Some of the country's most prestigious medical schools are collaborating in a new non-profit organization to teach physicians-in-training how to weigh the costs of care, according to a New York Times report.
Neel Shah, MD, a senior resident in obstetrics and gynecology at Brigham and Women's Hospital in Boston, founded the social non-profit called Costs of Care. Professors and healthcare economists from Harvard Medical School and the Pritzker School of Medicine at the University of Chicago have participated in the organization's mission by creating educational pricing modules for medical students.
Called the Teaching Value Project, the modules use a hierarchy — not exact dollar figures — to measure costs. This can help physicians avoid the confusion of price variations in different settings and an excessive focus on dollar-to-dollar details. The hierarchy system is similar to what travel websites and dining guides use, and Dr. Shah says it's worked so far. "Zagat has it figure out," he said in the report. "Knowing whether it's one, two or three dollar signs can be enough to influence behavior."
The group hopes to work with professional medical organizations within the next few years to raise price consciousness among practicing physicians.
"At the end of the day, what we are talking about is spending our patients' money in a way that is both ethical and pragmatic," Dr. Shah said. "To do that, we will all need to create a culture where it becomes awkward not to think about cost."
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Neel Shah, MD, a senior resident in obstetrics and gynecology at Brigham and Women's Hospital in Boston, founded the social non-profit called Costs of Care. Professors and healthcare economists from Harvard Medical School and the Pritzker School of Medicine at the University of Chicago have participated in the organization's mission by creating educational pricing modules for medical students.
Called the Teaching Value Project, the modules use a hierarchy — not exact dollar figures — to measure costs. This can help physicians avoid the confusion of price variations in different settings and an excessive focus on dollar-to-dollar details. The hierarchy system is similar to what travel websites and dining guides use, and Dr. Shah says it's worked so far. "Zagat has it figure out," he said in the report. "Knowing whether it's one, two or three dollar signs can be enough to influence behavior."
The group hopes to work with professional medical organizations within the next few years to raise price consciousness among practicing physicians.
"At the end of the day, what we are talking about is spending our patients' money in a way that is both ethical and pragmatic," Dr. Shah said. "To do that, we will all need to create a culture where it becomes awkward not to think about cost."
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