We belielie that the traditional \iieM> of Continuing Medical Education (CME) as a niajor source of neM* iiformatioii and skills for physicians is inadequate because it fails to take into account the range of costs and benefits associated with CME. These costs und benefits M3eI-e identifed through a f o l l o~~-u p to a national study of howphysiciuns decide which CME actiiities to attend. The goal of the follow-up was to determine the meanings doctors attach to factors they use in selecting CME activities. Results indicated that costs associated Mith CME attendance are financial, professional, and pel-sonul. Benefits relate to recr-edentialing, opportunities to gain insightslwisdom (e.g., through discussing patient pi-ohlenzs Mith colleagues), and opportunities to satisfy psychological needs (i.e., secui-ir_v, affiliation, and self-esteem). We review the implications of i3ieMiing CME in this M Y I T , inc/iiditig the role of CME in the evolving health care polic! reforni.