A new benefit. When the College of Family Physicians of Canada launched the new Mainpro+ accreditation system in June 2016, they created an option for many physicians to save over $250,000 in CME costs over the course of their careers.
Key concept. An "opportunity cost" is the loss of potential gain from other alternatives when a given alternative is chosen (OED). In other words, the hidden costs of choosing "A" are your abandoned opportunities "B" and "C".
Lost time. As you know, the College of Family Physicians of Canada requires you to log 250 CME credits per 5 year cycle. If you collect those 250 credits c/o one-credit-per-hour CME, then your task will obviously take you 250 hours.
However, at a more efficient, three-credits-per-hour clip, you’ll collect your accreditation cycle’s 250 credit requirement in 1/3rd the time. Instead of the task using up 250 hours, you'll be done in just 83.3 hours.
In summary, you'll save 166.7 hours by taking the new 3:1 CME instead of the old 1:1 CME. Assuming a 40 hour week, you could elect to use the 166.7 hours you saved by enjoying a month away from the clinic. NOTE: If you've forgotten what "time off work" means, please consult these suggestions from your colleagues on how to enjoy it.
Lost income. If you're fee-for-service, then time is money. If you take 250 hours away from the clinic for one-credit-per-hour CME, then you can kiss goodbye to 250 hours of billings. When you add it up, that lost income is very significant.
For example, if your billings average $250/hr, then the 250 hours you booked off for "inefficient" CME will end up costing you 250 x $250 = $62,500 in lost income per cycle. That $62,500 is the so-called "opportunity cost" of the 250 hours you spent on low-credit-density CME. And needless to say, that $62,500 might be sorely missed when it comes time to pay for your children's education and/or your retirement.
The bottom line. There's a bit more math, because there's higher tuition for 3:1 CME, and 3:1 CME still necessitates some time away from the clinic. However, even after those adjustments, if you compare CBT Canada's 3:1 CME with 100% "free" industry-sponsored 1:1 CME, because of the "lost income factor" you'll still save $35,428 every five years. That's enough for a brand-new Porsche Boxster every second accreditation cycle. And over a typical 35 year medical career, you'll be ahead by $250,000 or more.
For more detailed calculations, click here
If you do buy a new Porsche with your 3:1 CME dividend, be sure to honk politely (& then wave with maximum compassion) when you drive past your poor 1:1 CME colleagues. And then fully enjoy your day with your friends at the spa.
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