Paul Thomas MD at Wayne State University School of Medicine for a Business of Medicine Elective Course Panel
Wayne State University School of Medicine Business of Medicine Elective Course Invites Dr. Paul Thomas to a Panel
Dr. Paul Thomas, a Wayne State University School of Medicine graduate from 2013, was invited to be a part of a panel discussing Business of Medicine. This was a group of medical students interested in the business side of medicine.
I was really happy to receive this invitation as it is my opinion that medical schools should focus more time in their curriculum to the business of medicine. Topics that ought to be discussed included how to attract patients, how to generate revenue, how to pick and use an electronic medical record, how to manage practice finances, how to start a PLLC or an LLC to operate your business or purchase real estate for your business, how to invest, etc… These skills would be transformational if all physicians were equipped with these business fundamentals.
Paul Thomas, MD of Plum Health DPC speaks to a group of medical students at Wayne State University School of Medicine During their Business of Medicine elective course.
During the course of the evening, we talked about all of the above topics and more, including the following:
How do you build and maintain a patient population in a private practice?
How do referrals work, and what do you focus on when building relationships with specialists when it comes to referrals?
How to decide on employee personnel (PA vs NP vs another MD/DO, MA's vs CNA's etc)
As a growing practice, how do you gain buying power against large healthcare establishments?
Other than telemedicine, what changes from COVID do you foresee staying/playing a role long term?
It was an excellent conversation and I was happy to share my knowledge and insights in these areas. After the event, I received the following thank you.
On behalf of the students and myself, a sincere and grateful 'thank you' for the gift of your time and your insights last evening.
During this very informative and engaging discussion you helped these first-year medical students gain a better understanding of many of the business issues involved in establishing a direct primary care practice. Your entrepreneurial skills were very evident, and we are thrilled they had a chance to get to know this other side of your story.
It was great to observe the ease with which you engaged with the students, and we all benefited from the breadth and particulars of the discussion. The discussion continued after you left, and I am certain the students will continue to benefit from the opportunity to hear about your fascinating journey and will take to heart the advice you gave.
In closing, it’s great to see medical students engaged in the Business of Medicine, as if we want to create a more compassionate health care system, we need to fundamentally change the business models that we use to deliver health care services. Hopefully these students will be apart of that change for the better.
-Dr. Paul Thomas with Plum Health DPC
