Handbook> Electives > Medical Education > Financial Principles for Medical Professionals

Electives - Business in Medicine, Innovation and Quality Improvement

Financial Principles & Business of Health Care

Elective Number: 3908 (lottery)

Rotation Supervisors:

  • G. Paul Matherne MD, MBA, Professor of Pediatrics and Vice Chair for Clinical Affairs;  Service line Lead Womens and Childrens Services; Adjunct Faculty Darden School of Business
  • Michael Schill PhD, Associate Professor of Business Administration, Darden School of Business

Evaluation will be via Google Survey

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 Paul Matherne

Time to Report: 8:00 am

Place to Report: Darden School, room TBD

Number of students per rotation: max 50

Course Description: Have you been stymied with understanding how our health system works? Is health care a business? Should it be? Where does the money come from? Where does it go? What about Pharma? Aren’t they the bad guys? The Health System in the US provides enormous challenges and opportunities for those entering the medical profession today. This elective exposes students to many of the financial and business problems they will encounter during their career as physicians. The goal of this course is to help the future physician appreciate the complexity of the health care system and to provide an overview of principles of financial management in medicine. At the end of the course, future health care providers should have a greater understanding of the dynamics of this key industry and a better appreciation for how their future practice fits into this complicated system and understand 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 two week intensive meeting daily with 18-20 sessions that will last approximately 85 minutes each. The course will be held at Darden. Many of the sessions will be “case based” and require preparation before class. 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. Dr. Matherne will also lead some case based sessions that require preparation before class. The remaining sessions will be lecture based and focus on Health Care reform, 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 TBD.

Schedule -
Week 1:
Day 1: Monday - 3/4
Session 1 8:00-9:25am The Free Market Enterprise - Michael Schill, PhD
Session 2 10:00-11:25am Paul Matherne MJH case

Day 2: Tuesday - 3/5 
Session 3 8:00-9:25am Diagnosing the Health of A Business -Michael Schill, PhD
Session 4 10:00-11:25am  Paul Matherne – Where does the money go? Lecture based

Day 3: Wednesday - 3/6
Session 5 8:00-9:25am Medical Practice Economics -Michael Schill, PhD
Session 6 10:00-11:25am – Paul Matherne Cost Conundrum case

Day 4: Thursday - 3/7
Session 7 8:00-9:25am Paul Matherne Challenges in Patient care  case
Session 8 10:00-11:25am Practice Management- A Physician’s Perspective An Administrator’s Perspective -Gina Engel, MD and Wes Campbell PHD Lecture based

Day 5: Friday, - 3/8
Session 9 8:00-9:25am Pharma case
Session 10 10:00-11:25am Technology case

Week 2:
Day 6: Monday, 3/11
Project- Students are expected to work individually on final projects which are due by TBD. Please submit via email to Paul Matherne GPM2Y @virginia.edu
Session 11 8:00-9:25am Capital Budgeting - Michael Schill, PhD
Session 12 10:00-11:25am Research Conflicts of Interest – Mary Frances Southerland Lecture based

Day 7: Tuesday, - 3/12
Session 13 8:00-9:25 Practice valuation - Michael Schill
Session 14 10:00-11:25am How the Affordable Care Act has Changed the Business of Medicine - Corey Feist Lecture based

Day 8: Wednesday, 3/13
Session 15 8:00-9:25am Paul Matherne- Marketing  case
Session 16 10:00-11:25am Medical Malpractice and Liability Management- Rebecca West, JD

Day 9: Thursday , 3/14
Session 17 8:00-9:25am Paul Matherne- The Future of medicine cased based
Session 18 10:00-11:25am More on final project followed by open sessions for help with Excel and other concepts - Michael Schill, PhD and Paul Matherne

Students are expected to work individually on final projects which are due by TBD. Please submit via email to Paul Matherne: gpm2y@virginia.edu