From "Do No Harm" to "Let's Make More Money": A Shift in My View on Leadership

I vividly recall the day I took the Hippocratic Oath after completing my MBBS from Ambrose Alli University .

It was a transformative moment, a rite of passage that marked not just an academic achievement but a solemn pledge to serve others selflessly, uphold the ethics of medicine, and prioritise patient well-being above all else.

It felt noble and sacred, a commitment to something far more significant than myself.

In those early days, I believed medicine and finance should never intersect.

Healthcare, to me, was purely about healing, not profits.

A proper doctor should focus solely on patients, not think about money.

Yet, as the years unfolded, I found myself in a new environment in an MBA classroom at the University of East London filled with entrepreneurs, executives, and corporate leaders.

One fateful day, a remark from my professor struck me like lightning:

"If your business isn't making money, it's failing."

I paused, grappling with the dichotomy.

This starkly contrasted everything I had learned as a doctor, where patient care was paramount, and finances seemed secondary.

I realised that even the most compassionate healthcare institutions could fail without financial sustainability, potentially depriving patients of the needed care.

The Internal Struggle: Can Medicine and Business Coexist?

For months, I wrestled with this dilemma:

• Was I somehow betraying my oath by considering profitability?
• Could a hospital or clinic be financially strong and committed to patient care?
• Where do we draw the line between sustainability and commercialisation?

Standing at this crossroads, I realised that this tension was not only my struggle.

It's a challenge faced by every healthcare leader, hospital administrator, and medical entrepreneur.

We've all witnessed the consequences of imbalance.

On one end, financially unsound hospitals suffer debt, staff shortages, and outdated equipment.

Conversely, profit-driven healthcare systems prioritise revenue over patient outcomes, leading to overcharging and unethical practices.

Neither extreme is acceptable; discovering that delicate balance is the real challenge.

The Truth About Profit and Purpose

After decades of practising medicine and entrepreneurship, I've come to an enlightening conclusion:

Profit and purpose are not adversaries but essential companions.

The most effective healthcare leaders understand this vital connection and recognise that:

1. A financially robust hospital can invest in cutting-edge technology, attract top-tier talent, and provide exceptional care.
2. A well-managed healthcare business can reach more underserved populations, reducing dependency on government funding or donations.
3. Ethical leadership and patient trust are moral responsibilities and strategic advantages that can lead to long-term success.

The most impactful entrepreneurs and executives in healthcare don't chase profit for its own sake; they harness it as a catalyst to drive meaningful change.

The Leadership Mindset Shift: From Trade-Off to Synergy

Doctors have shied away from discussing money and business for too long, fearing that engaging in financial conversations undermines our ethical commitment.

Yet the stark truth is:

1. If doctors don't embrace business knowledge, those lacking our medical insight will run healthcare.
2. Profit will overshadow patient care if we allow solely business-minded individuals to dictate healthcare.

The solution is not to reject business thinking but to intertwine it with an ethical, patient-centred approach.

The most successful healthcare leaders understand this as a synergy.

They craft models that demonstrate the following:

1. Profit fuels provide the sustainability needed for long-term impact.
2. Ethical leadership fosters trust, which, in turn, solidifies financial stability.
3. Financial health promotes innovation, enhancing both medical outcomes and accessibility.

This mindset extends beyond hospitals; it resonates with every industry leader.

A business that solely pursues profit, devoid of purpose, loses credibility.

Likewise, a leader focusing only on impact without ensuring sustainability ultimately depletes their resources.

Choosing one over the other is not ideal, but integrating both.

The Future of Healthcare Leadership

We stand on the brink of a new era that demands healthcare leadership embodying business acumen and ethical commitment.

The time has come to unite these two realms.

The most successful healthcare leaders of the future will be the ones who:

• Fully understand patient care alongside financial management.
• Prioritise ethical leadership while ensuring long-term sustainability.
• Balance innovation and accessibility, making healthcare both groundbreaking and inclusive.

This is the leadership challenge of our time.

Together, we can build a future where healthcare thrives, where every decision supports profitability and our patients' well-being.

Let's rise to this challenge and inspire a new generation of leaders who believe that profit and purpose can and must forge a powerful alliance.

I wish you a fabulous week ahead!

Ikechukwu Okoh

Author of Leadership Pulse