The recent decision by the Indiana University Kelley School of Business in Indianapolis to launch a Business of Medicine MBA might point to a new business opportunity for savvy entrepreneurs.
The program is designed to prepare practicing physicians nationwide to assume unprecedented management roles and might point to opportunities for startups focused on helping doctors run their offices.
Over the past decade, the number of independent U.S. physicians has dropped dramatically, from 57 percent of all physicians in 2000 to 39 percent in 2012, according to a survey of 204 physicians in independent practice conducted by Accenture, a global consulting firm. By the end of 2013, this number is predicted to drop further, to 36 percent.
The continued migration of private-practice doctors to large hospitals could mean the death of a once-thriving sector of small business. But there’s a cure for what ails the local doctor’s office, and you could be the one to deliver it.
If you’ve ever worked as an administrator, secretary or assistant, then you might have all the expertise you need to help save private practice. With the rising costs of health care and the growing demand for expensive treatments, doctors’ offices need help consolidating their expenses and establishing sustainable business practices.
A recent survey shows that the number of physicians in private practices has been steadily declining in the U.S. for the past decade.
Your business could help doctors in this endeavor by providing oversight to medical offices. Your services, which might include billing, hiring and managing, would help private practices trim the fat and stay competitive with their big-box counterparts. A more efficiently run office would also give doctors more time to spend with patients, and would allow them to take on more clients.