Alleviating the Current and Future Workforce Shortage through Sustainable Education: A Proven Revenue- and Cost-Share Financial Model for Medical Physics Graduate Programs
Abstract
Purpose
A cost- and revenue-shared model is an implementable solution to establish a sustainable, financially-sound medical physics graduate program allowing for proper long-term planning and consistent growth while assuring high quality education and training of students.
Methods
The lack of sustainable financial models for medical physics graduate programs (MPGPs) results in inadequate funding for faculty salaries as well as graduate students and continues to be jeopardize many programs impacting the quality of education they provide. MPGPs where multiple clinical and academic departments participate present an opportunity for implementing a sustainable cost-and revenue shared model. External funding notwithstanding, student tuition becomes an important source of revenue for the participating departments, as it allows for proportional revenue allocation based on individual and departmental Educational Relative Value Units (eRVUs). In turn, this allows for implementation of a cost-share approach, where individual departments can offset, at least partially, the salary expenses from educational faculty FTEs as well as those of graduate assistantships. Other costs, such as those to permit use of clinical systems for hands-on educational activities can also be offset by establishing service contracts by which MPGP faculty can provide clinical support activities in exchange for machine time.
Results
Our institution implemented this model in 2017. The number of faculty members from the participating departments has doubled ever since. The departments, not the MPGP, are also fully responsible for funding their own graduate students. Growth has been consistent, from eight Ph.D. and five M.S. students in 2017 to the current twenty-five Ph.D. and seventeen M.S. students; with retention and residency placement rates of 98 and 92 percent, respectively
Conclusion
A cost- and revenue-shared financial model can be implemented in many multi-departmental MPGPs in the country, resulting in steady graduation and placement rates and assuring high-quality education under a sustainable financial environment.