For physicians looking to the business side of healthcare rather than the front lines of medicine, there are four key considerations that can help ensure success, according to a Jan. 22 Harvard Business Review article by Sachin Jain, MD, CEO of SCAN Health Plan.
Dr. Jain has mentored many physicians in nonclinical settings, including medical groups, managed care companies, the pharmaceutical industry and government.
Here are his four keys to success:
1. "Don't expect others to do your job"
Unlike a clinical setting that involves a "visible" team, physicians in corporate settings are expected to participate in all steps of the process — from developing ideas to executing them. According to Dr. Jain, many physicians fail to get started with new projects because they do not recognize their responsibility to implement plans and ideas.
"The best physicians who work in organizations roll up their sleeves and make things happen, owning both vision and execution — being close to every detail and shaping and doing the work," he wrote.
2. "Be thoughtful and curious, not reflexive and defensive."
While clinical care often requires reflexive thinking, working in a corporate setting lends itself to more thoughtful and critical responses. Taking a second to pause and integrate as much data as possible into decision-making is crucial, Dr. Jain wrote.
3. "Focus on outcomes, not politics."
Because healthcare administration is often slow and political, many physicians getting into the business side of healthcare expect a slow, organizational pace. According to Dr. Jain, they should instead focus on outcomes and decision-making.
"Taking time to understand how organizational decisions are actually made can help physicians produce results," he wrote.
4. "Learn the new language,"
Physicians should be sure to learn key business concepts and language to ease the transition while still maintaining their physician identity.
"The business of healthcare will no doubt be enriched by the increasing number of physicians who are leaving the practice of medicine for other roles in a rapidly changing ecosystem," he wrote. "With the right mindset, approach and orientation, they can contribute to leading the health care system in a better direction that is informed by clinical science and organized to serve the interests of patients and clinicians who care for them."