Medical school is an intense learning experience. It can feel as though you are being force fed information. It may seem like you cannot possibly push any more information into your head. Regardless of these feelings, there are a wide variety of things I wish I had been taught in medical school (See our Top Twelve Things I Wish I Learned in Medical School). If not in medical school, then perhaps during residency, or surely by fellowship….
Comprehensive Business Skills
Most physicians are not businesspeople. Medical training programs almost seem to frown on having a medical student or resident learn the necessary business skills. Some programs have started to include some rudimentary aspects of the business of medicine into the curriculum. We don’t need a primer. We need a well-constructed comprehensive education on the business of medicine. This is true no matter what field you are pursuing or whether you will join an academic or private practice.
In the Context of Medicine
The system has failed us, and we have failed ourselves. We must educate ourselves in these areas. You can’t know everything, but you need to understand the process. You have to learn how to use reliable consultants. Sadly, even physicians who have gone back for an MBA often don’t learn the field specifics needed to successfully run a medical practice.
Academic training programs do not have the business infrastructure or expertise to provide a sound business education. Business schools do not manage people’s health.
It’s not impossible. It just takes the right methodical approach.
Why it Matters
The practice of medicine is busy and hectic. The financial health of the practice and the business of medicine must be given a place of importance. If you go out of business or burn out, you certainly can’t take care of your patients no matter how good a doctor you are.
Physicians are not trained in formal accounting techniques. Medical training does not prepare a physician to understand standard spreadsheets, much less develop and fully leverage financial data to fully analyze the business and lead us toward improved profitability.
The medical training business overview series is a start. Our website, smartbusinessgreatmedicine.com, is a good resource to help you understand the business of medicine – from many different angles.
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