Business of Medicine: Developing Leaders in Academic Medicine and Learning Health Systems

Figures & data

Table 1 Curriculum Overview

FINANCIAL ACUMEN	Increase your understanding and use of the financial statements for both profit and non-profit organizations. We will focus on the managerial decisions that are influenced by gaining a greater understanding of finance in the healthcare industry. Specific learning goals are: Utilize the concept of time value of money in financial decision making; Read, analyze, and interpret a financial statement; Recognize the “Myth of Non-Profits” and make decisions to enhance the value of your organization.
CREATIVITY & INNOVATION	Participants experience the role of an intrapreneur to bring a project to life using disruptive methods and collaboration. It will explore innovation barriers and assessment; resistance, sponsor, and team; prototyping, pitching and visioning insights; and implementation considerations.
HEALTHCARE LEAN SIX SIGMA	Explore the effective ways that process improvement initiatives like Lean Six Sigma have been used to make a difference in ways that really matter. Participants will be introduced to Lean Six Sigma as a framework for process improvement learning the equivalent “yellow” belt level in alignment with the ASQ standards.
WORK-LIFE INTEGRATION	The demands placed on modern physicians conspire to consume all available time and energy. Most academic physician leaders give a chuckle at the irony of work-life balance. This session explores the barriers that block effective time management, concreteideas for improving quality in all areas of life, and tips for considering how the various parts of your life overlap and integrate.
LEADING WITH WELLNESS IN MIND	Leading with wellness in mind means that every decision we make within the department shall consider the impact on wellness of our faculty, trainees, and staff; and we shall consider the inequitable impact these decisions may have on women and minoritized groups.
STRATEGIC EQUITY AND INCLUSION	Develops a common language and consensus; diagnosing institutional bias; EDI organizational frameworks. Discuss leading with equity in mind: we shall consider the inequitable impact these decisions may have on women and minoritized groups.

Table 2 Business of Medicine Leadership Program

Business of Medicine Leadership Program Participants		Total	5th Year Evaluation Participants	Cohorts 1–5
Total of Participants	Remaining at the institution	90	Total	39
Gender (self-identification)	Women Men	36 (38%) 58 (62%)	Gender (self-identification)	44% Women 56% Men
Race/Ethnicity (self-identification)	Not collected at the time	N/A	Race/Ethnicity (self-identification)	61% White 22% Asian 17% Black/African American

Figure 1 Gained Skills.

Figure 2 How are you using the skills learned?.

Table 3 Do You Feel the Program Helped You Obtain Your Current Position?

1. Yes, It contributed to my overall knowledge of finance.	2. Better financial literacy skills. Thinking with a lens of disruptive innovation.
3. It did give me confidence to take (for 18 months) a leadership position as the director of clinical operations for Indiana Medicaid. As it turns out, that position (which was new and “developing”) turned out to require “hard business skills” of contract and vendor procurement, contracting, management; project mgmt; personnel mgmt; budgeting--which I learned I was not interested in (and certainly did not require my 36 years of experience as a doctor)	4. I learned an overview of financial acumen which was all new to me. I learned about disruptive innovation. I learned about change factors and motivating change. The DEI piece was very valuable.
5. Understanding of what matters to leadership in large corporation health care.	6. I learned more broader prospectives on nonprofit and for-profit hospitals, personal finance, lean six sigma concepts, work-life balance, and leadership strategies.
7. Better understanding of the business principles used in healthcare to allow me to better participate in the leadership Discussions happening in my organization.	8. Understanding revenue streams and the lingo when discussing hospitals and hospital corporations
9. Process improvement from a business standpoint. (LEAN)	10. I gained financial literacy. I gained a different mindset in looking at new solutions (disruptive innovation).