PARAMOUNT MD

Understanding the Business of Being a Surgeon: An Insightful Discussion with Dr. Michael Wilderman

In the contemporary digital-driven landscape, healthcare professionals are beginning to understand the potential of online strategies and tools in driving optimal patient care and outreach. The Pew

Our lives, on many occasions, are dependent on medical professionals. They perform surgeries, treat illnesses, and help us maintain our health. However, do we ever consider that they also need to have a firm grip on the business side of medicine? It’s becoming increasingly essential for doctors, particularly surgeons, to understand not only the scientific nuances of their job but also the business aspects. Vascular surgeons, in particular, contribute significantly to hospital revenues and must grasp these business-related concerns, especially with models like RVU (Relative Value Unit).

The RVU model is a critical part of the economics of healthcare facilities. It’s a system that sets a numerical value to services provided by doctors and other medical practitioners. The more complex the case, the higher the number of RVUs, and in theory, the higher the revenue, both for the practitioner and the hospital. The potential downside of this model is that it can depersonalize patient care, making it more about the numbers than the individual’s condition.

Understanding the RVU model is vital as it directly affects a doctor’s income and the hospital’s revenue.

A study mentioned by Dr. Wilderman reveals that for example, hospitals collect, on average, $20 to $30 per RVU on the physician professional component. Simultaneously, the facility or hospital component collects $300 to $400 in RVUs. However, doctors are only paid $60 to $70 per RVU. Clearly, the business side of medicine is still rife with disparities and inadequacies, emphasizing the necessity for more medical professionals to grasp these concepts.

Vascular surgeons hold enormous value in healthcare facilities. Not only do they carry out complex operations, but they also assist in managing bleeding complications and other critical cases. Their high-intensity work directly contributes to the increased revenue and profits of hospitals. Moreover, it’s important to note that many high-volume procedures performed by vascular surgeons can be done in outpatient procedure places, which further adds to their profitability.

Consequently, knowledge about the business of medicine is vital for these professionals. Nevertheless, this isn’t something taught, or even touched upon, during formal medical education. It is something doctors gradually learn throughout their residencies and fellowships. Even if medical professionals are just getting a salary, knowing this can empower them to negotiate better contracts and salaries in the future.

The business aspect of being a vascular surgeon may not be for everyone, and it is definitely not the primary driver to pursue a career in medicine. However, just like with any profession, it would be beneficial to understand all the intricacies of the field, including the business side. This would not only enrich professionals’ knowledge but also potentially enhance their earning potentials. After all, being well-informed assists in making critical decisions when necessary.

Moreover, it’s becoming more commonplace for doctors to work individually, essentially becoming self-employed, which naturally increases the importance of understanding the business side of things. Dr. Wilderman mentions that in this “eat what you kill model,” the harder and smarter you work, the more you can earn.

To conclude, the intersection of business and medicine is crucial. It influences a medical professional’s satisfaction rate, their earnings, and even the quality of care they provide. Thus, a sound understanding of the business aspects is becoming increasingly essential for vascular surgeons and, indeed, all medical professionals.

So, whether you’re a budding medical professional or an experienced one, remember that success in your career is also about understanding the commerce of your arena. The more informed and engaged you are in these aspects, the more significant your potential impact – both on healthcare institutions and, more critically, on your patients. Happy learning, everyone.

Ready to take your medical career to the next level? Dive deeper into the business side of medicine and start making informed decisions today! Visit our website for more resources and expert advice.

HAND PICKED

SUBSCRIBE TO BEYOND THE PRACTICE

Discover success strategies from healthcare professionals’ stories, offering a blueprint for thriving in and beyond your practice.

Scroll to Top