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

How a lack of business education is destroying private medical practice

Curtis G. Graham, MD
Physician
June 20, 2023
Share
Tweet
Share

Over a million intelligent American physicians are walking around in the medical practice environment today, patting themselves on the back while believing they have reached their ultimate success in medical practice. They have absolutely no idea that they have never come close to their optimal potential. It’s a tragedy that has been disregarded yet tolerated by medical school scholars and administrators for at least the last century.

What every physician should be asking themselves today, considering the increasing tsunami of burnout, decreasing net income, increasing government restrictions on medical practice, and medical fee restrictions, increasing attrition of physicians, and male college students that no longer are applying to medical schools, is paramount to discovering the cause of and solutions for their own problems in medical practice.

For diligent and smart physicians, the answer should be obvious but isn’t. The question that all physicians need to answer for themselves is:

“How is it possible that medical practice is only possible and successful if it can only survive within some kind of a business infrastructure?”

We all know that. Then what is missing in the formula for each physician’s success? First, we must recognize that all physicians in clinical medical practice are categorized into two entities—employed or independent. We know that employed physicians have all the financial, management, and marketing done for them. Private practice physicians are left to do it all themselves. And this uncovers what has been missing in the success formula. The second question that must be asked is:

“Why is it that about 50 percent of physicians in private medical practice have never been prepared with business education while in medical school that compensates them for their lack of business education?”

Are you thinking, like me, about the miserable circumstances that private physicians commonly face daily during their medical careers? And employed physicians work without those worries. Logic tells me that half of the independent physicians in our nation are being short-changed on their deserved business education that all medical schools in our nation have been forbidden to offer or provide for medical students.

Does that mean that employed physicians wouldn’t benefit from a business education as well? Certainly, they would. So, what happens to 10 to 15 percent of employed physicians who quit their HMO or other controlling medical entity annually and start a private practice?

Is this where all those physicians in this circumstance show up on the scoreboard of physicians losing their private practices for financial reasons? All of them are essentially business ignorant, like all the other physicians in private practice today.
If so, then about 65 percent of physicians today are business ignorant, trying to make a “go” of their practice.

“How is it that our medical school education system scholars continue to deny any responsibility whatsoever for providing a business education for all medical school students?”

This is certainly not the kind of educational responsibility I experienced back then. The fact is that such a business education is essential to the survival and success of every business that exists today. Worldwide business owners all agree that the principles of any type of business success require business management and marketing knowledge—which physicians in private medical practice today lack.

If you, as a physician, continue to remain “neutral” to such a destructive policy of not providing business education for all medical students, you will directly contribute to the destruction of private medical practice—called socialized medicine.

I envision, under the continuation of the medical school’s policy against business education, that there will be an increasing attrition of American physicians, a continued decrease in the quality of medical care and medical care by physicians, who can’t help but follow the dictated rules for practicing medicine that is now the cause of most all physicians scrambling to leave medicine and find outside medical jobs to increase income.

ADVERTISEMENT

It is increasingly clear that the lack of business education is the primary cause of most of the serious problems physicians face today.

The lack of backup knowledge of business education ensures the continued destruction of private medical practice because physicians do not know how to make money—other than to see many more patients.

The weakness caused by the lack of business education has already proven how our government uses that to force physicians out of private practice and into employed practice. Our government prefers business-dumb physicians. And most physicians are complying.

Thinking that you have done a great job in medical practice without a business education has become the third myth in the medical profession.

Curtis G. Graham is a physician.

Prev

Emotional intelligence in entrepreneurship: the significance and application of the 5 core pillars

June 20, 2023 Kevin 0
…
Next

A physician's journey through propaganda and misinformation [PODCAST]

June 20, 2023 Kevin 0
…

Tagged as: Practice Management

Post navigation

< Previous Post
Emotional intelligence in entrepreneurship: the significance and application of the 5 core pillars
Next Post >
A physician's journey through propaganda and misinformation [PODCAST]

ADVERTISEMENT

More by Curtis G. Graham, MD

  • The shocking risk every smart student faces when applying to medical school

    Curtis G. Graham, MD
  • Why would any physician believe that the practice of medicine will become less abusive for them in the future?

    Curtis G. Graham, MD
  • The lie destroying medical careers: How lack of business education is ruining physicians

    Curtis G. Graham, MD

Related Posts

  • Medical school is more than practice problems

    Kira Kopacz
  • Why medical students should be taught the business side of medicine

    Martinus Megalla
  • America’s inadequate LGBTQ medical education

    Haidn Foster
  • How medical education fails minority students

    Shenyece Ferguson
  • Reimagining medical education from within a pandemic

    Kasey Johnson, DO
  • What is anti-racist medical education?

