In total, the boards reported $701 million (85% CI, $644 million-$758 million) in assets and $65.6 million (95% CI, $60 million - $71 million) in liabilities (difference, $635 million (95% CI, $584 million - $687 million))(Table 2). Six boards reported no debt; and the remaining 18 held reported assets that substantially exceeded liabilities. Between 2003 and 2013, the change in net balance (ie, the difference of assets and liabilities) of the ABMS member boards grew from $237 million (85% CI, $232 million-241 million) to $635 million (95% CI, $584 million - $687 million). ... As a result of such margins, the member boards saw a mean annual growth rate of 10.4% during the decade studied.Importantly, these financial assets are significantly underreported. As the authors mentioned in their letter:
This study is limited by the data source. Although IRS Form 990s includes major funding sources and amounts of revenue, expenses, liabilities, and assets, it does not contain complete and specific financial accounting for the ABMS member boards. Also, board subsidiaries and foundations were not included. (Emphasis mine).Given these data, justification for Maintenenace of Certification for anything other than financial renumeration for the ABMS member boards and their supporting organizations is impossible to dispute. Their windfall is a direct result of the creation of Maintenance of Certification and their monopolization of the physician credentialing market by regulatory capture.
Please consider joining Practicing Physicians of America, Inc. to help end the extortion of practicing US physicians by the ABMS specialty boards and their collaborating organizations at the Accreditation Council of Graduate Medical Education.
Reference: Drolet BC and Tandon VJ. Fees for Certification and Finances of the Medical Specialty Boards. JAMA 1 Aug 2017; 218(5): 477-479.
Update: (video via MedPageToday) Where Do all Those MOC Fees Go?
StatNews: Medical Boards Ring Up Big Margins by Charging Doctors High Examination Fees