{"id":12705,"date":"2012-07-02T14:29:54","date_gmt":"2012-07-02T21:29:54","guid":{"rendered":"https:\/\/gmatclub.com\/blog\/?p=12705"},"modified":"2012-07-02T14:30:56","modified_gmt":"2012-07-02T21:30:56","slug":"the-business-of-medicine-and-the-supreme-court-decision-on-healthcare","status":"publish","type":"post","link":"https:\/\/gmatclub.com\/blog\/the-business-of-medicine-and-the-supreme-court-decision-on-healthcare\/","title":{"rendered":"The Business of Medicine and the Supreme Court Decision on Healthcare"},"content":{"rendered":"

\"Business<\/a>As I listen to the landmark Supreme Court decision on healthcare, I can\u2019t help but think about the ramifications of healthcare reform and its impact on medical professionals. Personally, I\u2019m elated because I know that my kids will be covered until age 26 and that my husband and I won\u2019t lose our healthcare coverage due to pre-existing conditions. But the complications of reform also offer an opportunity for healthcare professionals to understand and manage the business of healthcare \u2013 one of the few areas in this economy that has displayed steady growth.<\/p>\n

When I was a newly minted admissions officer, I met an ER physician who wanted to gain admission into the Ross MBA program<\/a>. At the time, I thought the request was odd, but I admitted him into our program. Throughout his MBA, he was able to apply what he learned and turned around one of the busiest and slowest ERs into one of most efficient and lucrative ERs. When I moved to Cornell, I thought of Dr. T. as I helped Cornell<\/a> launch its MD\/MBA program<\/a>.<\/p>\n

As hospitals and medical groups promote clinicians and researchers into administrative positions, these medical professionals need to understand finance, strategy, marketing, and operations. They need to know how to hire, train, and develop their staff. They need to know when to invest in R&D and when to invest in capital (human and otherwise). And they most certainly need to know how to manage their budgets.<\/p>\n

Medical schools, dental schools and nursing schools do not offer these important skills in their curriculum. To meet these needs, many public health programs and business schools have developed MHSA (Masters of Health Services Administration) and EMBA<\/a> (Executive Masters in Business Administration) programs built specifically for mid-career medical professionals who are moving into administrative roles. Programs such as Harvard\u2019s MS in HCM (Healthcare Management), Cornell\u2019s AMBA (Accelerated MBA), Dartmouth\u2019s MHCDS (Master of Health Care Delivery Science), University of Texas\u2019 HMEMBA (Health Management Executive MBA), and University of Tennessee\u2019s PEMBA (Physician\u2019s Executive MBA) are designed specifically for the mid-career physician or dentist. However, most EMBA programs will accommodate a medical practitioner\u2019s busy schedule as noted in this neurosurgeon\u2019s story about his Duke EMBA experience on the Poets and Quants<\/em> website<\/a>.<\/p>\n

As a result of this type of business training, we have seen medical organizations that provide top-notch medicine and<\/em> healthy bottom lines. From the Ritz Carlton-influenced Henry Ford Hospital in West Bloomfield, Michigan to the extremely personalized services at the University of Texas MD Anderson Cancer Center, the business of medicine is changing.<\/p>\n

We\u2019re here to help you understand the nuances of a business healthcare education. To learn more about our services for healthcare professionals<\/a> ple<\/em>ase contact us at Accepted.com.<\/a><\/p>\n

\"\"<\/a>\u00a0 By <\/em><\/em>N<\/a><\/em>atalie Grinblatt Epstein<\/a>, an accomplished Accepted.com consultant\/editor (since 2008) and entrepreneur. Natalie is a former MBA<\/em><\/em><\/em> <\/em><\/em>Ad<\/em><\/em><\/em><\/em>m<\/em><\/em>issions Dean and Director at Ross, Johnson, and Carey.<\/em><\/em><\/em><\/p>\n

This article originally appeared on the Accepted Admissions Consulting Blog<\/a>, the official blog of Accepted.com.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As I listen to the landmark Supreme Court decision on healthcare, I can\u2019t help but think about the ramifications of healthcare reform and its impact on medical professionals. Personally, I\u2019m…<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,775,113],"tags":[778,84],"class_list":["post-12705","post","type-post","status-publish","format-standard","hentry","category-mba","category-admission-consultants","category-applications","tag-business-school-admissions","tag-medical-school-admissions","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n