. Revenues from tuition have also been increasing, and to the students these increases may pose a difficulty. Data on medical student financial assistance are also presented, and the demand is growing. Financial assistance awarded to medical students increased by 11.6 percent over the prior year, mostly in the form of loans. Medical student indebtedness has increased as a consequence of increased tuition, in fact, surveys have established that over 83 percent of all medical graduates have educational debt. The level of this debt has increased from an average in 1984 for public medical school graduates of $23,798 to its current level of $31,370.

Research, Medical school faculty, Medical teaching personnel

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US medical school finances

Article Abstract:

The largest revenue source for medical schools is medical practice plans. Revenues have increased 17% since 1960. Federal funding for grants and contracts has increased only 1.5% since 1989. Total expenditures were $20,370 million; there was a shortfall of $635 million. Instruction accounted for 29.7% of the total budget; research took 22.8%. The number of medical schools, size of medical schools and number of residents have increased greatly since 1960. Student tuition cannot increase sufficiently to support increased costs in medical education. Several loan programs are administered by schools and commercial lenders. Students are relying more on outside loans because there are fewer grants, scholarships and low interest rate loans. The 5.7% increase in financial aid distributed from 1989 to 1991 comes mainly from school-based scholarships. The mean educational debt for graduates was $46,224 in 1990 and $50,384 in 1991.

Management

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