What should you know about the business of medicine before you finish your residency or fellowship?
Arlen Meyers, MD, MBA
President and CEO, Society of Physician Entrepreneurs, another lousy golfer, terrible cook, friction fixer
If you do not practice the business of medicine, either as an employed physician or an independent one, you have no business practicing medicine, because 1) it is an essential part of career success and satisfaction, and 2) because if you don't have a VAST medical practice business model you will go out of business or get fired.
Here is list of topics you should learn before you take a job after your residency or fellowship:
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The American Medical Association launched a five-year, $15 million grant initiative aimed at improving residency training , including projects supporting emerging technologies.
The six ACGME Core Competencies are: patient care; medical knowledge; practice-based learning and improvement; interpersonal and communication skills; professionalism; and systems-based practice. Each competency is made up of different milestones residents are required to master at key stages of their medical training.
Patient Care
Residents must be able to provide patient care that is compassionate, appropriate, and effective for the treatment of health problems and the promotion of health.
Medical Knowledge
Residents must be able to demonstrate knowledge about established and evolving biomedical, clinical, and cognate (e.g. epidemiological and social-behavioral) sciences and the application of this knowledge to patient care.
Practice-Based Learning and Improvement
Residents must be able to investigate and evaluate their patient care practices, appraise and assimilate scientific evidence, and improve their patient care practices.
Interpersonal and Communication Skills
Residents must be able to demonstrate interpersonal and communication skills that result in effective information exchange and teaming with patients, patients’ families, and professional associates.
Professionalism
Residents must be able to demonstrate a commitment to carrying out professional responsibilities, adherence to ethical principles, and sensitivity to a diverse patient population.
Systems-Based Practice
Residents must be able to demonstrate an awareness of and responsiveness to the larger context and system of health care and the ability to effectively call on system resources to provide care that is of optimal value.
Medical Practice Entrepreneurship: Residents must be able to demonstrate they can deliver stakeholder defined value through the deployment of innovation using a valid business model to achieve the sextuple aims.
Arlen Meyers, MD, MBA, is the President and CEO of the Society of Physician Entrepreneurs on Substack
President and CEO, Society of Physician Entrepreneurs, another lousy golfer, terrible cook, friction fixer
4 个月Resource to find your first job after residency or fellowship https://physicianx.com/
USA - FMG MD | Multi-specialty ICU/Hospital/Clinic XP | Epic Documentation Improvement | Dragon | Physician EPIC GoLive Consultant | Clinical Healthcare | Lifelong Learner | Scientific Master Scuba Diver | Admin Liaison
8 个月Arlen Meyers, MD, MBA what about the 1000’s of MDs who don’t go into residency annually. Shouldn’t they have a shot at training in the business of medicine? Untapped resources!
Unconventional Surgeon | ?? | ?? | Podcast/Speaker, Coach, Entrepreneur, Leader, Human
8 个月There’s way more to medicine than the technical know-how but that’s what schools and residency programs mostly focus on. Great list of all the other dimensions every physician should be aware of.
Medical Director
8 个月I agree with much of what you have stated. I provide monthly lectures to family practice students, and I have been addressing some of the very topics you have stated while moving away from traditional didactics. I didn't get any discussion about these topics when I was in medical school over two decades ago. And it has not changed.