Physical therapists have many choices on what to do after graduating: research, private practice, join an existing business, hospital in-patient and outpatient, and home care to name a few. Some private practice owners we’ve met are evangelical about getting their peers to think in a more business oriented way, and have even hatched at Twitter hashtag #bizPT to focus on these issues. They would have loved this session from two PT/MBAs from Emory School of Medicine. The session was a brief review of an elite elective course in the physical therapy program at Emory called “Business Management for the Physical Therapist Entrepreneur.” The course teaches a broad understanding of business issues, not the nuts and bolts of running a practice rather skills for problem solving, thinking like an entrepreneur, and applying the same methodology students use for medical cases to solve business cases.
In the course, students are challenged to solve bigger issues in healthcare like rising costs, poor care coordination, and the increasing demands of an aging population. Instructors asked students to look beyond healthcare to other businesses and apply these solutions to healthcare. To warm up this comparative muscle, presenters shared some famous examples of innovation transfer including:
- Mc Donald’s copying the drive-thru window from Grand National Bank of St. Louis
- Southwest Airlines applying the “pit crew” model to airplane maintenance
- Virginia Mason applying Toyota’s lean principles to hospital care delivery
Students are trained to evaluate three types of business cases in what could be seen as a mini-business school education. They tackle decision cases, problem cases, and evaluation cases. Instructors try to help them translate their medical investigation and decision making skills to these cases, which have direct medical analogies. Students are shown how analysis of both medical and business cases have similar phases of:
The course also helps students talk with business lingo which can prepare them to work in larger practices and hospitals, as well as provides them with critical thinking and problem solving skills that will help them fully participate in both business and clinical work upon graduation.
Using cases from Harvard Business School, topics cover all facets of business including growth, customer service, human resources, operations management, marketing, and information technology. Presenters provided some strategies for applying these technique in private practice as well using staff training or lunch & learn discussions. For the folks tweeting on the #BizPT hashtag this course is a welcome addition to a physical therapy curriculum and it seems to have benefits far beyond private practice.