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Physician Leaders and the Business of Medicine

From the College  |  Issue: November 2008  |  November 1, 2008

By their nature, physicians tend to be independent and viewed as the expert in the room. Often, they contribute to achieving goals by their individual efforts. The physician leader, in contrast, has become a hybrid of clinicians and management and is charged with organizing and overseeing a group effort, motivating individuals to contribute to a practice or institution as team members and work toward goals and objectives that are larger than their own personal ones.

Moving from the role of the contributing physician to the hybrid physician leader is not always easy. These dual roles can become problematic because the language of physicians and the language of management are different. Physicians focus on the care of individual patients and speak a language of data and treatment while, according to Dr. Guthrie, “the language of the business side of medicine is a language of finance, resources, and planning.” The new physician leader must find resources to help him or her adjust to the new language and environment.

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Learning the Language

For new physician leaders or those preparing to move in this direction, understanding of the types of business they will conduct is of vital importance. Gaining the knowledge needed to become a hybrid can often mean the difference between success and failure.

Not every physician leader must become the next great entrepreneur or businessman but he or she will need a firm grasp on the basics of business. These skills may be obtained in a variety of ways, ranging from small leadership courses to obtaining an advanced business degree. Some physician managers may learn on the job by working with a mentor while others simply seem to have a knack for organizational issues.

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Physician leaders must stay on top of emerging trends in healthcare, new and innovative therapies, and the financial and economic climate of their practices, departments, and communities. They need to be savvy communicators with an understanding of group dynamics and organizational politics. They must manage projects and meetings, have a firm grasp on human resource issues, and ultimately possess an entrepreneur’s spirit.

Over the next several months, “From the College” will offer information about physician leaders and the business skills that help them grow, and successfully lead their practices and departments.

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Filed under:From the CollegePractice Support Tagged with:Care TeamLeadershipPractice ManagementPractice Updates

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