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Doctors' money mistakes

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winston53660

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Physicians are poor businesspeople, because they "tend to be so engrossed in the medical part,"

Doctors' money mistakes - Jan. 16, 2012

Well this is a just big giant DUH!

When I was a working photographer I really did not give a **** about the business side. Just making great images. In the society we live in today the business side has eclipsed every other side.
 
We discussed this not too long ago - but ater that discussion it occured to me that their issues could be resolved if schools would focus on degrees in 'medical business'

Apparently it's a void: there are none (that I know of) Medical related business licenses, branches, practices or certification dn degree programs but apparently there's a HUGE market for it as a success.

I think it's unfair to expect the ones we rely on the most to ALSO be business-pros, entrepreneurs and so forth . . . they should have an adequate pool of people who specialize in that to hire on and work under just like you can specialize in 'medical law' if you'd like.
 
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In pharmacy school I will have to take 2 business related classes. One will be a more HR type course that trains us in how the medical model works and how to work with pharmacy technicians and hospital staff (while refining professional communication skills). The other is a business management course that will train us to run an efficient pharmacy from a fiscal standpoint while also addressing issues like pharmaceutical inventory and insurance billing. A pre-req for my pharmacy school was to take a course in economics as well. I think it would be a good idea for medical schools to institute similar courses relevant to their needs. Many MDs become private practitioners that run their own family practice. Even so others will have administrative duties in hospitals (as do hospital pharmacists).
 
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Aunt Spiker said:
We discussed this not too long ago - but ater that discussion it occured to me that their issues could be resolved if schools would focus on degrees in 'medical business'

Apparently it's a void: there are none (that I know of) Medical related business licenses, branches, practices or certification dn degree programs but apparently there's a HUGE market for it as a success.

I think it's unfair to expect the ones we rely on the most to ALSO be business-pros, entrepreneurs and so forth . . . they should have an adequate pool of people who specialize in that to hire on and work under just like you can specialize in 'medical law' if you'd like.
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Health Services Administration

..........
 
digsbe said:
In pharmacy school I will have to take 2 business related classes. One will be a more HR type course that trains us in how the medical model works and how to work with pharmacy technicians and hospital staff (while refining professional communication skills). The other is a business management course that will train us to run an efficient pharmacy from a fiscal standpoint while also addressing issues like pharmaceutical inventory and insurance billing. A pre-req for my pharmacy school was to take a course in economics as well. I think it would be a good idea for medical schools to institute similar courses relevant to their needs. Many MDs become private practitioners that run their own family practice. Even so others will have administrative duties in hospitals (as do hospital pharmacists).
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Id rather my cardiologist spend their time studying cardiology.
 
winston53660 said:
Id rather my cardiologist spend their time studying cardiology.
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2 extra classes through the span of 4 years just to touch on the basics isn't unreasonable in my opinion. Your cardiologist actually only did 2 years of graduate academic work followed by 2 years of hands on experience rotating through areas of medicine. They learn most of their specialty from the residency that go through.
 
digsbe said:
2 extra classes through the span of 4 years just to touch on the basics isn't unreasonable in my opinion. Your cardiologist actually only did 2 years of graduate academic work followed by 2 years of hands on experience rotating through areas of medicine. They learn most of their specialty from the residency that go through.
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I know I go to a teaching hospital and I'm of great interest to the students.
 
Aunt Spiker said:
We discussed this not too long ago - but ater that discussion it occured to me that their issues could be resolved if schools would focus on degrees in 'medical business'

Apparently it's a void: there are none (that I know of) Medical related business licenses, branches, practices or certification dn degree programs but apparently there's a HUGE market for it as a success.

I think it's unfair to expect the ones we rely on the most to ALSO be business-pros, entrepreneurs and so forth . . . they should have an adequate pool of people who specialize in that to hire on and work under just like you can specialize in 'medical law' if you'd like.
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Yea, that makes sense. My son is a music major in college, there are lots of different kinds of music degrees, one of them is specifically a "Music Business" degree which concentrates less on being a musician and more on running a music related business. There is also a "Music Industry" degree which concentrates more on producing music (as in the technical aspects of production, mixing, and electronics, and recording, etc) than it does either business or being a musician.

I believe that some colleges do offer a degree in "Hospital Administration".

Many "professionals" tend to really struggle when they have to manage a business because it's mighty hard to be both the manager and the primary income producer. A few weeks ago I asked my ENT doctor for a price quote on the surgery that he was recomending. He just gave me the business card of his business manager and told me to call her.
 
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winston53660 said:
Physicians are poor businesspeople, because they "tend to be so engrossed in the medical part,"

Doctors' money mistakes - Jan. 16, 2012

Well this is a just big giant DUH!

When I was a working photographer I really did not give a **** about the business side. Just making great images. In the society we live in today the business side has eclipsed every other side.
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The article doesn't talk much about the "medical business" side. It's talking more about the financial decisions they make in their personal life. Bad investments...over-spending...taking on too much debt. Probably along the same lines of how others who suddenly come into money end up broke.
 
MaggieD said:
The article doesn't talk much about the "medical business" side. It's talking more about the financial decisions they make in their personal life. Bad investments...over-spending...taking on too much debt. Probably along the same lines of how others who suddenly come into money end up broke.
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I can see it. Few of us are money savey, even people who may be highly educated in other fields. We are not supposed to be.

Very few people even remotely understand investing unless they have taken classes in it or have had a mentor of some sort. That article could have been written about most any profession.
 
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