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Without limiting the total number of applications per applicant, this plan would not work.Restricted in what way? Applicants would still apply to a variety of publics and privates, SOMs would still issue invites (just like NRMP), then sometime after March, interviewed applicants and SOMs would submit their ranks, and then there would be an April or May Match Day. Any schools with empty seats and any interviewed applicants not matched could enter a SOAP-like week to fill spots.
Privates would still get lots of apps since med school applicants already know that publics have an instate bias, so privates also need to be included in one's list (unlike residencies that don't have any instate preference).
Alternatively, the schools would need to have access to where the student has applied to effectively manage risk.
Many schools spend most of their time interviewing (and accepting) the same small pool of applicants. We had dozens of candidates holding acceptances at more than a dozen schools on April 30th! It is this redundancy that contributes to much of this mess.
The ability for applicants to negotiate between multiple acceptances is frequently mentioned as a defense for the current system...
Even if all we did was limit the maximum number of applications to the applicants' state public school plus X, we would eliminate most of this madness.
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