I have searched for a way to describe my view of medicine as a business. I finally realized that the practice of medicine should be classified as a socially responsible business. “Who cares?”, you say. Well, I say we all should care. We went into medicine to help people. However, as I am fond of saying, we can’t help people if we don’t keep the doors open. We need to have a way to do both.
So how to reconcile the two visions? We have the altruistic Norman Rockwell picture of the benevolent physician examining a young girl’s doll directly opposing today’s appointment packed, hyper regulated, law suit filled world. I propose we view our practices as socially responsible businesses. So what does this mean?
- Owners of socially responsible businesses realize that making money is important. Practices need to stay in business, pay their employees a competitive wage and make a decent living for the physician owners.
- Owners of socially responsible businesses realize that as a practice grows, non-financial benefits grow. You CAN see patients who can’t afford to pay, or can only afford to pay a little if your medical practice/business is financially fit.
- Owners of socially responsible businesses realize that non-financial benefits have financial costs. The socially responsible business may have to absorb higher costs and accept smaller profits. NOTE: I didn’t say run the business as a charity! By definition a business is NOT a charity!
- The socially responsible businesses/medical practice has at it’s core a mission to provide quality health care AND stay in business. The two are NOT mutually exclusive, but must intertwine and co-exist. One must feed the other.
- Government intervention and big business are not appropriate business models for socially responsible medical practice/businesses. Physician owners must start from the ground up and build a profitable, socially responsible business model that DOES NOT involve government intervention. Additionally, the typical frenzied profit taking by big businesses is not an appropriate model either.
- The socially responsible business/medical practice must seek efficiencies where ever possible. Creativity is a core value of the socially responsible medical practice/business.
- The socially responsible business/medical practice avoids “short termism” and “poor governance and regulation, misaligned compensation and incentive systems, lack of transparency, … poor leadership and a dysfunctional business culture.” (Quote from Al Gore, http://www.careerjournal.com/article/SB122584367114799137.html) This means that the physician owner is in the medical business for the long haul, and has a clear vision as to where the socially responsible medical business/practice should go. It means the physician must learn HOW businesses operate, and how to manage the practice in a long term sustainable fashion.
- The socially responsible business/medical practice behaves as if people and place matter, because they do.
- The socially responsible business/medical practice believes that time is money. Therefore, it doesn’t waste the time of patients or physicians.
- The socially responsible business/medical practice embraces technology, but realizes that government mandates to REQUIRE technology will drive the socially responsible medical practice/business OUT of business.
For more resources and thoughts on the socially resonsible business of medicine, see www.bcorporation.net View the declaration of independence on “b corporations” at: http://www.bcorporation.net/index.cfm/fuseaction/content.page/nodeID/9e7f627c-487b-41f1-975b-5adfeceffbb4/ See also Ode Magazine, December 2008, pages 21-25.) This issue is not yet available on line, but website is www.odemagazine.com. I have no alliance with the B Corporation.net, or Ode Magazine.
Filed under: Efficiency, Health Care Delivery | Tagged: Efficiency, government regulation, health care, medicaid, medicare, medicine, profits, socially responsible business |
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