Advice on Business Education

[HungryHungryLion]

I need some advice y'all.

Several of us at my school are attempting to start a business elective/track. Everyone has a different end goal, starting their own practice, joining a clinic or separate side businesses, but nobody wants to walk out of residency clueless to how the business side works. We've all talked to docs who say they are woefully underprepared for the business of medicine and wish they learned it earlier. It's a pitfall that I'd like to avoid if possible.

That said, do any of your schools offer tracks/programs/electives like this that you've found useful? Which school and/or what courses? I think the end goal may be to partner with an MBA program and offer the dual degree option, but for now that isn't on the table. My goal is to find out what you guys have learned that you think would be beneficial, or what you wish you'd have learned before you started practicing. We'd like to find a way to make the most common answers into some sort of curriculum, or hopefully piggyback off of some of the things others schools already have in place.

Thanks

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[quesarasara]

There are more and more blogs out there about how to start a business as a doctor. Getting an MBA or doing part-time consulting is another option.

 

[arcus]

I need some advice y'all.

Several of us at my school are attempting to start a business elective/track. Everyone has a different end goal, starting their own practice, joining a clinic or separate side businesses, but nobody wants to walk out of residency clueless to how the business side works. We've all talked to docs who say they are woefully underprepared for the business of medicine and wish they learned it earlier. It's a pitfall that I'd like to avoid if possible.

That said, do any of your schools offer tracks/programs/electives like this that you've found useful? Which school and/or what courses? I think the end goal may be to partner with an MBA program and offer the dual degree option, but for now that isn't on the table. My goal is to find out what you guys have learned that you think would be beneficial, or what you wish you'd have learned before you started practicing. We'd like to find a way to make the most common answers into some sort of curriculum, or hopefully piggyback off of some of the things others schools already have in place.

Thanks

kudos to you for your vision.

Most physicians have a dangerous unawareness about business so you would do well to learn as much as possible about it. However, you need to know your concrete goal first. How do you plan on earning your income as an MD? If you are depending on CMS and Third Party Payers, then what you learn today will be obsolete in a couple of years. CMS is continually changing their payment formulas and TPP follow their lead. CMS is holding the baton while physicians are following in tow blindly. This path makes you an indentured servant to the payers.

OTOH, if you have an entrepreneurial spirit, then your options are more numerous and fluid.

A good idea now is to become familiar and/or develop your skillsets. Your MD Degree is one thing, but your skillsets determine much more. Are you a strong closer or a pushover? Can you lead a boardroom in a discussion on x, y and z and persuade your audience to adopt your ideas? Are you a problem solver and seek ways to marry your skillsets with community needs? Think of Mother Teresa of Calcutta and possessing an MD Degree and being board certifed in IM. Your options are literally limitless.

An MBA Degree is helpful if you already have the business skills and background to augment these. If you educate yourself on the business entrepreneur track, you will not need an MBA yet. So start a business now on a smaller scale to test the waters. See if you like it. You might hate it or love it.

Either way you do well now to look ahead, survey the field and pave your path. Relying on the standard medical career to “take care of you” is foolish. Be the master of your future and not a victim of the dominant paradigm.

Gopher it!

 

[HungryHungryLion]

I appreciate the encouragement arcus, I definitely see value in it, just trying to see if people can help me know what exactly I don't know yet! Too many folks content to just plug in and not be the master of their future just like you said, don't want to fall into that rut!

 

[HungryHungryLion]

There are more and more blogs out there about how to start a business as a doctor. Getting an MBA or doing part-time consulting is another option.

Do you have any quality ones in mind that you could link for me?