Career and Life Planning Guidebook for Medical Residents

Understanding The Other Side of Medicine Physicians are taking on many different roles within healthcare, and it’s beneficial to define a pathway up front, if possible. Taking the time to understand the business of medicine is crucial for building a successful career and providing great patient care. – Sidney Christiansen, Otolaryngologist & Founder, Resolve Physician Agency F I E L D N O T E S healthcare system is large, complex, and inefficient. It will also undergo rapid and dramatic change in the next 20 years. To create a better performing healthcare system, it is critical that physicians lead the change. And to lead that change, physicians need a strong understanding of business. In addition to helping facilitate large-scale change, physicians need to understand business to provide excellent healthcare. The coming revolution in healthcare needs to be led by folks in white coats, not those in dark suits. Finally, physicians need an understanding of business to ensure their professional and financial success. Medical school is a tremendous investment of time, energy, and money. While your career goals likely extend beyond the financial, it is still important to earn a return on your investment. Understanding the business environment in which you practice medicine will help you do that. Adopting business practices and techniques can transform a clinic from average to exceptional, often leading to improved performance. As one example, the Cleveland Clinic is now one of the largest and most respected hospitals in the country. During the 2000s, Toby Cosgrove, a heart surgeon and CEO of the clinic, challenged the organization to undergo a transformation that would put it among the best in the country. The transformation came as an explicit effort to engage physicians as leaders, create a “patient-centered” organization, and commit to continuous improvement. We can learn from the success of the Cleveland Clinic, and combine healthcare and business knowledge to create world-class healthcare systems. One of your career goals should be to have the business and clinical tools necessary to transform your practice, hospital, or other clinical setting from average to exceptional. This chapter will help you begin that journey and provide you with some resources to help you learn more. 117 WWW.PHYSICIANCAREERPLANNING.COM