Appropriately, the primary focus in medical school and residency training is on enhancing clinical skills and knowledge. But this leaves limited opportunity for medical students, residents and fellows to learn about the organizational elements of health care and other facets of the business of medicine that are also critical for physicians to know.
To fill this knowledge gap, the AMA has developed a CME course called “Introduction to the Business of Medicine.” The online course examines the management, financing and regulatory aspects of health care delivery.
Each CME module in the course is enduring material and designated by the AMA for between 0.25 and 1.5 AMA PRA Category 1 Credit™. A total of 11.5 credits is available for those who complete the entire course.
These business-of-medicine resources are especially helpful for physicians starting their journey to becoming more effective leaders in shaping their futures in medicine. You can accumulate CME credits while learning at your own pace, as well as earn an exclusive AMA-members only certificate available upon completion of all listed activities.
The modules are part of the AMA Ed Hub™, an online learning platform that brings together high-quality CME, maintenance of certification, and educational content from trusted sources, all in one place—with automated credit tracking and reporting for some states and specialty boards.
Learn about AMA CME accreditation.
Business basics for busy doctors
Course modules are organized under seven topic categories that are vital for success and sustainability in medical practice, and provides an introductory overview of each.
Health care organizations and operations. Modules in this section examine how practice management differs in various settings—including small, independent solo or group practices. Seven basic areas of health care business are covered: General management, operations, human resources, finance, IT, risk management and marketing.
One module in this section explains ways to evaluate how a practice environment may match one’s priorities. It also reminds physicians that “You are in high demand and have many options.” Tips on finding the right practice setting are provided.
Physician licensure, credentials and privileges. This section includes a module featuring a discussion with Beckie Herron, director of credentials verification at Baptist Health, and Brad Housman, MD, the vice president and chief medical officer at Baptist Health Paducah.
They outline the different purposes behind the licensure, credentials and privileges processes and what is required to complete each of them. Also discussed are the workings of the centralized credentialing verification office at Baptist Health and how physicians can use the Interstate Medical License Compact to streamline their applications.
Baptist Health Medical Group is a member of the AMA Health System Program, which provides enterprise solutions to equip leadership, physicians and care teams with resources to help drive the future of medicine.
Medical billing and the revenue cycle. This section includes a module on revenue cycle management considerations such as selecting, implementing and optimizing a revenue cycle management system, managing the claim-submission process, tips for submitting a clean claim and how to respond to claim denials.
Human resources in physician practices. This section includes modules with information on evaluating staffing needs and recruiting and maintaining support staff.
“Even when they are working in the most collaborative environment, a physician is viewed as an authority figure in health care,” the first module says. “Therefore, as a leader you should have a working knowledge of the laws and statutes regulating the organization, and a thorough understanding of the internal personnel guidelines that pertain to managing employees.”
Health care business and financial management. “Practice management is necessary to the understanding of the business of medicine,” says the introductory module of this section. This includes considerations of appointment scheduling, strategies for organizing and analyzing patient data, billing and other critical topics.
Another module serves as a business consideration guide and explains how to create a business plan and how to implement a strategic planning process. In the module that serves as a physician payment models guide, common contractual provisions of alternative payment models are explained and strategies are given for engaging with and evaluating these models.
Quality and risk in health care. “No business owner, let alone a physician focused on patient care, anticipates running afoul of legal or regulatory issues,” says one of the modules in this section. “Being aware, informed, and prepared cannot be emphasized enough.”
Need-to-know information is provided on the anti-kickback statute and physician self-referral law, as well as HIPAA and information-blocking regulations.
Health information technology. Included in this module are six steps to integrate and optimize telehealth in your practice and a discussion with Margaret Lozovatsky, MD, the AMA’s vice president of digital health innovations, on the evolving role of clinical informatics, opportunities in EHR integration, cybersecurity for physicians, and the role of augmented intelligence (AI) in health care.
“Technology is moving forward, and we need to stay on top of that—it doesn’t mean that you have to be an AI expert, but it does mean that we need to understand how AI functions and understand the tools that are part of our environment,” Dr. Lozovatsky says.
“As generative AI tools are getting integrated into our environment, it’s going to be important for us as practicing physicians to understand how to use the tools and what some of the risks are,” she adds.
It takes astute clinical judgment as well as a commitment to collaboration and solving challenging problems to succeed in independent settings that are often fluid, and the AMA offers the resources and support physicians need to both start and sustain success in private practice.
Find out about the AMA Private Practice Physicians Section, which seeks to preserve the freedom, independence and integrity of private practice.