The American Medical Association installed a new policy to ensure all medical students and residents receive training in healthcare economics.
Medical schools and residency programs will be urged to incorporate structural and financial content of modern health systems in their courses.
The AMA wants future physicians to be trained in the organization of health care delivery, modes of practice, practice settings, cost effective use of diagnostic and treatment services, practice management, risk management and quality assurance.
The policy also calls for programs to adapt content related to environment and economics of medical practice in fee-for-service, managed care and other financing systems.
New physicians who are educated in cost, financing and healthcare economics will be better equipped to provide more cost-effective care for patients, according to AMA Immediate Past President Barbara McAneny, MD.