4 ms·

Wait didn't you say the slots are worth a million dollars _because_ of the subsidy? But that it shouldn't be subsidized because it's profitable?

tgb 6y ago
Presumably most of the subsidy goes toward paying the resident, so most of the value to the hospital of the residency is the work done by the resident.
- nathanvanfleet 6y ago
  Nice to know there is someone out there willing to make all presumption
- omgwtfbyobbq 6y ago
  Some of it does, but most of it does not. I believe most residents make something like $50k-$60k/year, and work ~60-80 hour weeks. https://www.reddit.com/r/Residency/comments/hdx3gw/no_laughing_matter_clowns_make_more_than_us/ https://www.reddit.com/r/Residency/comments/hdx3gw/no_laughi...
  - programmertote 6y ago
    Can confirm this comment. Residents earn ~60-70K/year (usually close to 60K) and work ~60-65 hours/week (not 80 hours/week; there's a bit of exaggeration in that number). My wife is a current US medical resident and we have a lot of friends who are at various US residency programs.
  - tgb 6y ago
    Yes but how much is the subsidy and how much goes towards expenses the hospital only has due to the resident? For example the subsidy also covers the resident's malpractice insurance but the hospital isn't profiting from that. It also looks like there is the IME, a system where all Medicare payments are increased proportional to the number of residents intended to cover the extra work and expenses of training residents. So it's a rather thorny question and probably depends on the hospital (how many Medicare patients they have, etc). I imagine it's like NIH grants where the overhead is like 40% - substantial but I think the work done by the residents is likely to be a significant fraction of the value.
    - omgwtfbyobbq 6y ago
      I believe residents need to have an attending sign off on everything they do, so while they could increase premiums indirectly, I don't know by how much. If anyone is named in a lawsuit, I think it would be the attending since the buck stops with them, and they should carry their own malpractice insurance in addition to the hospital's. Based on what I've read, I suspect residents are very profitable for hospitals, even if they use a significant portion of the grant.
treis 6y ago
Little bit of both. The right to hire someone should be valued at 0 as it's an inherent right every company has. Going for one million per slot shows something is very wrong. Could be just the subsidy or it could be worth it to join the price fixing club.
deleted 6y ago
[deleted]

tgb 6y ago

Presumably most of the subsidy goes toward paying the resident, so most of the value to the hospital of the residency is the work done by the resident.

nathanvanfleet 6y ago
Nice to know there is someone out there willing to make all presumption
omgwtfbyobbq 6y ago
Some of it does, but most of it does not. I believe most residents make something like $50k-$60k/year, and work ~60-80 hour weeks. https://www.reddit.com/r/Residency/comments/hdx3gw/no_laughing_matter_clowns_make_more_than_us/ https://www.reddit.com/r/Residency/comments/hdx3gw/no_laughi...
- programmertote 6y ago
  Can confirm this comment. Residents earn ~60-70K/year (usually close to 60K) and work ~60-65 hours/week (not 80 hours/week; there's a bit of exaggeration in that number). My wife is a current US medical resident and we have a lot of friends who are at various US residency programs.
- tgb 6y ago
  Yes but how much is the subsidy and how much goes towards expenses the hospital only has due to the resident? For example the subsidy also covers the resident's malpractice insurance but the hospital isn't profiting from that. It also looks like there is the IME, a system where all Medicare payments are increased proportional to the number of residents intended to cover the extra work and expenses of training residents. So it's a rather thorny question and probably depends on the hospital (how many Medicare patients they have, etc). I imagine it's like NIH grants where the overhead is like 40% - substantial but I think the work done by the residents is likely to be a significant fraction of the value.
  - omgwtfbyobbq 6y ago
    I believe residents need to have an attending sign off on everything they do, so while they could increase premiums indirectly, I don't know by how much. If anyone is named in a lawsuit, I think it would be the attending since the buck stops with them, and they should carry their own malpractice insurance in addition to the hospital's. Based on what I've read, I suspect residents are very profitable for hospitals, even if they use a significant portion of the grant.

treis 6y ago

Little bit of both. The right to hire someone should be valued at 0 as it's an inherent right every company has. Going for one million per slot shows something is very wrong. Could be just the subsidy or it could be worth it to join the price fixing club.

deleted 6y ago

[deleted]