Skip to content
  • About
  • Contact
  • Contribute
  • Book
  • Careers
  • Podcast
  • Recommended
  • Speaking
  • All
  • Physician
  • Practice
  • Policy
  • Finance
  • Conditions
  • .edu
  • Patient
  • Meds
  • Tech
  • Social
  • Video
    • All
    • Physician
    • Practice
    • Policy
    • Finance
    • Conditions
    • .edu
    • Patient
    • Meds
    • Tech
    • Social
    • Video
    • About
    • Contact
    • Contribute
    • Book
    • Careers
    • Podcast
    • Recommended
    • Speaking

4 reasons why business and medicine go together

Shraddha Dalwadi
Policy
June 13, 2015
Share
Tweet
Share

shutterstock_66054364

I am going to make a bold statement here. Are you ready for it? There is nothing wrong with health care providers thinking like businessmen.

I know what you’re thinking, but I feel the word “business” gets a bad reputation in medicine. We immediately associate the term with profit-hungry, egocentric individuals, a preconceived notion probably rooted in their unfair depiction in popular media.

I want to challenge that perception by arguing that perhaps business and medicine are not at odds. Maybe good business practices allow physicians to focus on what matters most – delivering quality medical care. In that case, it would be advantageous for the average physician to start thinking more like a businessman.

Here are four reasons why I think the business mindset isn’t a bad thing:

1. Business-savvy individuals are constantly aware of the external economic environment they function in. From monitoring changes in supplier power to government regulations, they know that for their business to succeed they can’t pretend that their organization operates in a bubble.

2. Business-savvy individuals care about operational efficiency. They know that processes should first be fully understood and then analyzed for improvement. They know focusing on operations does not just mean cutting costs, but innovating a system to better serve the needs of the end-user.

3. Business-savvy individuals understand that effective communication is the foundation for success in the workplace. They are constantly cultivating mindfulness and improving their social skills. They utilize opportunities to work on teams in a way that maximizes the contributions of each individual member.

4. Lastly, business-savvy individuals know that the principal reason they are in business is for the customer. A company’s finances, marketing, and operations all hinge heavily on their ability to serve the needs and wants of their target consumer. If they fail to fulfill these needs, everything else falls apart.

Looking back, completing a masters in business administration has been one of the most difficult things I’ve done. As a student at a top MBA program, I was surrounded by brilliant, competent, and ambitious individuals who challenged me every step of the way. The subject matter itself was also difficult, mostly because it was in stark contrast to the biochemistry and pathology that I am used to.

Nonetheless, I gained the opportunity to fill a personal void. I realize I won’t be the most knowledgeable or experienced person to tackle every administrative problem I face in my career. However, when I see challenges in the clinic, I will feel empowered to identify the underlying issues and seek solutions to better serve my patients. If my patients have to wait for more than an hour to see a provider or receive suboptimal service due to the organization’s financial constraints, I refuse to let them become victims of a flawed system.

As a scientist at heart, I try to gather all the facts before coming to a conclusion. After a grueling and intense nine months, here’s what I’ve found: business isn’t evil. Innovation and creativity are emphasized at the core of every discussion. There is a refreshing emphasis on long-term goals and value maximization. And yes, even financial analysts learn ethics.

Business and medicine are deeply integrated in the world we operate in.  I’m not arguing every physician-in-training should pursue an MBA, but maybe it’s time to take a step outside of our comfort zone and take ownership of the issues we face in the largely inefficient, unprofitable industry we operate in. Why? The answer is simple — if the health care system fails in the end, it’s our patients who suffer.

Shraddha Dalwadi is a medical student who blogs at Love and Medicine.

ADVERTISEMENT

Image credit: Shutterstock.com

Prev

Test your medicine knowledge: 28-year-old man with recurrent headaches

June 13, 2015 Kevin 0
…
Next

The survival strategy of a new doctor

June 13, 2015 Kevin 7
…

Tagged as: Primary Care

Post navigation

< Previous Post
Test your medicine knowledge: 28-year-old man with recurrent headaches
Next Post >
The survival strategy of a new doctor

ADVERTISEMENT

More by Shraddha Dalwadi

  • a desk with keyboard and ipad with the kevinmd logo

    Watching my grandfather pass away changed my life

    Shraddha Dalwadi

More in Policy

  • Why medical organizations must end their silence

    Marilyn Uzdavines, JD & Vijay Rajput, MD
  • The flaw in the ACA’s physician ownership ban

    Luis Tumialán, MD
  • The paradox of primary care and value-based reform

    Troyen A. Brennan, MD, MPH
  • a desk with keyboard and ipad with the kevinmd logo

    Deaths in custody highlight crisis in Philly prisons

    Kendall Major, MD, Tommy Gautier, MD, Alyssa Lambrecht, DO, and Elle Saine, MD
  • South Carolina’s CON repeal: an opportunity for doctors

