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Business Education in Medical School – How Would the Course of a Doctor's Career be Shaped?

Doctor or businessman? Perhaps a rhetorical question, as both qualities are necessary for the economic survival and success of a doctor with his own office.

The need for the existence of entrepreneurial knowledge in the practice of private medicine, is highlighted daily, especially in the context of today's competitive environment in the field of health care.

Business Education in Medical School – How Would the Course of a Doctor's Career be Shaped?

There are many reasons why all physicians, especially medical students, should obtain or demand from their medical school academic business education.

It should be noted that about 98% of doctors and medical students have never received an academic business education. At the same time, about 30-50% of the graduates of the Medical School, prefer private medical practice, by having their own office – which requires not only business, but also and marketing knowledge, to achieve an optimum performance.

The medical office as a legal and recognized business entity

The universal standard for each successful business is based on the following elements: the use of available management tools, business education, and implementation of marketing actions, according to the expectations of each doctor-owner.

Any private medical practice should be based on business principles as well as current marketing methods, so that it can be efficient.

At this point, it should be mentioned that during the last century, the 174 accredited medical schools never offered or provided any type of entrepreneurship education to their medical students.

Prior business education brings benefits, in any case

It is very likely that there will come a moment when you ask yourself: "Why did Medical School not offer me a business education, since it would not only lead me to reach my expectations, but also help me become a better doctor?"

At most cases, all the years of a career in medical practice are not enough to approach the entrepreneurial knowledge that you could have received from the beginning, during academic training.

The lack of entrepreneurship education during studies, considering the benefits and needs of today, should definitely be reviewed again.

Another point, which should be emphasized, is that the benefits of entrepreneurship education are not limited to the performance of a doctor's office. So, it doesn’t have to do only with the profit.

Being organized, offering quality services be using modern tools to facilitate patients, are all elements of an overall quality experience for the patient of 2023.

What are the benefits of entrepreneurial training for doctors?

- The field of private medical practice would evolve greatly.

- The phenomenon of burnout of doctors today, would be significantly reduced.

- The satisfaction with the career of medicine would be great – a fact that today, is the main reason for discouraging future students to choose attending medical school.

- Understanding additional business terms enhances self-confidence while increasing the performance of the private medical practice.

- More knowledge is equivalent to a better organized and efficient business.

- Doctors would remain in private medical practice much longer and retire much later, if not at all - unlike the opposite occurring today.

- The quality of healthcare would increase significantly – especially today, when the overall patient experience shapes the quality of the health care offered.

- The preference of medical schools would be increased greatly and the career in medicine would gain greater prestige and prospects – Future students would realize that the medical school would provide them with a comprehensive training program that would help them reach their ultimate goals in life.

- Business education not only inspires, but also allows all doctors to earn the level of income they expect.

- The patient-doctor relationship would be upgraded, resulting in the building of greater trust and fidelity - in contrast to the phenomena of lack of respect and distrust that are often observed towards the doctor, today. This would come from the additional ability of doctors to implement specific business tools to facilitate their patients, but also manage objections.

There are two factors that contribute to the success of any form of private medical practice:

- Marketing activities: The aim is to ensure a continuous and increasing flow of new patients by using modern ways and techniques of attraction.

- Management tools: An important element of any enterprise that promotes efficiency, productivity, profitability, and service to patients.

An effective management plan of the office has also impact on the quality of the care offered and, by extension, the compliance and therapeutic effect.

All the above are considered difficult to be achieved without the existence of basic business knowledge. It is no coincidence that we are now talking about a "health consumer", fully informed, who has new needs and requirements.

For the maximum efficiency of the medical office, till the development and the offer of quality care, business education will be a useful tool, an important additional qualification, in the training of the doctor.

Maybe it is time to think in a different way…

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