The Business of Medicine
UK's program combining medicine and finance is the first of its kind in the nation

Many of today's physicians never imagined they might need an additional element in their preparation to practice medicine: financial and leadership know-how.

At the University of Kentucky, a new Certificate in Medical Management (CMM) program aims to help UK Chandler Medical Center physicians develop leadership, financial and conflict resolution skills. Taught by faculty from UK's Gatton College of Business and Economics and the College of Allied Health Professions, the UK program is the first "in-house" program of its kind in the country.

The program fills a niche for a couple of reasons: In the era of managed care, a sound financial sense is crucial. Also, those who teach medical students and residents need these skills to share with their students -- the physician-leaders of the future, said Richard Schwartz, M.D., who helped design the CMM program and is one of the first 17 physicians to train in the program. Building a core of physicians trained in leadership skills and team-building principles is a goal of the program.

"Often the business people don't understand the patient issues, and we doctors know very little about accounting, economics and conflict resolution. Just as when we were residents, training in various specialties, now we need to learn about the financial side of medicine," Schwartz said.

Although similar training is available at the national level, the UK program is convenient for the participants -- and much less expensive. A similar program elsewhere, including travel, would cost up to $25,000. The cost of UK's program per participant is less than $5,000.

The two-semester program, which is housed in the Gatton College of Business and Economics, consists of four courses offered in the traditional M.B.A. and M.H.A. programs (managerial economics, introductory accounting, organizational behavior and overview of the health care delivery system), as well as sessions on issues such as conflict resolution, team building, and healthcare marketing.

The idea originated with Schwartz, who attended a seminar a couple of years ago on the financing of healthcare. He found he didn't have the background in accounting, finance and economics to understand the current climate of the healthcare market, so he started discussions at UK about a program for UK physicians. Richard Furst, dean of the UK Gatton College of Business, and former Gov. Martha Layne Collins, director of UK's International Business and Management Center, helped get the program off the ground.

"I have been involved in studying the healthcare system for over 30 years, so it's particularly pleasing to me to have this program," Furst said. "I have long felt that business schools should be much more active in delivering programs in healthcare."

Once several members of the faculty have completed the program, financial and leadership issues will be incorporated into the curriculum of both undergraduate and graduate medical education. "To our knowledge, this hasn't been done anywhere else," Schwartz said. "Implementing this unique, innovative program should make us a national model for producing physician leaders."

Faculty members from the other four colleges of the Medical Center have been invited to participate in the CMM program that begins its second session this fall. Several of the 1998 CMM graduates are continuing their studies to complete an M.B.A. They will serve as mentors. Also, a five-year combined M.D./M.B.A. program will be launched this fall, beginning with five medical students. Some physician-leaders need to have legal expertise as well, so plans for a similar M.D./J.D. program are underway. "The UK Chandler Medical Center has developed a multi-tiered approach to educating both the current and future generations of physician-leaders," Schwartz said.

"This CMM program allows us to expand the number of our people who understand the financial side and can integrate that knowledge into their teaching," said James Holsinger, M.D., chancellor of the UK Chandler Medical Center. "Much of my generation of physicians has abdicated responsibility for healthcare management. Few have gained the financial and leadership skills necessary for today's healthcare environment. We need to form a cadre of physician-leaders to train the next generation at UK, and that's why this program is so valuable."

Vikki Franklin is Senior Information Specialist, University of Kentucky Chandler Medical Center Office of Public Affairs.

Back to May Issue

Back to Healthcare Index

Copyright 1996-98, by Kentucky Business Online, LLC.  All rights reserved.

Editorial content is copyright 1998, Lane Communications Group
All editorial materials is fully protected and must not be reproduced in any manner without prior permission. 

Buzzword and the Buzzword balloon are registered trademarks of Buzzword, Inc.  The Lane Report is a trademark of Lane Communications Group.  All other trademarks are the property of their respective owners.