Effective Physician Leadership Series

Learn how to capitalize on nonprofit board membership in today’s podcast episode.

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During clinical training and medical practice, it is difficult to develop basic business skills. However, there are ways to get those experiences through volunteer activities.

These are the 5 areas that were introduced last time:

1. Financial Management
2. Data Management
3. Business Management
4. Leadership
5. Talent Management

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.

Capitalize on Nonprofit Board Membership

Nonprofit boards need interested volunteers. They serve on the board itself, and on board-run committees.

Financial Management

Volunteer for the Finance Committee to learn those skills. Members learn to read a profit and loss statement (P&L) and balance sheet. Budgets are discussed and approved each year. And many nonprofits spend time devoted to fundraising.

Data Management

Data management skills are necessary when working in any large organization. Reviewing Quality Improvement and Patient Safety data is critical to improving performance. Quality Improvement Committee members learn how to collect, analyze, summarize and present data. Patient satisfaction reports and other measures of performance are also frequently presented and reviewed.

Business Management

These skills include running a SWOT (strengths, weaknesses, opportunities, threats) analysis, participating in annual management goal setting, applying Lean process improvement principles, understanding balanced scorecards, and marketing.

Other important skills in this domain include negotiation, contracting, and understanding healthcare law. Planning and running effective meetings is an important skill to learn. 

Leadership

As Chair of a Committee or President of a Board, you will learn about corporate culture, succession planning, and promoting the vision, mission, and values of an organization. The board chair often oversees the evaluation of the Executive Director or CEO, and helps to redesign the organizational structure.

Talent Management

Most employees in a large organization will report to nonphysicians, allowing physicians to focus on clinical care. However, to move into management, clinicians need to manage human resources if they can. Large employers understand that this skill is the most underdeveloped in physician leaders. They expect physicians to master them on the job.

Advice

…the things I really had to learn on the job is how to work with direct reports, how to do the evaluations of my direct reports every year, how to motivate them, how to shift them around if I had to, how to consolidate departments and split up departments.

Summary

There are five major executive-level management skill sets: Financial, Data, Business, Leadership, and Talent. You can learn financial skills very quickly through a variety of committees and subcommittees in a nonprofit. You can learn data management in your regular clinical work, but there are opportunities within these nonprofits to learn much more.

Basic business management skills grow by participating in annual management planning, SWOT analysis, and developing new initiatives. Chairing subcommittees and the board itself instill leadership skills.

The toughest area to learn is talent management. Physicians spend little time on this. However, your employer will plan on providing the most support in this area.

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.