What entrepreneurial residents should know about being an employee

While most medical schools and residencies do not teach the business of medicine or?fundamentals of medical practice entrepreneurship,?premedical and medical students and residents are gradually embracing entrepreneurship on their own on social media, online courses and peer groups and other informal channels.

On the other hand, increasing numbers of students and residents are not interested in independent practice and, instead, are working as employees of academic and non-academic health systems, including those owned by private equity, BIG TECH and retail pharmacies.

Here are some things you should know about being a doc in a grey flannel suit. and if you wear that grey flannel skirt to work.

If you are about to sign on as an employed physician, but also interested in entrepreneurship, here are some things to consider before signing on the dotted line to get that signing bonus:

1. Understand the definition of physician entrepreneurship.?It is not just the process of creating new products. Instead, it is the pursuit of opportunity under volatile, uncertain, complex and ambiguous conditions. The goal of all entrepreneurs, including physician entrepreneurs, is to create user defined value through the deployment of innovation?using a VAST business model?to accomplish the quintuple aims.
2. Consequently, as an employed physician, you will need to assume the role of an intrapreneur.
3. Being an employed physician will not relieve you of the responsibility of learning how to practice medicine using a VAST business model or generating sufficient income for your employer.
4. "I just want to see patients and not be bothered with all that business stuff" is not a viable strategy for long term career success, regardless of your practice environment.
5. Since you did not learn about the business of medicine in your training, you will have to acquire the knowledge, skills, and attitudes on your own and on the job training. This applies to advanced practice professionals as well.
6. Subject matter expertise is table stakes. Your success will depend on business, non-clinical and emotional intelligence competencies
7. Your employment contract should include the terms and conditions concerning intellectual property you created during your employment and after should you decide to leave, or you are terminated.
8. Hopefully,?you considered these things when it came time to choose your residency.
9. The clinical mindset is different from the entrepreneurial mindset,?and you won't be asked questions about the latter on your board exams.?Innovation starts with mindset, not your employment status.
10. Have Plan B.?Here is what to do?when your white coat gets the pink slip?because "you are not a good fit"
11. Don't be surprised if your employer?doesn't know how to maximize your value as an intrapreneur.
12. Here are some intrapreneur survival skills
13. Improve your financial literacy
14. Improve your data literacy and data dexterity.
15. Learn how to be a clinical champion
16. These issues are unique to working as an academic intrapreneur
17. Decide whether you are wasting your time on entrepreneurship
18. Be careful if you are a cash cow for the hospital.

Are you still blowing off private practice? You might want to change your mind.

My prediction is that the percentage of doctors choosing to be independent will rebound due to changing job roles, productivity tools, technology, business models, attitudes and?better bioentrepreneurship education and training.

Until then, be careful what you ask for. More importantly, understand what your potential employer is asking for.

Arlen Meyers, MD, MBA is the President and CEO of the?Society of Physician Entrepreneurs