Early-career physicians will likely emerge from residency and fellowship training feeling thoroughly prepared to handle the clinical demands of life in full-time practice. The business aspects of their new practice, though, may be more mysterious. That’s why experts say residents and fellows should seek out education in the skills they will need to master the business side of medicine—skills that can mean the difference between success and failure regardless of practice setting.
“Medicine is a science. Being a doctor is an art. Health care is a business. To be successful, you have to have all three. Otherwise, your doors aren't going to stay open,” said Brandi Ring, MD, the ob-gyn chair of a 115-bed hospital in Keene, New Hampshire.
A member of the AMA Business of Medicine Advisory Committee, Dr. Ring also has a master’s degree in business administration, but she said not every physician needs an MBA to succeed in the health care business.
In this news article, residents, fellows and early-career physicians will find out how to learn the skills they do need to navigate the business side of medicine, including:
- How to evaluate practice settings.
- Why it’s important to learn and speak the language of finance.
- When revenue management matters to employed physicians.
- And more.
