Cost and value analyses in medical education: common errors to avoid

Abstract

Medical education is associated with substantial cost, so there are a growing number of cost analysis research projects in medical education. Superficially at least these projects should be straightforward, but many errors can occur in their execution. This article highlights some errors that commonly occur and explains how to avoid them.

The Prato Statement on cost and value in professional and interprofessional education

“…Many researchers have recognised the need for including measurements of cost and value alongside their educational research; however, this has often been done haphazardly and at times incorrectly (Walsh, 2014a(Walsh, , 2014bWalsh, Levin, Jaye, & Gazzard, 2013). This is perhaps not surprising given the relatively new attention given to this field and the subsequent lack of guiding documents and resources available for it.…”

Cost–benefit analysis of healthcare professional education: report of a conference workshop

“…Subsequent years may then appear to be of lower cost than they actually are. Best practice would recommend that initial costs should be consolidated with subsequent costs to give annual costs over a stated period 2. This approach spreads the costs out over a period of time and so makes them more palatable for commissioners or funders of educational programmes.…”