Healthcare Administration Leadership & Management Journal
Basic Financial Management Concepts for Physicians
Until recently, the business management of a medical practice was not included as part of medical education or residency. Most medical schools still do not provide a course in financial accounting.
July/August 2023 Vol. 1, No. 3 pp. 108–111 DOI: 10.55834/halmj.8127760927
Abstract
Some physicians are uncomfortable with the concept of medicine as a business and find it unprofessional to participate in discussions regarding the business aspects of healthcare. Yet the inescapable reality is that medicine is a business that needs good management to be successful. Today, nearly 50% of medical schools offer combined MD/MBA degrees. As a result, recent medical graduates are better informed about the business component of healthcare.
