PROBLEM

1. PROBLEM • Medical School is expensive. • Other alternatives are undesirable.

2. Research Methods In order to develop practical solutions, research was categorized into three sections. • Survey of student perception on creating a free medical school • Interview with the Director of Medical School, Ken Lee • Interview with the Assistant Director of Medical School, Deidre Moore • Interview with Dr Patrick Bridge. • Review of Web articles

3. Survey • The survey was given to 59 students: 37 males, 22 females. • 76% of the students surveyed were between the ages of 18-25. • Students by a significantly large percentage agree with having a free medical school

4. This shows that more than half the students surveyed believe that the shortage of physicians could be directly related to the cost of medical school and of course further research on a broader scale of participants will be required to determine if this is indeed true.

5. This chart shows that the students surveys were evenly split in the decision of the above question with a percentage of 39% agreeing and 36% disagreeing

6. Criteria • Cost Effectiveness • Financial Feasibility • Financial Sustainability • Ease of implementation

7. Proposed Solutions • Students working on campus • Reduce the requirements to become a doctor in the United States. • The State of Michigan Society and Physician Board Donation Fund • Have online classes • Partner with medical hospitals

8. Evaluation Students working on campus Advantages: • Build their resume Disadvantages: • This would only be possible during the first two years of medical school. The last two years of medical school is spent working at a hospital. Due to the coursework involved during the first two years, this would not be an effective solution.

9. Evaluation The State of Michigan Society and Physician Board Donation Fund Advantages: • The fund would allow Wayne State Medical School to receive funding from a variety of donators Disadvantages: • Difficult to implement

10. Evaluation Have Online Classes Advantages: • Medical students would be able to be educated anywhere within the country • Wayne State Medical School would be able to accept more students • Reduce the cost of education by not having space limitations Disadvantages: • Quality of online vs. in class education

11. Evaluation Partner with Medical Hospitals Advantages: • Remove the burden of medical school debt on students • Employment Disadvantages: • The student would have to accept a pay reduction.

12. Evaluation • $174,000 average Physician salary in the United States • $131,000 salary of student accepting the removal of their debt for four years • $27,651,208 total cost for one graduation class • $8,744,428 after tax cash flow for four years

13. Evaluation • 9.82% Weighted Average Cost of Capital for Community Health Systems • $175,803 value added to the corporation • 10.11% Internal Rate of Return

14. Recommendations • Have online classes • Easy to implement • Allows Wayne State to accept more students • Cost effective • Partner with medical hospitals • Removes the burden of debt from medical students • Attractive offer to hospitals, increases the employment percentage of recently graduated medical students

15. Thank You