Hah! This is what we have been waiting for! Economists are now borrowing from the education research literature to develop value-added metrics for physicians. Next, I hope, will be the development of VAMs for lawyers and soon you will hear the screams of outrage not only from the American Medical Association but the American Bar Association. With the economists figuring out metrics to measure these politically powerful professions, teachers won’t be alone in their battle against obsessive compulsive metrical disorder. If only someone would come up with VAM for elected officials! Better yet, how about a VAM for economists? For example, how often do their predictions about the economy come true?
Here is how you measure the value-added of physicians according to the link above from the National Bureau of Economic Research:
“Despite increasing calls for value-based payments, existing methodologies for determining physicians’ “value added” to patient health outcomes have…
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