Tips for Physicians Transitioning to the Business Side of Health Care
There’s a significant trend emerging in the medical world as an increasing number of physicians are venturing beyond the clinic into the business realms of healthcare. They’re exploring diverse roles in pharmaceuticals, managed care, clinical administration, healthcare startups, venture capital, and financial services. While this transition offers exciting opportunities for creativity and flexibility, it’s challenging.
For physicians embarking on this journey, adapting to new environments can be integral to thriving in non-clinical roles. To aid in this transition, here are four crucial strategies for success:
- Embrace Full Responsibility: Unlike clinical settings where a diagnosis is the primary goal supported by a team, the corporate world demands a holistic approach. Physicians need to not only conceptualize ideas but also actively engage in executing them. This shift from cognitive decision-making to hands-on implementation is critical for success in corporate roles.
- Cultivate Thoughtfulness and Curiosity: Quick, instinctive decisions are often necessary in clinical settings. However, a more thoughtful and inquisitive approach is often more effective in business. Gathering information and considering various perspectives can lead to more informed decisions and is highly regarded in executive roles.
- Focus on Outcomes, Not Politics: Administrative roles in healthcare can often be mired in bureaucracy and slow decision-making. However, not all organizations operate this way. Physicians in new roles need to understand the decision-making processes within their organizations and focus on achieving outcomes rather than getting entangled in internal politics.
- Learn the Language of Business: Just as medical school involves mastering medical terminology, transitioning to business requires learning new vocabulary and concepts. While acquiring this new language is essential, maintaining one’s identity as a physician is vital, as it brings a unique and valuable perspective to the business world.
Understanding and adapting to these different environments will be crucial as physicians navigate these new paths. These strategies are not just about survival but about excelling in these new roles and leveraging the unique skills and perspectives that physicians bring to the table.
Tips for Physicians Transitioning to the Business Side of Health Care (Jain, 1/22, HBR).
