Career and Life Planning Guidebook for Medical Residents

SECTION I: T MINUS THREE YEARS R E A D : Healthcare as a Business There are many complex issues facing business owners and managers, especially those operating healthcare businesses. It is sometimes helpful to bring business down to its simplest level. The goal of a coffee shop is to provide a quality product and customer experience that allows the shop to bring in sales dollars (revenue) that exceed the expenses that it must pay. If successful, the shop will earn a profit for its owners. Hospitals and physician practices have similar goals. They strive to provide excellent services to their customers, generating revenue that exceeds costs. Sometimes these profits go back to the owners of the organization, and other times they are reinvested in the company. Either way, managers of these organizations have the same goals: provide excellent service to increase customer value, drive revenue growth, and increase the financial performance of the organization. Many of the tenets of the best-run businesses also apply to healthcare organizations. Like the Cleveland Clinic, we can focus on applying best practices to clinical settings. Here are some principles from business practice that should hold for clinical organizations. 1. Create an exceptional patient experience. While every healthcare organization strives to accurately diagnose and treat patients, the best organizations focus on every aspect of the patient experience. From appointment scheduling to waiting room experience to follow-up and billing, the patient experience ismuchmore thanwhat happens in the exam room. Learn to view the clinic from the eyes of your patients in order to make small changes that can have a big impact on satisfaction. CAREER AND LIFE PLANNING GUIDEBOOK FOR MEDICAL RESIDENTS 118