The Business Of Medicine Book [BETTER]
In this irreverent, persuasive book, Dr. Halee Fischer-Wright draws on her 30 years of experience to explore why we need all three in balance if we want happier patients, lower costs, and better outcomes.
the business of medicine book
This text provides physicians with the basic business skills in order for them to become involved in the financial aspect of their practices. The text will help the physician decide what kind of practice they would like to join (i.e. private practice, small group practice, solo practice, hospital employment, large group practice, academic medicine, or institutional\government practice) as well as understand the basics of contracting, restrictive covenants and how to navigate the road to partnership. Additional topics covered include, monthly balance sheets, productivity, overhead costs and profits, trend analysis and benchmarking. Finally, the book provides advice on advisors that doctors will need to help with the business of their professional and personal lives. These include accountants, bankers, lawyers, insurance agents and other financial advisors.
The Complete Business Guide for a Successful Medical Practice provides a roadmap for physicians to be not only good clinical doctors but also good businessmen and businesswomen. It will help doctors make a difference in the lives of their patients as well as sound financial decisions for their practice.
Chapter three also includes a valuable list of steps to go through to achieve your business and personal goals. It reads like something out of an MBA class, and I suspect that is where it came from, but there is too little of that in medicine and medical training. Going through this process once in your life will more than make up for the price of entrance to this book. Basically, it helps you align your time and your money with your values.
The final sections give excellent practical advice to those in early, mid, and late careers. At least I think so, as I can really only relate to the first two sections. But I have great confidence in Dr. Harbin after reading the rest of the book that he got it right for the late career folks too.
What do you think? Have you read either book? What did you like or dislike? Why do you think it is important for physicians and other high-income professionals to learn business principles? Comment below!
The book summarizes the most important information on the blog and contains material not found on the site at all. Straighten out your financial life today! Also available on Audible!Click to learn more!
This concentration prepares future physicians to apply the fundamentals of business in clinical environments. As a result, students learn how to improve medical outcomes, reduce costs, and lift staff morale. Team-based consulting projects teach students to frame managerial challenges, envision new organizational solutions, evaluate tradeoffs in resources and outcomes, and implement improvements at an enterprise level.
For me the most interesting sections of this book were the early company history with its photographs, the very well written account of research and development in recent years, and the history of the establishment and growth of Glaxo in the USA.
My disappointments were the lack of any real definition of the personalities of those who led (and lead) the company, the almost total lack of reference to industrial relations, and the overall feeling that this book was written from a desk placed securely in the Board Room. There are more than 1800 notes and references, and the preponderant sources are Board minutes and interviews with Board members and company executives.
Doctors and other medical professionals rely on high-quality equipment to treat patients. This equipment ranges from gloves and masks (PPE) to intricate niche tools used by specific surgeons, doctors and health professionals. Hospitals and office managers work closely with medical supply businesses to procure this equipment and ensure they always have the items they need.
Operating a medical supply business is no different from any other company in that you need to find what makes your brand unique. Once you know that, you can find your target market and work to set yourself apart from competitors. Ask questions like these to better understand what you bring to the industry:
Work with a local accountant to help you decide what is best for your business and refer to the BizFilings business type comparison tool to get a better understanding of your options. Each state has its own guidelines and costs for forming a business, such as whether you need to produce annual reports or pay annual fees to stay operational. Knowing all of these details will help you choose the right business entity for your new medical supply venture.
Important to any good business is accurate bookkeeping and a strong financial footing. You must have a clear understanding for how you plan to fund your medical supply company and how this funding will affect your budget now and in the future. A few funding options include:
The foundation of your business will be working closely with medical distributors and vendors. These are large-scale manufacturers who produce millions of supplies each year who then sell to distributors like yourself so you can market and sell the wares on a smaller scale. When choosing your supplier(s) and vendor(s), consider a few key factors:
Once you have established what your business is and how it operates, the only thing left to do is execute your business and marketing plan. During this period, you will open your warehouse, website or both, ensuring that you have a place to house the medical supplies and/or manage orders.
Medicine has triumphed in modern times, transforming the dangers of childbirth, injury, and disease from harrowing to manageable. But when it comes to the inescapable realities of aging and death, what medicine can do often runs counter to what it should.
Don't get me wrong. I enjoy good books. In my academic career, I have done my share of editing books and contributing chapters to textbooks. I know it is a big deal in some fields to publish books and careers get decided by books. But for those of us working in medicine or public health, are books and book chapters worth the effort? Is the juice worth the squeeze??
When I review tenure dossiers, I rarely look at the section on books! So, I seriously doubt if any of my book contributions had the slightest impact on my own tenure and promotions. As I mentioned earlier, I realize this is different in social sciences and arts, where books might be critical for tenure.
In the interest of transparency: I work for Springer Nature, the publisher of one of your books. Thank you for your post. While I understand your arguments, I do believe we have already found solutions for the most important issues that you raise, and we are continuing to work on improving the book, be it in print or electronic.
Additionally, we offer now the possibility to publish books in an open access business model, very similar to how it works in the journal world. Funders are more and more supportive for OA books, so I believe we will see much more of them in the near future.
But if we do so, I would also like to see that books one day will count for tenure or promotions. Once we publishers make the societal and scientific impact of books transparent and comparable to a journal article, it should make a difference if you are a successful book author or not! Would you agree?
Thanks a lot for the detailed and helpful response to my concerns about the medical book publishing business. Springer Nature is a major publisher and I am glad that you are listening to your author/user base!
When I shared my post via this blog, social media and email, I received a large number of responses, nearly all agreeing with my post. Many colleagues in medicine had similar stories to share! Clearly, I had articulated what everyone already knew and perceived.
I am glad to hear that you are worried about the concerns that I have raised and are actively working to fix them. They will definitely improve the current situation, but a growing number of academics in medicine now think that the medical book/journal publishing business primarily benefits publishers, while much of the hard work is done by researchers, editors and reviewers (who are largely not compensated) who are mostly supported by public funds, while public access remains limited. So, I hope your strategy will address this erosion of trust in the current publishing model.
Commercial genetic testing reinforces the idea that genes map neatly onto race, all while generating massive stores of data in DNA databases. Race-specific drugs are hailed as steps toward personalized, patient-responsive medicine. Facial recognition technologies using machine learning claim it possible to estimate a racialized criminal phenotype.
The Global Forum on Innovation in Health Professional Education hosted a workshop in April 2017 to explore the value proposition for CPD. Forum members and workshop participants gathered to learn about innovative CPD programs around the world, to consider the perspectives of those who invest in CPD, and to discuss the business case for CPD. This publication summarizes the presentations and discussions from the workshop.
Healthcare providers like doctors, therapists, and other medical practitioners can use Business Profile to claim and manage info for their practices. Business Profile offers the option to add details about services like telemedicine and personalize your profile on Google Search and Maps.
A verified Business Profile account helps control the number of duplicate profiles that display for your business. Although most duplicates will be resolved in the bulk verification process, you can also flag business profiles for removal.
Creating a website can increase the legitimacy of your business in the eyes of potential clients. You can even go as far as cold-calling skilled care facilities, medical offices, and medical supply businesses, networking with healthcare professionals, and Googling the delivery process of other medical couriers. 350c69d7ab