THE BUSINESS SIDE OF MEDICINE
The U of L School of Medicine, in partnership with GLMS, recently
hosted the third annual Residents in Business program where over
100 physicians entering their last year of residency were guided by
physicians and attorneys through the basics of business.
The three-day seminar held at U of L’s University Club and Alumni
Center encouraged residents to consider the pieces of being a physician which would impact their professional satisfaction and development. Members of OPM Education guided each day’s topics
including contract negotiation, analyzing financial reports and issues
to consider when joining a practice.
“This business course was many years in the making. We knew we
wanted to immerse residents in the business world,” said GLMS
Treasurer and in-coming President-Elect John Roberts, MD. Each
morning, Dr. Roberts, also the Senior Associate Dean of Medical
Education at U of L, welcomed residents and encouraged them to
ask questions, engage with speakers and leave with their questions
answered.
Bonnie Mason, MD, Founder and President of OPM Education, led the
event and guided students through morning topics such as contract
analysis, revenue generation expectations and other non-clinical
aspects of medicine.
“These are the subjects you’ll need to know to successfully run a
practice,” said Dr. Mason, who spoke about running her first practice
as an orthopedic surgeon and the unexpected burdens it placed on
her. “I was having to make business decisions in this practice that I
had no education or experience in.”
These new physicians have the added burdens of high student loan
debt and the possibility of medical liability claims, 75 percent of
which are closed with no payment to the plaintiff yet cost physicians
an average of $94,000 per case to defend themselves. To safeguard
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against avoidable business issues, Dr. Mason emphasized, “Learn
the business of medicine, because medicine is a business.”
Incoming GLMS President, Robert (Bob) Couch, MD, MBA, spoke to
residents over lunch on days two and three, emphasizing several of
the points discussed by Dr. Mason.
“I remember my medical education well and I remember my business education too, which was a big fat zero. When you’re a business owner, you have to think about so much besides the practice
of medicine. We can no longer ignore the financial implications of
the health care decisions we make each day.”
Outgoing GLMS Board Chair James Patrick Murphy, MD, MMM,
served as the opening day guest speaker and encouraged students
to take advantage of learning opportunities and plan for the unexpected.
“We’ve all been in your shoes before but I wasn’t in your seat. We had
to learn on the fly,” explained Dr Murphy. “We all have employers,
even in independent practice. Think ‘Who is my employer and what
is that negotiation?’ No matter what you do, you’re going to have to
learn to negotiate. It will make you miserable if you don’t get it right.”
He continued, “Know your employer, know your customer and know
your product. My product is pain care, but it’s really more than that.
It’s problem solving. Know who you are, because I want you, all your
career, to be excited about going to work.”
The GLMS has pledged $15,000 over the course of three years to
help make the Residents in Business program a success. This is the
society’s third year of involvement as an official partner. Members
of the GLMS who participated in the program include John Roberts,
MD, Robert (Bob) Couch, MD, MBA, James Patrick Murphy, MD,
MMM, J. Wesley Sublett, MD, and Tracy Ragland, MD.
GLMS NEWS MAY 2015