Posted on: Thursday, 22 May 2008
By David Pittman, Amarillo Globe-News, Texas
May 21--With the knowledge he gained from business classes four years ago, Amarillo ophthalmologist Paul Munden developed a marketing strategy for his new LASIK eye surgery.
The 53-year-old physician conducted a market survey of his potential patients and evaluated his competitors.
"Over the past four years, we have turned (LASIK surgery) into a significant proportion of my practice," Munden said.
LASIK procedures now account for 20 percent to 25 percent of Munden's business -- that translates to hundreds of thousands of dollars.
Munden is one project shy of completing his requirements for a master's degree in business administration, a degree that a growing number of physicians are seeking.
The physician said he has learned many business principles not taught in medical school that are critical to running a medical practice, such as marketing, business law and finance.
"In terms of just running the practice... most physicians don't understand those things," Munden said.
The Texas Tech University Rawls College of Business started an MBA program in 2001 aimed at helping doctors and dentists operate their practices more efficiently in an increasingly complex medical industry.
"We started this MBA program because we thought doctors needed this knowledge to stay in practice," said Jim Hoffman, director of the MBA Program for Physicians and Dentists. "The less they have to worry about the business side of their practice, the more they can focus on patient care."
The program has taught more than 100 doctors, mostly from Texas and eastern New Mexico. Hoffman is in the midst of his fourth class. The 37 are set to finish next summer.
Harvey Richey, assistant professor of pulmonary medicine at Texas Tech Health Sciences Center in Amarillo, is about halfway through the two-year program. He travels to classes in Lubbock one weekend a month. The group of students meets from 9 a.m. to 5 p.m. on Saturday and from 9 a.m. to 4 p.m. on Sunday.
The doctors completed projects, reports and read mounds of books at night on top of caring for patients during the day.
"I spend a hour, an hour and a half every night reading the books and working through the projects," Richey said. "Then there are times when deadlines come up when you put in a little more than that."
Jerry Kirkland, assistant professor of family medicine with Texas Tech, said the program was rigorous but certainly worthwhile.
Kirkland, who was a part of the first class to graduate from the program in 2003, had practiced in solo and group settings since 1989 before joining Tech.
He said physicians need to arm themselves with business knowledge to simply keep their doors open as the complexity of health insurance, doctor reimbursements and large hospital systems has grown.
"The understanding of economics is much more critical now than then," Kirkland said.
The Tech program, which is not unlike several others across the country, helps doctors develop contracts with hospitals and insurance companies, learn ethical marketing skills and understand employment issues.
"All those things are things physicians must learn either by osmosis or by actively going out and educating ourselves," Munden said.
Tech also offers a joint four-year MD/MBA program for medical students.
When Richey started in private practice 20 years ago, he didn't know of any physician with an MBA.
"It's becoming more and more common," he said.
Amarillo orthopedic surgeon Brian Sims earned his MBA in 2003 and used his skills to start a different clinic in his existing practice at 3501 S. Soncy Road.
The clinic staffs two experienced orthopedic physician's assistants to handle conditions that don't require surgery.
Sims, who graduated from Texas A&M University with a degree in microbiology, had never taken a business class before.
"To me, any training in business was a great advantage," he said.
Source: Amarillo Globe-News
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