Medical Schools, Educate Your Students About the Medical Business

Graduation day. A moment of elation. I’ve been there.

Medical school era. Skat work. rotate. Corpse lab. foreign scent. short white coat. officer exam. And now the students are over (the medical school part is over anyway). But they have to face the problem of loans. God, it’s Ron. They just invested in a business that forces the average medical student to take out a business loan of $200,000 to $250,000 (!).

Yes, it’s called a “student loan,” but let’s be honest, they just invested $250,000 in a business in the medical field (medical workers) that they barely knew.sure they understand that training You’ll likely get a medical degree (which you’ll understand better after training) and get a high-paying job. But do they understand who controls the industry’s business and finances? Dollar flows and financial incentives?

Some who teach in medical schools or even participate in residencies probably state that their mission is to “achieve excellence and demonstrate leadership in the interrelated fields of patient care, education and research. Some might say that it is to improve health and well-being by . ”

Ok, sure. Medical schools are doing a great job on this. But as all participants know, medical practice and the healthcare ecosystem are very different from what they first learned. Some participants said they would never go back to medicine, or even encourage their children to pursue medicine. Maybe you can discourage it.

I teach MBA students at Kenan Flagler at the University of North Carolina at Chapel Hill on the Health Care Challenges research course, and my classes typically include doctors, nurses, or advanced health care providers. I have several students. Everyone always says this. “I wish I had learned more about the medical profession in medical school, nursing school, or residency.”

As part of this curriculum, I will speak on the intersectionality of pharmaceutical companies, device manufacturers, payers, regulators, patients, hospitals and healthcare providers. And as students learn how economic incentives produce behavior (some bad, some good), they gain clarity about the state of the U.S. healthcare system.

They explored the sociopolitical determinants of health and how some areas of the country that refused to expand Medicaid had worse outcomes for maternal and child health than others, had inadequate infrastructure support, Learn how economic conditions make a 20-year difference in life expectancy.

Students also learn to appreciate the value of capital, investment and innovation. We discuss mergers and acquisitions and how these business decisions reduce healthcare costs while improving quality and access to healthcare. We also talk about healthcare opportunities in terms of scaling her two elements of the latter while reducing costs.

But what amazes me most is how doctors and healthcare professionals forget that they are actually driving up health care costs.I don’t mean that negatively instead functionally. Holds a pen and prescription pad, whether digital or paper. Without a signature, no drugs, equipment, or hospitalization will be ordered. Doctors make the majority of all medical decisions by simply clicking a box or moving a pen. However, too many people do not understand the costs of these decisions and who is responsible for paying for them.

Physicians see patients as key stakeholders in the system, but many physicians still do not fully understand how patients work as a healthcare system. client. Admittedly, we feel uncomfortable applying the term to patients, but like all businesses, individuals who consume our products are labeled as such. Similarly, all drug ads on TV are aimed at health care providers (and patients asking doctors for prescriptions), but all patient-targeted Medicare-approved device ads target doctors indirectly. .

And then burnout occurs. Do doctors and healthcare workers fully understand why this happens? Burnout may be related to how the healthcare system is funded. For example, as system reimbursement decreases, physicians face increased patient and documentation burdens. Many physicians have never been taught the revenue cycle or how to fund their practices and systems.

A purist would say, “Doctors should only focus on drugs and patient health.” But this belief has no reality. Just as all hospitals make staffing decisions based on profitability (or lack of profitability), every day patients make healthcare decisions based on their financial health.

Some will blame private equity (or, erroneously, venture capital). Some will blame the hospital. Some blame policy management bodies and insurance companies. Some blame the patient. “Why on earth did this patient come to the ER? or?!” Bad form and displaced anger unfold in the grave misconceptions of capitalism and consumer-based economics.

More importantly, physicians – the very people who make all major health care decisions and are tasked with driving up costs for patients and the health care system – are the business, economics and financial incentives of health care. Lacking a clear understanding of the basics, we end up with: A bifurcated system in which the doctor sits at the children’s table and the non-clinician giant man or girl sits at the boardroom table. For patient health, systems and the future of health, they must sit at the same table.

So my suggestion is that medical schools and residents should prioritize teaching the business of health care so that students truly understand the financial incentives and flow of funds within the health care system.just like the classic school house rock In the elementary school class “How Bill Becomes Law,” physicians learn “how patient interactions are billed,” payer reimbursement trends, and how these negotiations affect hospitals and practices. We need to understand how it will affect the activities in the laboratory. Zooming out, healthcare providers need to understand the basics of healthcare policy and healthcare corporatization.

While it is not necessary to include a full MBA program in the medical school curriculum, it is essential to give students and residents an overview of the healthcare ecosystem. Your doctor should know better. why? That is the only way they can effectively defend themselves and their patients.

N. Adam Brown, MD, MBA, He is a practicing emergency physician, founder of ABIG Health, and professor of practice at the Kenan-Flagler School of Business at the University of North Carolina. Previously, he served as Director of Emergency Medicine and Chief Impact Officer at one of the country’s largest national medical groups.

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