Stethoscope to Strategy: Doctors' Move into Business
I've personally experienced and seen many physicians yearning to transition from clinical roles to the business sector. The high workload and pressure often diminish job satisfaction in healthcare. Rising burnout rates and the craving for more flexibility, creativity, and societal impact are driving forces behind this shift. The allure of the corporate world, especially the rapidly growing.healthcare startup scene, seems to offer what many are looking for.
I've navigated this transition myself, facing and overcoming challenges where many others have struggled. Why is this the case? I stumbled upon an insightful article by Sachin H. Jain in Harvard Business Review that offers some valuable tips on how to tackle these initial hurdles (https://hbr.org/2024/01/tips-for-physicians-transitioning-to-the-business-side-of-health-care).
Brace yourself for some major mindset shifts!
How to start? Roll up your sleeves!
Remember: YOU ARE THE TEAM. Unlike in a hospital, where you request a therapy and it gets executed, here you need to be proactive. You're responsible for developing, building, and implementing. Action is paramount. Sure, a team will eventually come into play, but initially, you're the driving force.
How to approach tasks? Get rid of the clinic mindset!
Resist the urge to apply the fast, reflexive decision-making typical in clinical settings (I'm conscious that there are exceptions like tumor boards and others - my apologies for any overgeneralization). Instead, embrace thoughtful consideration. Gather as much data as possible to make informed decisions.
How to succeed? Focus on outcomes!
Quickly understand how decisions are made in your new organization and the pace at which it operates. Remember, hospital administrations often move slowly – a stark contrast to the industry. And crucially: don't overly align with organizational politics; decisions here aren't typically life-or-death. Always keep your eyes on the outcomes.
How to communicate? Blend Doctor with Industry Expert
Gradually learn the language of business (much like you did in med school), but don't lose your medical identity. This unique blend is what sets you apart and what was initially sought after.
What does this mean for everyone involved? It's a clear win-win!
This transition doesn't just benefit physicians; it's advantageous for the industry and healthcare at large. Physicians escaping burnout find roles where they can add significant value and influence the healthcare system's direction. Keeping the goal of serving patients and creating a better work environment for healthcare providers in sight, this transition can fulfill a much-needed purpose.