Business training more important than ever for new docs

Two businessmen shaking hands in a hallway

Medical graduate students are at a disadvantage when they don’t get trained on the business elements of medical practice, writes Arlen Meyers, M.D., M.B.A., in Physician’s Money Digest.

Per previous reporting by FiercePracticeManagement, medical students are increasingly taking the time to learn about business before they go into practice, even though many employed physicians would still prefer to practice medicine without worrying about the mechanics of running a practice. Meyers argues that it’s time for the Accreditation Council for Graduate Medical Education (ACGME) to add business competencies to the original six “Core Competencies” it identified in its 2002 Outcome Project initiative. The lack of a requirement that students learn the business of medical practice, including administrative, innovation, and quality improvement training, not only puts students at a competitive disadvantage but also contributes to “poor patient outcomes, persistent systemic dysfunction and patient experience problems,” he says.

Among the factors making business knowledge vital for new doctors, Meyers cites the following:

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