Career

Business programs make up the highest number of college graduates. The course is broad and teaches an array of skills. As a business major, your career can take many paths. Companies have a wide spectrum of roles that require a business degree. Of course, the positions available vary from one industry to another. Anyone planning to study business would like an idea of what the career options look like. An understanding of the best-paying jobs available for business graduates enables you to map out your career path and focus on sharpening specific skills. Here are some of the top positions for college graduates with business degrees.

Financial Manager

You are going to the PSB Paris School of Business and wondering which course to specialize in. If you are interested in business administration, accounting, finance or economics, then financial management is a suitable choice. A financial manager helps organizations with their financial health. You would ensure that all the money matters are on track. The position makes you responsible for steering a company towards its short- and long-term financial goals. Some of your roles include directing investment activities, assisting the management team with critical financial decisions and looking for opportunities, depending on market trends. The average salary for a financial manager is $131,000 a year.

Management Analyst/Consultant

Would you like to help different businesses realize their potential? Then, a management consultant might be the position for you. In this role, you would assist enterprises grow profits by showing them how to increase revenue and lower costs. As a management analyst, you work with a wide range of clients, enabling you to transfer skills across different sectors. The job involves solving complex challenges. Hence, you should be an excellent problem solver. Examples of the duties this position comes with are evaluating company performance, reviewing financial data and recommending suitable changes. You could earn between $93,000 and $95,000 per annum as a management consultant.

Marketing Manager

A business graduate interested in marketing can become a marketing manager. You would be part of a company’s public relations or marketing team. This position involves a lot of teamwork. So, you require the necessary disposition to be part of a unit. Creativity and analytical skills are important for a marketing manager. Your biggest responsibility is to sell the brand to customers. Hence, you must be good at building connections with the media, developing marketing strategies and managing marketing budgets. Experience in public relations or sales is an added advantage when seeking this position. On average, marketing managers earn $130,000 – $135,000 annually.

Research Analyst

With a bachelor’s degree in business administration, statistics or market research, you can secure an entry-level position as a research analyst. The job is all about studying and understanding the market. Before companies release products, they need to comprehend the trends on the ground. A research analyst provides these insights. You may work with marketing or sales teams to understand various aspects of a product. Other responsibilities include researching consumers and gathering customer data, evaluating competitors and predicting sales trends. You must excel in communication, problem-solving and math to succeed as a research analyst. The median yearly salary for a research analyst is $62,000.

Product Manager

Businesses need product managers to make their brands successful. Putting a new product on the market takes work. Understanding how effective the product will be for consumers is crucial, and that is the role that a product manager serves. You must comprehend the marketplace thoroughly to see how well a particular item or service will do. As a product manager, you must communicate with the sales and production teams at every step. Your role requires you to research customer sentiments about a product and recommend the required changes. The average salary for a product manager is $102,000 per year.

Fundraiser

You can study business and go on to make a rewarding career in the not-for-profit sector. If you are passionate about causes and want to help charitable organizations meet their objectives, then you can work as a fundraiser. The duties of a fundraiser go beyond collecting funds. It involves analyzing donor behavior, organizing campaigns to gather donations and crafting compelling messages. You have to work with volunteers in different areas of a foundation and maybe even train some. Communication, analytical and leadership skills are must-haves for a fundraiser. This position could earn you about $60,000 a year.

Business graduates have a plethora of career choices, some with attractive salaries. Your course says a lot about where you land in the business world. So, pick it wisely to ensure you do something you love.

Shayna Waltower

is a seasoned business writer and expert, specializing in delivering concise and insightful articles. With over a decade of experience in the corporate world, She brings a unique perspective to work, offering practical advice and actionable strategies to help entrepreneurs, executives, and professionals navigate the complexities of the business landscape. Her writing combines a deep understanding of industry trends with a passion for empowering readers to achieve success in their ventures.

Can our mindset change the course of our lives? Or should we only believe in fate and innate talent to sail us through a sea of opportunities?

People Have Two Kinds of Mindsets: A growth mindset and a fixed mindset. As the name suggests, a person with a growth mindset believes they can develop their capabilities and talents over time.

The Other Kind: The people with a fixed mindset believe talent and capabilities are innate. The difference is simple, but its implications on the person’s life are drastically different.

Here are the five crucial differences between a fixed and a growth mindset that can highlight why a growth mindset is the best:

Motivation vs Avoidance

Because a person with a growth mindset believes that talent and capabilities grow over time, they are self-motivated to perform on jobs.

They even take the initiative and ensure they put in all their effort to achieve their goals. They are not afraid of failure and are ready to accept challenges and perform even when there is a risk of loss.

On the other hand, a person with a fixed mindset tends to avoid challenges and doesn’t want to take risks because they fear failure. Because of this mindset, they are unable to accept challenges.

If you’ve seen the film ‘Yes Man,’ you’ll see how Jim Carrey’s character experiences changes in his life after he begins to say yes to every opportunity he gets. This is the main difference between a motivated and a resistant personality.

Effort vs Inertia

Because a person with a fixed mindset doesn’t believe in developing capabilities over time, they think practice and effort don’t matter. As a result, in the growth vs fixed mindset debate, the growth mindset will always win because they will try to polish their skills.

They will even be eager to learn new skills and implement these learnings in life. As a result, they will outperform those unwilling to make changes.

