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Electives - Business in Medicine, Innovation and Quality Improvement

Financial Management for Medical Professionals

Elective Number: 3908 (lottery/students schedule in OASIS)

Rotation Supervisors: Brad Haws, Senior Associate Dean, School of Medicine & Michael Schill PhD, Associate Professor of Business Administration, Darden School of Business

Evaluation should be emailed to: Bradley E. Haws beh2c@virginia.edu

Attendance: A student must attend all lecture sessions and submit their final project by the deadline in order to receive credit.

Available: Rotation 13a

Duration: 2 weeks

Report to: Michael Schill or Brad Haws

Time to Report: 8:00 am

Place to Report: Darden School, room 150

Number of students per rotation: 10/40

Course Description: This elective exposes medical students to many of the financial and business problems they will encounter during their career as physicians. The goal of this course is to provide an overview of principles of financial management that enhance a student’s medical training. The course takes the view that the financial health of a physician’s medical practice has an important effect on the ability to deliver quality patient care.

Course outline: This course is a 6 day intensive, with twelve sessions that will last approximately 90 minutes each. The course will be held at Darden. Five of the sessions will be facilitated by Dr. Schill and require preparation nightly. Dr. Schill’s sessions explore principles of free market economy, financial analysis, cash flow forecasting, the time value of money, and capital allocation decisions. The remaining sessions will focus on how to create information from data, business ethics in medicine, practice management, and medical malpractice and liability management

Student Project: Each student is expected to complete a final project. The final project is a written case analysis which will provide an opportunity for students to consider the effect of the course themes on their own future medical practice. The case will be introduced in class on Monday of the second week and the written analysis will be due by Friday of the second week by 5pm.

Schedule -

Week 1:
Day 1: Monday - 3/5 - Class of 2018
Session I 8:00-9:30am The Free Market Enterprise - Michael Schill, PhD
Session II 10:00-11:30am Financial Terms/Excel Modeling/Making sense of a ton of exhibits, picking out what’s relevant -Brad Haws

Day 2: Tuesday - 3/6 - Class of 2018
Session III 8:00-9:30am Diagnosing the Health of A Business -Michael Schill, PhD
Session IV 10:00-11:30am Practice Management- A Physician’s Perspective -Gina Engel, MD

Day 3: Wednesday - 3/7 - Class of 2018
Session V 8:00-9:30am Medical Practice Economics -Michael Schill, PhD
Session VI 10:00-11:30am Practice Management – An Administrator’s Perspective - Wes Campbell

Day 4: Thursday - NO CLASS; 3/8 - Class of 2018

Day 5: Friday, - NO CLASS; 3/9 - Class of 2018

Week 2:
Students are expected to work independently on final projects which are due by Friday at 5:00pm. Please submit via email to Brad Haws: beh2c@virginia.edu

Day 6: Monday, 3/12 - Class of 2018
Session VII 8:00-9:30am Capital Budgeting - Michael Schill, PhD
Session VIII 10:00-11:30am Research Conflicts of Interest – Mary Frances Southerland

Day 7: Tuesday, - 3/13 - Class of 2018
Session IX 8:00-9:30 Practice valuation - Michael Schill
Session X 10:00-11:30am How the Affordable Care Act has Changed the Business of Medicine - Corey Feist

Day 8: Wednesday, 3/14 – Class of 2018
Session XI 8:00-9:30am Medical Malpractice and Liability Management- Rebecca West, JD
Session XII 10:00-11:30am Intro of final project followed by open sessions for help with Excel and other concepts - Michael Schill, PhD and Brad Haws