HOW DO WE OBTAIN & BUILD UPON OUR GME FUNDING OPPORTUNITY?
Germane was contacted by a medical school client to evaluate the financial outlook of one of their partner hospitals to determine the impacts of starting a new GME program within their hospital.
Germane is tasked with performing an unbiased GME Business case for starting a new GME program at a non-teaching hospital. This GME Business case includes a few factors, such as checking for previous GME activity and evaluating the relationship. If a hospital wants to add or advance any programs, an investigation must take place to outline foundational programs that are needed as requisites. Additionally, for any new potential program of interest, a proforma should to be conducted to provide hypothetical financial data. Lastly, to capitalize on all monetary opportunities, Germane will identify any applicable grants or the like.
GME Profiles were created by Germane for the hospital in question to understand specific financial information in regard to building new GME programs. An Institution-level Aggregate 10-Year proforma was conducted to identify the hospital’s foundational programs. Consequently, and as previously mentioned, this helps the hospital formulate what programs it can realistically advance. Similarly, the proforma illuminate future financial information for these new programs. Germane also found applicable state and private funding opportunities to improve the hospital’s financial outlook.
THE GERMANE EFFECT
Through these factors, the medical school and their partner hospital greatly benefitted: GME programs were sustainable with a modest ongoing investment from the sponsoring hospital. As both an outcome and solution, the hospital benefits from the strong, unified support it has with its medical school partner. From this relationship, every resource from each partner can be more efficiently utilized.