Physician entrepreneurs are not immoral, greedy profiteers
Arlen Meyers, MD, MBA
President and CEO, Society of Physician Entrepreneurs, another lousy golfer, terrible cook, friction fixer
Physician entrepreneurship, the pursuit of opportunity under conditions of volatility, uncertainty, complexity ambiguity with the goal of creating user defined value to achieve the quintuple aim through the deployment of product, process and policy innovation using a VAST business model to achieve the quintuple aims?has gone mainstream.
When asked what drives the economy, many Americans have a simple, single answer that comes to mind immediately: “greed.” They believe the rich and powerful have designed the economy to benefit themselves and have left others with too little or with nothing at all.
This report notes, “The public trusts healthcare workers. In April 2020, 89 percent of adults had a favorable opinion of both doctors and nurses. Today, that number still hovers around 85 percent. Despite this healthcare heroism, the public has only lackluster approval of hospitals based on their business practices.?
Many erroneously think that innovation is just about about products and services. In fact, there are many other ways to create something new or something old in a new way, most commonly business models, processes, experience or delivery channels.
The other common misconception is entrepreneurship is exclusively about creating a company. Here are some other myths about physician entrepreneurs.
?Like most , physician entrepreneurs do it primarily?to help patients and create patient defined value.. In part , they do it to generate a profit. Some , social entrepreneurs and intrapreneurs, have other motivations. It seems profiting from biomedical and clinical innovation rubs some people the wrong way, who consider the entire enterprise as immoral profiteering.?When doctors and other members of the biomedical industrial complex put profits ahead of patients, the conclusion is justified.
There are many reasons why people fear physician entrepreneurs:
1. Because they are afraid they will place the profit motive above patient interests.
2. Because they don't trust "businesspeople" and, when it comes to medicine, "money is dirty" and the root of all evil.
3. Because they think entrepreneurship is about creating a business.
4. Because they think entrepreneurs are dishonest.
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5 Because they think it corrupts the professionalism of medicine and encourages conflicts of interest.
6. Because they think it attracts the wrong kind of person into medicine.
7. Because they think it is a waste of a medical school education and has no place in the curriculum.
8. Because they are fed up with "high priced suits" who don't add value ripping off the system.?
9. Because they don't think doctors can do both and should stick to medicine.
10. Because they think doctors are innately lousy businesspeople and should just pay attention to taking care of patients.
Outsiders from around the world, particularly those who live or come from a country with?a single payer, universal system, scratch their heads in amazement at the costs and "immorality' of the US system and , when painting it with the broad brush of criticism, indict physician entrepreneurs and those like them with the same stroke.
About 20% of US consumer spending is on sickcare and is expected to continue rising. Angry patients who are paying more despite their insurance think greedy doctors are the problem. Others point to drug companies, politician and payers as the culprits. Patients don't think they have much to do with budget busting sick care spending and costs and instead are the victims of a capitalistic ethos that has no place in medicine. While patients trust their doctors, admittedly less and less, they overwhelmingly distrust "the system" and the parts that make it.
For physician entrepreneurs, the challenge is to reconcile the ethics of business with the ethics of medicine?by practicing compassionate capitalism. Critics are justified in exposing those who violate that social contract that places the interests of patients first and profits second. Beyond that, marginalizing and stigmatizing physician entrepreneurs is unjustified and will interfere with us innovating our way out of the US sick care mess. Adam Smith offered that it is liberty that is at the heart of capitalism, and at the heart of liberty lies commitment to the good of humankind. Considering Smith’s position reminds us of a long-standing, but increasingly endangered, American moral sensibility: liberty and the economic freedom it entails serve the common good.
Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs on Substack
Physician at Mountain West Workers Free Clinic
5 年Perhaps not.? But the early investors, past the FFF round, are the the initial audience for these entrepreneurs and lest you have any doubts, they are CAPITALISTS and not humanitarians.? Also, US healthcare distorts every market it touches and is based on the reality that no more than 10% of patients are potential sources of profits.? There is no doubt that a system that is SO CONTORTED presents opportunities for people wishing to work the angles and game the system even more effectively.? Don't believe me?? Try doing your next investor "dog and pony show" investor pitch with the idea that investors should be attracted to your company because it just does so much good for mankind.? Profits?? Well maybe.??
“Los Angeles super Doctor” 2018 at Miracle Mile Medical Center
7 年Well said,thank you. As a professional community and as entrepreneurs, while we adhere to strict standards of excellence,value driven conscionable pricing,and full transparency on our websites , in our waiting rooms and throughout our facilities we begin to leverage Goodwill. Holding ALL parties involved including Government, insurance companies Pharma and Healthcare facilities to similar standard would open the door to the most important achievement -the safety security and well being of our patients.
ER physician / Director of ED Quality, Safety & Innovation @UHN. AI/Virtual Care/Health IT
7 年Physician entrepreneurs are actually uniquely talented since they have front line experience dealing with patients AND the ability to innovate for their patients. Unlike most traditional pharma executives that only see the product or service end of their business, physician entrepreneurs start with their patients. Their unique perspective is what keeps them ethical and reasonable.
medical director/Founder at Umedex Inc
8 年As a product of a multigenerational family of physicians, I consider it my duty and privilege to be entrepreneur for better medical care. I certainly can't say the same for others in the medi-business, including many hospitals, drug companies, insurers, etc. For many in these groups money is the only bottom line Independent evaluations say that 85% of drugs on the US market are either ineffective or duplicates of other less expensive formulations. That doesn't sound to me like better health are is the goal.
SCCA Dermoscopy & Advance Skin Cancer Surgery NZ. Member of The Skin Cancer College of Australasia and The Cosmetic Physicians College of Australasia. A4M Advanced Cosmetic Medicine.
8 年Physicians add compassion and care to the world of health system businesses. Finding an entrepreneur physician is a rare gem. They lack the heart of corruption, and their patients come first creating a balance between excellent health care and earned profit through their hard work. Money well earned within an ethical system not only provides the earner with retribution but with greater opportunities to continue creating brilliant opportunities to help others. Money was created invented to open doors, and the only difference between corruptive minded earners and non corruptive ones is: the hand that holds the key- it is all in the mind and logic, not to mentioned the heart of the one who stands in the frontline of leadership.