Can The “Medical Marketplace” Heal Itself?
Posted Sunday, September 22nd, 2013

Medicine has become confused with business.

In the field of medicine, brilliant men and women medical professionals are saving lives. It is a profession where “getting it wrong” could mean that the patient could die. The field of medicine is built on getting it right, every time.

In the field of medicine, medical professionals earn an MBA in Business and are regarded as qualified to run the business operations of the medical facility. Some of the best avenues to obtain business experience and knowledge come from doing it, not just receiving an academic degree. In the past, the lack of practical business experience has not been a show stopper for medicine. Now the “Medical Marketplace Revolution” has arrived. Much has changed and much will be changing.

Can the Medical Marketplace resolve the revolution and heal itself by doing what it has been doing?

Unlike medicine, the world of business is built to embrace failure. Business leaders start their day knowing some of what they are attempting will work and some wont. For the efforts that don’t work, evaluations are followed by lessens learned, which are followed by adjustments, and trying again. Following other failed efforts, it may be determined that it is not productive to continue at all and a different direction is a better answer. However no one is likely going to die in any of the scenarios.

Medicine and business are very different. Many in the Medical Marketplace feel that a medical subject matter expertise is required in order to make business decisions. The reality is that all fields of industry believe theirs is unique and different. They are correct. Their field is unique and different. However, for them to have business success, they also need to follow Best Business Practices.

The companies who are both good at their industry expertise and also good at Best Business Practices are usually companies where people want to come to work, are companies that drive profits and are companies that are going forward.

Today’s medical marketplace is very heavily weighted in having great medical industry expertise. There has been historically minimum attention given to Best Business Practices. The “Medical Revolution” is exposing the lack of Best Business Practices. For example, what other field would find it acceptable to bill for services 3-6 after the services were provided?

For it to heal itself, the Medical Industry will first need to diagnose that it does not posses its own antidote.

Business ideas, business experience, business leaders and best business practices will need to be welcomed in from outside the Medical Marketplace. Recognition will be needed that the business side of medicine is that same as any other business. Leadership is critical. Financial models must show that more money is coming-in than going out. Nimble, agile philosophies work well to determine a problem and then solve the problem.The medical marketplace faces a long day “doing it the way it has always been done”. The medical marketplace faces a very exciting future recognizing there is a well worn path for business solutions and a business centric approach in order to keep the medical professionals practicing medicine.

Which is the path that will be taken?

medical business