By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    stress management for healthcare workers
    3 Tips For Healthcare Professionals: How To Stay Beautiful, Healthy, and Happy
    November 2, 2021
    importance of relaxing on the weekend for your health
    Importance of Relaxing During the Weekend for Optimal Health
    March 25, 2022
    LASIK Eye Surgery
    What Is LASIK Eye Surgery?
    May 16, 2022
    Latest News
    6 Easy Healthcare Ways to Sit Less and Move More Every Day
    September 10, 2025
    7 Most Common Healthcare Accreditation Programs: Which Should You Use?
    August 20, 2025
    Hospital Pest Control and the Fight Against Superbugs
    August 20, 2025
    Hygiene Beyond The Clinic: Attention To Overlooked Non-Clinical Spaces
    August 13, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    Heroism in Harm’s Way
    February 21, 2015
    5 Things Every Trainee GP Should Know
    August 27, 2019
    Top 5 Facts About CPPA Accreditation
    April 9, 2015
    Latest News
    Healthcare at a Crossroads: Why Leadership Matters More Than Ever
    September 9, 2025
    How Social Security Disability Shapes Access to Care and Everyday Health
    August 22, 2025
    How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
    August 22, 2025
    How One Fall Can Lead to a Long Road of Medical Complications
    August 22, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: MBAs for Practicing Physicians: Learning to Lead in the New Millennium
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Finance > MBAs for Practicing Physicians: Learning to Lead in the New Millennium
BusinessFinanceHospital AdministrationMedical Education

MBAs for Practicing Physicians: Learning to Lead in the New Millennium

Kevin Campbell
Kevin Campbell
Share
5 Min Read
SHARE

Healthcare is changing and physicians and hospital systems must quickly adapt in order to remain solvent in these challenging economic times.  No longer is it adequate to be the best clinician, best surgeon or the most brilliant diagnostician.  Now, more than ever, physicians must have a thorough understanding of business and economics.

Healthcare is changing and physicians and hospital systems must quickly adapt in order to remain solvent in these challenging economic times.  No longer is it adequate to be the best clinician, best surgeon or the most brilliant diagnostician.  Now, more than ever, physicians must have a thorough understanding of business and economics.  Many practicing physicians are finding out that entrepreneurial thinking and a shrewd business approach to everyday medicine is the answer to improving patient care all while preserving  the bottom line of the hospital or practice.

Recently, the University of Indiana began offering an Business of Medicine MBA program to practicing physicians.  This program is quite unique in that it is specifically designed for clinicians who are in practice and want to return to school without interfering with their “day job”.  Many medical schools and business schools are now offering combined degrees to medical students already and these are becoming more popular.  At Wake Forest University where I went to medical school, a combined MD-MBA was offered back in the 1990s.  However, the Indiana program for practicing physicians is the first of its kind.  Accounting for the busy schedule of a practicing physician, the program combines both online course work with “resident weekends” where classroom interaction and group work are facilitated.  The program’s first class will begin in September 2013 and will be a two-year journey.  The program will focus on some of the traditional MBA topics but will have an emphasis on several healthcare themes including collaboration, innovation, analytics, transformation, optimization and sustainability.   The goal of the degree program is to produce a new type of physician executive who is able to provide leadership and guidance in this volatile time of healthcare reform.

At the University of North Carolina at Chapel Hill, my division chief and “business of medicine” mentor Dr. Cam Patterson has been instrumental in the growth of the Cardiovascular Center through his physician executive leadership.  As a new incoming division chief several years ago, Dr Patterson realized the importance of business training in managing a large system such as that at UNC.  He enrolled in the MBA program at our institution and through his studies there was able to discover his remarkable talent for physician-executive leadership and entrepreurial thinking.  Although he inherited a division in need of significant overhaul, Dr Patterson was able to quickly build what has become a financially sound heart center that continues to serve the people of the state of North Carolina.  As we continue to move into uncharted waters in healthcare reform, it is essential that we continue to prepare ourselves to respond to the economic and administrative challenges that are looming on the horizon.  Examples such as Dr Patterson provide insight into the importance of having a more in depth understanding of the business of medicine.

More Read

doctor-patient relationships
The Doctor-Patient Relationship of Today
Hospitals Spar with GOP in Latest Hill Fight on Medicare Cuts
Cleveland Clinic’s Latest Startup Tackles Hospital-Patient Communication and Scheduling
Prioritizing Security in the Era of Healthcare BYOD
Why Not Let the Dead Pay for Medicare?

Business of Medicine MBA programs such as the one being pioneered at the University of Indiana are essential to the success of physicians going forward into the coming years.  Certainly it is important to train young medical students in business and provide opportunity for combined degree programs.  However, the current physician workforce must also evolve in order to remain in a position to provide excellent patient care and remain financially sound.  Programs that focus on the working physician will allow for continued production in practice while learning skills that will be essential to success in the future.  Combining online coursework with weekend “MBA residencies” allows for both professional interaction and more productive learning among Physician-students.  Now, more than ever, the business of medicine has become as important as a thorough understanding of human anatomy.  We must all prepare ourselves to become the physician executives.  Physicians, rather than politicians, must lead the way in healthcare reform and Business of Medicine MBA training may help more physicians obtain a seat at the negotiating table in Washington as reform continues to evolve.

doctors with MBAs

 

Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

a woman walking on the hallway
6 Easy Healthcare Ways to Sit Less and Move More Every Day
Health
September 9, 2025
Clinical Expertise
Healthcare at a Crossroads: Why Leadership Matters More Than Ever
Global Healthcare
September 9, 2025
travel nurse in north carolina
Balancing Speed and Scope: Choosing the Nursing Degree That Fits Your Goals
Nursing
September 1, 2025
intimacy
How to Keep Intimacy Comfortable as You Age
Relationship and Lifestyle Senior Care
September 1, 2025

You Might also Like

New Medical Technologies at Startups

March 31, 2012
brave leaving comfort zone
BusinessHospital Administration

Is Your Hospital Brave Enough to Publish Online Physician Reviews?

March 25, 2016

Hospital in Japan Struggling To Care for Patients

March 20, 2011
dermatology practice
BusinessCareerHospital Administration

The Best Practice Management Company to Sell a Dermatology Practice

March 10, 2025
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?