    Sylk Sotto, EdD, MPS, MBA

More in Physician

  • Why doctors regret specialty choices in their 30s

    Jeremiah J. Whittington, MD
  • 10 hard truths about practicing medicine they don’t teach in school

    Steven Goldsmith, MD
  • How I learned to love my unique name as a doctor

    Zoran Naumovski, MD
  • What Beauty and the Beast taught me about risk

    Jayson Greenberg, MD
  • Creating safe, authentic group experiences

    Diane W. Shannon, MD, MPH
  • How tragedy shaped a medical career

    Ronald L. Lindsay, MD
  • Most Popular

  • Past Week

    • The human case for preserving the nipple after mastectomy

      Thomas Amburn, MD | Conditions
    • Nuclear verdicts and rising costs: How inflation is reshaping medical malpractice claims

      Robert E. White, Jr. & The Doctors Company | Policy
    • How new loan caps could destroy diversity in medical education

      Caleb Andrus-Gazyeva | Policy
    • IMGs are the future of U.S. primary care

      Adam Brandon Bondoc, MD | Physician
    • Why doctors regret specialty choices in their 30s

      Jeremiah J. Whittington, MD | Physician
    • Why doctors struggle with family caregiving and how to find grace [PODCAST]

      The Podcast by KevinMD | Podcast
  • Past 6 Months

    • Health equity in Inland Southern California requires urgent action

      Vishruth Nagam | Policy
    • How restrictive opioid policies worsen the crisis

      Kayvan Haddadan, MD | Physician
    • Why primary care needs better dermatology training

      Alex Siauw | Conditions
    • Why pain doctors face unfair scrutiny and harsh penalties in California

      Kayvan Haddadan, MD | Physician
    • How a doctor defied a hurricane to save a life

      Dharam Persaud-Sharma, MD, PhD | Physician
    • What street medicine taught me about healing

      Alina Kang | Education
  • Recent Posts

    • Why doctors regret specialty choices in their 30s

      Jeremiah J. Whittington, MD | Physician
    • 10 hard truths about practicing medicine they don’t teach in school

      Steven Goldsmith, MD | Physician
    • The myth of biohacking your way past death

      Larry Kaskel, MD | Conditions
    • How trust and communication power successful dyad leadership in health care [PODCAST]

      The Podcast by KevinMD | Podcast
    • Why Hollywood’s allergy jokes are dangerous

      Lianne Mandelbaum, PT | Conditions
    • How I learned to love my unique name as a doctor

      Zoran Naumovski, MD | Physician

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 1 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

    • The human case for preserving the nipple after mastectomy

      Thomas Amburn, MD | Conditions
    • Nuclear verdicts and rising costs: How inflation is reshaping medical malpractice claims

      Robert E. White, Jr. & The Doctors Company | Policy
    • How new loan caps could destroy diversity in medical education

      Caleb Andrus-Gazyeva | Policy
    • IMGs are the future of U.S. primary care

      Adam Brandon Bondoc, MD | Physician
    • Why doctors regret specialty choices in their 30s

      Jeremiah J. Whittington, MD | Physician
    • Why doctors struggle with family caregiving and how to find grace [PODCAST]

      The Podcast by KevinMD | Podcast
  • Past 6 Months

    • Health equity in Inland Southern California requires urgent action

      Vishruth Nagam | Policy
    • How restrictive opioid policies worsen the crisis

      Kayvan Haddadan, MD | Physician
    • Why primary care needs better dermatology training

      Alex Siauw | Conditions
    • Why pain doctors face unfair scrutiny and harsh penalties in California

      Kayvan Haddadan, MD | Physician
    • How a doctor defied a hurricane to save a life

      Dharam Persaud-Sharma, MD, PhD | Physician
    • What street medicine taught me about healing

      Alina Kang | Education
  • Recent Posts

    • Why doctors regret specialty choices in their 30s

      Jeremiah J. Whittington, MD | Physician
    • 10 hard truths about practicing medicine they don’t teach in school

      Steven Goldsmith, MD | Physician
    • The myth of biohacking your way past death

      Larry Kaskel, MD | Conditions
    • How trust and communication power successful dyad leadership in health care [PODCAST]

      The Podcast by KevinMD | Podcast
    • Why Hollywood’s allergy jokes are dangerous

      Lianne Mandelbaum, PT | Conditions
    • How I learned to love my unique name as a doctor

      Zoran Naumovski, MD | Physician

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

How a lack of business education is destroying private medical practice
1 comments

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

Loading Comments...