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Rethinking continuing medical education

&NA; We believe that the traditional view of Continuing Medical Education (CME) as a major source of new information and skills for physicians is inadequate because it fails to take into account the range of costs and benefits associated with CME. These costs and benefits were identified through a follow‐up to a national study of how physicians decide which CME activities to attend. The goal of the follow‐up was to determine the meanings doctors attach to factors they use in selecting CME activities. Results indicated that costs associated with CME attendance are financial, professional, and personal. Benefits relate to recredentialing, opportunities to gain insights/wisdom (e.g., through discussing patient problems with colleagues), and opportunities to satisfy psychological needs (i.e., security, affiliation, and self‐esteem). We review the implications of viewing CME in this way, including the role of CME in the evolving health care policy reform.