This paper considers a unique natural experiment in a large, urban Department of Veterans Affairs (VA) hospital, where nearly 30,000 patients (and over 70,000 admissions) were randomly assigned to teams comprised of clinicians from one of two academic institutions. One team of clinicians (Program A) is ranked higher, relative to the other team of clinicians (Program B). The teams have access to the same facilities, the same nursing staff, and the same specialists for consultations. Comparing patient outcomes across these two groups allows us to estimate effects of physicians on costs and health outcomes, i.e. returns to physician human capital.