Why more doctors should pursue business and leadership training
Today’s physicians face a healthcare landscape overflowing with change and disruption. In cardiovascular care, in fact, the aging U.S. population and an ongoing cardiologist shortage make the situation arguably more difficult to navigate than other specialties.
With these challenges in mind, two veteran cardiothoracic surgeons—Edward B. Savage, MD, MBA, with Cleveland Clinic and Robert J. Cerfolio, MD, MBA, with NYU Langone Health—have written a new editorial for The Annals of Thoracic Surgery urging their colleagues to pursue business and leadership training.[1]
“The focus of medicine training is optimal care for patients,” the duo wrote. “When margins were high, the cost of care was not monitored or an issue. Now caregivers cannot successfully fulfill their goals without acknowledging that healthcare is a business, a business subject to the challenges that all other businesses face but with additional challenges unique to healthcare. The business of medicine differs from other businesses on the basis of the source of revenue and the obligation to treat all who require care.”
Healthcare is a business, the two authors emphasized, and like other business, failing is a distinct possibility. By seeking formal training, clinicians can gain valuable insights that help them push forward in the face of challenges, instead of failing.
Savage and Cerfolio noted that working in healthcare means being faced with a variety of complex business scenarios. Physicians can be much better at their job and deliver more value to their employers—as well as their patients—if they are not uncomfortable tackling concepts such as reimbursement rates, business negotiations and contribution margins, for example.
“These are examples where the clinician’s thought process must shift from that of a healthcare provider to that of a manager seeking to operate a successful business,” the duo wrote. “Just as medicine has its own language, so does business.”
The authors added that some administrators and other healthcare leaders do not necessarily respect physicians or care about their long-term goals. Physicians who have been through the proper training are less likely to be taken advantage of by such individuals.
“Physicians can maintain control within their organizations by obtaining business education,” the group concluded. “Online MBA programs, of variable cost, provide a solid business education. Many institutions will provide tuition assistance to complete these programs.”
Click here to read the full commentary piece.
‘Good medicine and good business are not mutually exclusive’
Thomas E. MacGillivray, MD, physician executive director of cardiac surgery at MedStar Health and chairman of cardiac surgery at MedStar Washington Hospital Center, wrote his own editorial on this topic in The Annals of Thoracic Surgery that included a different perspective.[2] MacGillivray, a former president of the Society of Thoracic Surgeons, praised Savage and Cerfolio for making a “compelling argument” in favor of physicians pursuing business and leadership education. However, he shared support for additional types of training.
“For those who are interested in learning and knowledge, one doesn’t need to pay to go to business school,” he said. “In this digital age, educational information is readily available and free online. I respectfully disagree that an actual MBA or MHA is required for physicians to be effective leaders in their hospitals and healthcare systems.”
MacGillivray agreed that cardiac surgeons and other healthcare physicians should work to better understand the various costs associated with patient care. It also is crucial not to mistake a well-marketed technology or drug for one that is the best treatment option; it may be popular, but does it provide true value?
“If healthcare is a business, then quality care and innovative therapies are the products of the business,” he wrote. “Our mission is to provide absolutely the best care for our patients but not necessarily the most expensive care. Good medicine and good business are not mutually exclusive.”
Click here to read his own commentary piece.
Michael has more than 19 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.