Business Fundamentals for Healthcare Providers: Ensuring Effective Practice Management and Good Stewardship

• Published in: The Journal of health administration education Vol. 33; no. 1; pp. 141 - 162
• Main Authors: Lear, Janet L., Fleig-Palmer, Michelle M., Hodge, Kay A., Fleig, Matthew J., Arensdorf, Ariane
• Format: Journal Article
• Language: English
• Published: Arlington Association of University Programs in Health Administration 15.03.2016
• Subjects: Business education; Business Skills; Case Studies; Coding; Compliance (Legal); Health care industry; Health Services; Management Development; Medical Services; Patients; Quality of care; Time on Task
• ISSN: 0735-6722; 2158-8236

To be financially viable in today's healthcare industry, care providers must balance quality patient care with effective practice management. While clinical training has kept pace with medical advancements, less attention has been given to the business fundamentals that healthcare providers need to be good stewards of healthcare resources. The purpose of this study was to understand healthcare providers' perspectives regarding business-related education so as to better assist providers in their stewardship efforts. Health care providers including physicians, dentists, pharmacists, nurse practitioners, and optometrists from a Midwestern state were sampled via mail. At least 80% (N=273) of the currently practicing healthcare providers indicated that additional business knowledge would be helpful with cost containment. Across healthcare professions, accounting, finance, management/human resources, and computer information systems were identified as most beneficial, although size of practice was related to preferred business subject. Business-related education for healthcare providers must be tailored to the profession and to the type and size of the practice. Creative methods for incorporating business-related subjects into clinical education are discussed including adapting case studies and interprofessional education. The survey results can guide decisions regarding practice management training.