Effective Physician Leadership Series

In today’s podcast, we learn how nonprofit board membership enables you to acquire management and leadership skills. 

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If we wish to demonstrate our executive skills on our resumé and our LinkedIn profile and describe them during our interviews, we need to know what they are.

So, today we start by describing the 5 domains of business management that physicians must understand to move into an executive position.

Our Sponsor

We’re proud to have the University of Tennessee Physician Executive MBA Program, offered by the Haslam College of Business, as the sponsor of this podcast.

The UT PEMBA is the longest-running, and most highly respected physician-only MBA in the country. It has over 700 graduates. And, the program only takes one year to complete. 

By joining the UT Physician Executive MBA, you will develop the business and management skills you need to find a career that you love. To find out more, contact Dr. Kate Atchley’s office at (865) 974-6526 or go to nonclinicalphysicians.com/physicianmba.

Nonprofit Board Membership and the 5 Business Management Domains

The list is in order from easiest to obtain to the most difficult. 

  1. Financial Management Skills

    A healthcare manager must be to understand and read financial reports, especially profit and loss statements and a balance sheets. Also, knowing the difference between cash and accrual accounting is important. Finally, a very useful skill is being able to create, explain, and follow a budget.

  2. Data Management Skills

    Typically the most common and easy for us to understand is quality improvement. Metrics such as mortality and complication rates, and length of stay are critical in healthcare.

    There are also patient satisfaction surveys. These are the Medicare-required patient satisfaction surveys, which can affect how much an institution is paid. In more general terms, being able to apply statistics and epidemiology, and understanding biases and confounding of data are also important. 

  3. Business Management Skills

    Time management, productivity tools, and analytical skills are important. Negotiating and contracting are necessary skills. Sales and marketing and project planning are other essential skills for healthcare managers and leaders.

  4. Leadership Skills

    There are specific types of skills that fall into the leadership category. These include thinking strategically, communicating well, and being persuasive. Leaders must place a strong emphasis on ethics and accountability. Nurturing personal growth, and knowing how to promote the vision, values, and mission of an organization are needed. Finally, developing and maintaining a positive culture in an organization is critical.

  5. Talent Management Skills

    This is the most challenging area. It includes attracting and recruiting staff, onboarding, orientation, setting up compensation, understanding benefits, and managing direct reports day to day. Since much of that is taken care of by the HR department, it can be difficult for a still-practicing physician to develop expertise in these areas. 

Summary

When pursuing a nonclinical job, especially if it involves management responsibilities, skills from these five domains will be critical to acquire. This is especially true if the job involves upper management in a large corporate environment, such as a hospital, pharmaceutical company, or insurance company.

In the second part of this discussion (Episode 255), specific examples of expertise acquired while volunteering in nonprofit organizations will be described.

NOTE: Look below for a transcript of today’s episode.

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Disclaimers:

Many of the links that I refer you to are affiliate links. That means that I receive a payment from the seller if you purchase the affiliate item using my link. Doing so has no effect on the price you are charged. And I only promote products and services that I believe are of high quality and will be useful to you.

The opinions expressed here are mine and my guest’s. While the information provided on the podcast is true and accurate to the best of my knowledge, there is no express or implied guarantee that using the methods discussed here will lead to success in your career, life, or business.

The information presented on this blog and related podcast is for entertainment and/or informational purposes only. I do not provide medical, legal, tax, or emotional advice. If you take action on the information provided on the blog or podcast, it is at your own risk. Always consult an attorney, accountant, career counselor, or other professional before making any major decisions about your career.