Studies say some students at U.S. and Caribbean medical schools know little about the business side of medicine. Not knowing key business fundamentals may create problems for medical students when they become doctors, experts warn, especially with the ramifications of the Affordable Care Act (ACA/Obamacare).
Medical schools do not traditionally teach students about business, management and leadership, but these skills are essential for future doctors in the 21st century, according to Joseph Kim, M.D., MPH, and the president of MCM Education, a medical education company, and founder of the website NonClinicalJobs.com.
In his article “Teaching Medical Students about Management, Business, and Leadership”, Dr. Kim says some academic institutions have a negative perception of business and consider the business world “the dark side” of medicine.
“Most medical schools and residency programs do not adequately prepare graduates for the practice management issues they are likely to face in private practice or in a salaried employment model,” Dr. Kim says. “Students are graduating with holes in their knowledge around contract negotiation, conflict resolution, or change management. As a result, these young physicians are entering the health care system and struggling to answer complex questions such as: How do you improve clinical workflow to enhance productivity? How do you critically evaluate the financial performance of a private practice to determine where to make changes that will improve the overall effectiveness of the practice? Most medical students are fairly insulated from business elements surrounding billing, reimbursement, and the risks associated with medical malpractice. Some medical students may have a better grasp of practice management because they may have been exposed to these issues prior to medical school. However, these areas continue to evolve in the wake of debates and discussions surrounding health care reform, accountable care organizations, and physician payment models”
Michelle Mudge-Riley, D.O., writes in her article “How Can Doctors Understand the Business Side of Medicine?” that, like most medical students, she didn’t even think of business while studying to become a doctor because she didn’t think it was important.
“Three years after I graduated from medical school I went back to school and got a business degree,” she says. “However, going back to school requires a huge investment of time and resources that many of us are already short on. Most of the skills needed to succeed in the corporate world are already inherent in a doctor or cultivated by the discipline, dedication, drive and desire it takes to become a doctor. The business degree alone isn’t going to put you on the fast track to success.”
Dr. Mudge-Riley says research has shown that “fewer than half of graduating medical students in the U.S. receives adequate training to understand healthcare system strategic approach and the economics of practicing medicine."
She notes that, in 2011, two University of Michigan doctors wrote in the New England Journal of Medicine about adding healthcare policy to medical school curriculums.
“Medical student and resident education has to include instruction on how healthcare systems function — especially with the advent of complicated national healthcare reforms,” the University of Michigan physicians said.
Co-author Matthew M. Davis, M.D., associate professor at University of Michigan Medical School in Pediatrics, Communicable Diseases, Internal Medicine and Public Policy added, “Without education in health policy and the healthcare system, physicians are missing critical tools in their professional toolbox.”
(Photo, inset right) RX FOR SUCCESS: Clinical doctors must know business to market and oversee a practice. Photo: Cooldesign/FreeDigitalPhotos.net
Dr. Mudge-Riley says, “What is the best way for doctors to appreciate and understand the business side of medicine? It’s important for the success of a clinical doctor who needs to market and oversee a practice. It’s important as we move into the realm of changes due to health reform and doctors must take leadership roles and be able to effectively negotiate their future employment situations. It’s important for the success of a doctor who is working in the non-clinical world in the financial sector or in a marketing, sales or management role.”
Some believe knowing the financial aspect of medicine is as important as studying basic health sciences. Colin T. Son, M.D., wrote in a November 3, 2009 article “Learning the Business Side of Medicine" on Medscape.com.
“There's an argument to be made that understanding the business and economics of medical practice makes physicians better caregivers,” Dr. Son says. “The physician population is slowly catching on to this. Education on the business side of medicine is becoming less and less a ‘learn as you go’ type of thing and more of an option in medical school curriculums. More than 50 medical schools in the United States now offer joint MD/MBA programs. Indeed, a whole industry has arisen around the business of medicine and practice management.”
Online MBAs for Medical Students
One of the simplest ways to earn a Masters in Business Administration (MBA), a Masters in Health Administration (MHA) or Masters in Public Health (MPH) is through an online university.
UMHS partners with with Davenport University to offer qualified students a Masters in Business Administration (MBA) degree, with an emphasis in health sciences. This MBA program offers qualified students the opportunity to learn the business side of medicine. Students that enter this program are currently pursuing both an M.D. and masters degree. The degree is completed online while UMHS students are completing their Doctor of Medicine (MD) degree.
Students take one seven-week course at a time, or two courses in a 15-week period. It takes a minimum of six semesters to complete the MBA program. The program must be completed in no more than a total of 6 years.
Davenport University offers financial aid to qualified students, including Davenport scholarships up to $2,000.00 per academic year (2 semesters).
Master of Business Administration: 39 Credits
The Health Care Management Concentration “focuses on strategic, financial, and ethical decision-making skills in an evolving health care environment.”
The program is designed to advance students' practical expertise in managing diverse health care processes. The skills are integrated through the following:
- Interdisciplinary approaches of health care organizations
- Ethical and legal issues
- Financial management
- Managing projects
- Information management and strategic management using case analyses and interactive technologies.
The Health Care Management Concentration serves health care providers as well as individuals who are involved in the management and reimbursement of health care services. Individuals who desire to enter the health care management field will also benefit from this program.
You may also visit Davenport University's website at http://www.davenport.edu/
Online MHAs and MPHs
UMHS is partnered with Walden University for online Masters in Health Administration (MHA) and Masters in Public Health (MPH). Students that enter this program are currently pursing both an M.D. and masters degree. Earning one of these online degrees enhances your credentials and may make you a more desirable candidate when applying for a residency.
Walden University is an accredited institution celebrating more than 40 years of serving the higher education needs of working professionals. Walden is distinguished by high academic standards, experienced faculty members, and a rigorous curriculum.
In May 2010, Walden was identified as having the Number One largest online graduate public health program by enrollment by US News and World Report.
Tuition Savings for UMHS Students
UMHS and Walden University offer students a 20% tuition savings* for any health sciences, or other professional development program. (*Only one tuition-reduction benefit may be applied to tuition). Financial aid is available for those that qualify.
To learn more about how you can integrate Walden programs into your program of study and qualify for the 20% tuition-reduction offer, please visit https://www.umhs-sk.org/index.php/admissions/second-degree-options
(Top photo) Photo: Deposit Photos
About UMHS:
Built in the tradition of the best US universities, the University of Medicine and Health Sciencesfocuses on individual student attention, maintaining small class sizes and recruiting high-quality faculty. We call this unique approach, “personalized medical education,” and it’s what has led to our unprecedented 96% student retention rate, and outstanding residency placements across the US and Canada. UMHS is challenging everything you thought you knew about Caribbean medical schools.
Scott is Director of Digital Content & Alumni Communications Liaison at UMHS and editor of the UMHS Endeavour blog. When he's not writing about UMHS students, faculty, events, public health, alumni and UMHS research, he writes and edits Broadway theater reviews for a website he publishes in New York City, StageZine.com.
