Back to Medical School – Not

Posted on November 28, 2007 by Dr. David Edward Marcinko MBA MEd CMP™

Certified Medical Planner

Physician Education and Re-engineering 

By Dr. David Edward Marcinko; MBA, CMP™

[Publisher-in-Chief]dem2

The Times … are a Changing 

Absent significant health reforms, it is important for healthcare providers to stay informed and current as to the volatile direction that health care is taking in this country. And, it is vital for every physician to learn as much about medically related business and financial topics as possible.  

In fact, several medical schools have even initiated business certification and degree programs, and other medical colleges along with the private sector will do the same going forward. This will allow the Profession to make the transition from a supply based medical system, to a demand driven one. It will also ensure that practices are operated as a Strategic Business Unit (SBU), and not like the “home office” medical practices of the past.

The Trend

Surprisingly, the trend in managed care now appears to be moving toward giving control back to informed physician-executives, who “stay the course” and continue to practice medicine.  

However, many physicians, nurses and healthcare workers don’t see it this way and become depressed. Pragmatically, the future healthcare industrial complex will offer great opportunities to change medicine for the better.

One way to accomplish this goal is to run your practice like a business and integrate management concepts with tem of trusted team of advisors, or formally re-educate yourself.  

Online master’s degree programs, for medical professionals, like those offered at Regis University (303) 964-5447, the University of Tennessee (423) 974-1768, Washington University (Olin) in St. Louis (888-273-6820), and the University of Wisconsin (608) 263-4889, may also help.

Example:

To illustrate this education premium, total compensation for a full time and experienced Chief Medical Officer (CMO) increased 8% annually the last few years, and more than half were working toward an advanced management degree.

But, CMO turnover is becoming alarmingly high of late; and may not be the great career move it once was. 

Still, since an MBA is a huge time, and money investment ($30-90,000), it is not for everyone. And, do not expect increased earnings or an automatic managerial position without experience.  

telehealth

Assessment

So instead, consider earning the professional fiduciary designation Certified Medical Planner [CMP™], which integrates personal financial planning principles with medical practice management acumen http://www.CertifiedMedicalPlanner.org

For more information: Professor Hope R. Hetico; RN, MHA, CMP™ MarcinkoAdvisors@msn.com or [770.448.0769 ph]

Conclusion

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