Tag Archives: business

MD/MBA: Why Physicians Must Know More About Business

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Does a physician need to know everything about healthcare, even the *shudder* money stuff?

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Physicians go through years and years of school to be great at this calling, so why on earth would anyone want to tack on an MBA, too? Co-host Gabe Conley decided to do just that. He’s been thinking about this for a while, but hadn’t pulled the trigger on the idea. Then, as he was about to become a fourth-year medical student, SARS-COV-2 came along and gave him a nudge in the right direction. Gabe explains why he thinks it’s vital to understand business principles as a physician–and it’s not just to make more money.

And Dave prompts Gabe and his fellow co-hosts Aline Sandouk, Brandon Bacalzo, and Madi Wahlen to answer some conversation starters. As a result, some conversations were started and we all learned a thing or two.

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The Business of Medicine

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Should medical students learn more about the business of medicine?

Medical school definitely hasn’t made a priority of teaching about how medicine works as a business.  MDs who get involved in that side of healthcare typically learn on the job. But recent caller Ryan is interested in that topic, and wanted to hear from us about what CCOM students are learning about it.

A couple years ago, M4 Joe Nellis and some other students founded the Healthcare Management and Delivery Science Distinction Track.  One reason was that their families had questions they couldn’t answer about the topic.  They also knew that decisions about healthcare delivery and outcomes evaluation were being made without MDs having a clear idea (or even input on) how and why.  Joe and M2s Philip Huang and Amanda Manarot got together with Dave to talk about what they’ve learning on issues like teamwork, e-health, data and decision-making. And while the healthcare leaders of tomorrow still have to learn much of the biz after they leave medical school, having a fuller grasp of the forces that affect how medicine is practiced is key, especially as the private practice of medicine gives way to employment in hospitals and other organizations.

This Week in Medical News

Dave took issue with this article which posits that doctors’ salaries are a problem for healthcare costs, despite the fact that according to the author’s own figures, that amount makes up about 1/32 of the cost of healthcare per US household.

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Do you want to learn about this stuff?  Or are you content to worry only about taking care of patients? Tell us at 347-SHORTCT anytime, visit our Facebook group, or email theshortcoats@gmail.com.

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