    Marcelo Hochman, MD
  • Why ACA subsidies aren’t the main issue

    Andrew Murphy, MD
  • Most Popular

  • Past Week

    • Rebuilding the backbone of health care [PODCAST]

      The Podcast by KevinMD | Podcast
    • Why you should get your Lp(a) tested

      Monzur Morshed, MD and Kaysan Morshed | Conditions
    • The paradox of primary care and value-based reform

      Troyen A. Brennan, MD, MPH | Policy
    • Why CPT coding ambiguity harms doctors

      Muhamad Aly Rifai, MD | Physician
    • Reimagining medical education for the 21st century [PODCAST]

      The Podcast by KevinMD | Podcast
    • A pediatrician’s reckoning with behavior therapy

      Ronald L. Lindsay, MD | Physician
  • Past 6 Months

    • Rebuilding the backbone of health care [PODCAST]

      The Podcast by KevinMD | Podcast
    • The dangerous racial bias in dermatology AI

      Alex Siauw | Tech
    • When language barriers become a medical emergency

      Monzur Morshed, MD and Kaysan Morshed | Physician
    • The dismantling of public health infrastructure

      Ronald L. Lindsay, MD | Physician
    • The high cost of PCSK9 inhibitors like Repatha

      Larry Kaskel, MD | Conditions
    • A neurosurgeon’s fight with the state medical board [PODCAST]

      The Podcast by KevinMD | Podcast
  • Recent Posts

    • Why medical organizations must end their silence

      Marilyn Uzdavines, JD & Vijay Rajput, MD | Policy
    • The flaw in the ACA’s physician ownership ban

      Luis Tumialán, MD | Policy
    • Reclaiming physician agency in a broken system

      Christie Mulholland, MD | Physician
    • The hidden epidemic of orthorexia nervosa

      Sally Daganzo, MD | Conditions
    • A question about maternal health and the rise in autism [PODCAST]

      The Podcast by KevinMD | Podcast
    • Why early diagnosis of memory loss is crucial

      Scott Tzorfas, MD | Conditions

Subscribe to KevinMD and never miss a story!

Get free updates delivered free to your inbox.


Find jobs at
Careers by KevinMD.com

Search thousands of physician, PA, NP, and CRNA jobs now.

Learn more

View 2 Comments >

Founded in 2004 by Kevin Pho, MD, KevinMD.com is the web’s leading platform where physicians, advanced practitioners, nurses, medical students, and patients share their insight and tell their stories.

Social

  • Like on Facebook
  • Follow on Twitter
  • Connect on Linkedin
  • Subscribe on Youtube
  • Instagram

ADVERTISEMENT

ADVERTISEMENT

  • Most Popular

  • Past Week

    • Rebuilding the backbone of health care [PODCAST]

      The Podcast by KevinMD | Podcast
    • Why you should get your Lp(a) tested

      Monzur Morshed, MD and Kaysan Morshed | Conditions
    • The paradox of primary care and value-based reform

      Troyen A. Brennan, MD, MPH | Policy
    • Why CPT coding ambiguity harms doctors

      Muhamad Aly Rifai, MD | Physician
    • Reimagining medical education for the 21st century [PODCAST]

      The Podcast by KevinMD | Podcast
    • A pediatrician’s reckoning with behavior therapy

      Ronald L. Lindsay, MD | Physician
  • Past 6 Months

    • Rebuilding the backbone of health care [PODCAST]

      The Podcast by KevinMD | Podcast
    • The dangerous racial bias in dermatology AI

      Alex Siauw | Tech
    • When language barriers become a medical emergency

      Monzur Morshed, MD and Kaysan Morshed | Physician
    • The dismantling of public health infrastructure

      Ronald L. Lindsay, MD | Physician
    • The high cost of PCSK9 inhibitors like Repatha

      Larry Kaskel, MD | Conditions
    • A neurosurgeon’s fight with the state medical board [PODCAST]

      The Podcast by KevinMD | Podcast
  • Recent Posts

    • Why medical organizations must end their silence

      Marilyn Uzdavines, JD & Vijay Rajput, MD | Policy
    • The flaw in the ACA’s physician ownership ban

      Luis Tumialán, MD | Policy
    • Reclaiming physician agency in a broken system

      Christie Mulholland, MD | Physician
    • The hidden epidemic of orthorexia nervosa

      Sally Daganzo, MD | Conditions
    • A question about maternal health and the rise in autism [PODCAST]

      The Podcast by KevinMD | Podcast
    • Why early diagnosis of memory loss is crucial

      Scott Tzorfas, MD | Conditions

MedPage Today Professional

An Everyday Health Property Medpage Today
  • Terms of Use | Disclaimer
  • Privacy Policy
  • DMCA Policy
All Content © KevinMD, LLC
Site by Outthink Group

4 reasons why business and medicine go together
2 comments

Comments are moderated before they are published. Please read the comment policy.

Loading Comments...