March Madness is a term that is usually associated with the single elimination of Division I basketball teams. There is another March Madness that takes place at American medical schools. The proper term is Match Day and it occurs on the third Friday in March. It is the medical version of a pro sports draft day.The medical graduates are “drafted” by university hospitals for their residency. “Medical residency is a job that lasts three to seven years, depending on the program, and follows graduation from medical school. It is required for a doctor to complete a residency in order to be licensed to practice. ” An interesting side note, the algorithm used for this match won a Nobel Prize for economics.