• It costs about $125,000 a year to train a medical resident. That’s the three years or so after their internship and after their med school. According to John Raymond, head of Medical College of Wisconsin at a recent St. Norbert CEO B’fast & Strategy session. When they start the med school at St. Norbert’s, it’s an effort to increase the number of available physicians. Training will be done by many of the local practitioners … and we’ll be able to get a higher share of residents. He also said that if a person attends both his/her med school and residency in Wisconsin, there’s a 70% likelihood he/she will stay here. They’re also going to put four years of med school into three, to reduce the student debt level. This year, they have 7700 applicants for the 204 slots in the beginning med school class in Milwaukee.
Much of the $125,000 is paid by the federal government, which controls where residents can be trained, and how many can be trained ... which restricts the number of physicians we graduate each year.
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