In the business world, if entrepreneurs don’t want to explore new opportunities because they believe their employees don’t have the skills they need, they will almost always fail. For example, in this era when companies are using Big Data to make crucial business decisions, companies are making big changes.

If a company hires new employees with data analytics skills but doesn’t invest in training them to use new tools, the employee skills will get rusty, and the competitor will beat them.

In 2023, there are multiple tools that data analysts can use to analyze data. In 2024, the number will be even greater. Some tools will become outdated, while others will get software updates.

Adaption vs Failure

When a person with a growth mindset fails, they are ready to reflect on their failure. They are willing to learn from their mistakes and improve their performance at the next opportunity they get. However, those with fixed mindsets are quick to give up. They treat temporary setbacks as failures.

In the business world, they will abandon ship completely if they aren’t achieving the small milestones leading to a greater goal.

On the other hand, people with a growth mindset will adapt to change the small milestones and, in the end, achieve the big victory because they are willing to progress, take charge of the situation, and have an open mindset.

One might even label them as positive and negative thinkers.

Inspiration vs Comparison

When people with a growth mindset see others succeed, they don’t get jealous. Instead, others’ success inspires them to change themselves and bring themselves to the desired level. A person with a fixed mindset believes that a successful person has innate qualities that result in their success. They demean the effort and struggle the other person might have had to go through to achieve what is only visible as the tip of the iceberg.

Because of their jealousy, people with a fixed mindset often see other people as a threat. So, they might even resort to means like devaluing their success or saying to them that their success results from their luck.

Feedback vs Criticism

Ever heard of constructive criticism? People who have a growth mindset can decipher constructive criticism as feedback. They are also willing to improve on these rather than just giving up. But it is easier said than done.

Many of us resort to being fixed thinkers when we receive feedback. This is because we believe we put in the maximum effort possible and didn’t achieve the desired results. Often, if the way that the other person communicates the feedback is negative, we tend to think that the fault lies in our innate abilities.

A fixed thinker also takes well-communicated feedback as a personal attack. They believe that they cannot put in more effort.

This close mindset doesn’t allow them to think outside the box. Additionally, they don’t believe multiple ways to achieve a goal exist.

And because they don’t believe they can improve their capabilities, they can even resort to unfair means to achieve a goal. For example, at a job, a fixed thinker could present another person’s efforts and ideas as their own because they don’t believe they can do it themselves.

Shifting from a Fixed Mindset to a Growth Mindset?

If you believe you cannot shift to a growth mindset, you are someone with a fixed mindset. Even if you are, believing in yourself and your capabilities is important. No human was born with the ability to walk and speak.

Eventually, we learned how to do it. Similarly, ten years ago, we wouldn’t have been able to do the tasks we can now. So, scientifically, our brains are always growing, whether we believe it or not. But we might as well accept it; after all, it will yield many benefits and more opportunities for us in the future.

If you’re an entrepreneur, allow employee mistakes, but never discourage them from trying. Often, small businesses do not have the budget to allot mistakes. However, if one considers money as an investment and not as guaranteed success, they’ll make it big in the future.

Final Words

People with a fixed mindset don’t give due credit to practice, effort, and learning. As a result, they don’t achieve their goals and work on the opportunities that would give them success.

This article presents a different view on the differences between the two mindsets. It isn’t just belief in learning vs. belief in innate qualities. The implications of this mindset go beyond these few words.

Jason Obrien

Jason is the Marketing Manager at a local advertising company in Australia. He moved to Australia 10 years back for his passion for advertising. Jason recently joined BFA as a volunteer writer and contributes by sharing his valuable experience and knowledge.

Susan Schneider Williams is a famous American graphic designer, painter, and artist. She is well-known for being the wife and widow of American actor and comedian, Robin Williams. She established her graphic designing firm called ‘’Critical Eye Design’’ which is mainly involved in brand development and logo designing. She loved her husband greatly and raised awareness about Lewy Body Dementia, the disease which eventually led to her husband’s tragic death.

Susan has a net worth of approximately $800,000. She managed to gain this massive net worth through her work as a graphic designer and as an artist. She was mostly into painting and held some exhibitions which contributed to her net worth. Let us delve into Susan’s life and career and explore how she managed to amass a net worth of $800,000.

Her Early Life

Susan Mary Schneider was born and raised in Marin County, California. She was born on 24th January 1964. There is not enough information regarding her parents or siblings. But she belongs to a Caucasian family. She has an American nationality and is a Christian by religion.

Initially, she attended a local high school in her hometown. She then went to the University of California to get a degree in graphic design. Later, Susan enrolled at the California College of Arts to earn a degree in Bachelor of Arts.

How Susan Schneider Williams Looks

The 56-year-old graphic designer has a fair skin tone. She is 5 feet 5 inches tall and weighs about 53kgs. She has brown eyes and brown hair. Overall, she has a very nice personality.

Professional Career of Susan Schneider

Susan Schneider has been known to be a graphic designer as well as an artist. Professionally she has been successful in both of her careers. Some important highlights of her career as a graphic designer and as a painter are given below:

Susan Schneider in her Graphic Designing Career

After her graduation, Susan started her career as a freelance graphic designer. She worked in several graphic designing firms for over eight years. After gaining enough experience she founded her graphic designing firm in 1997. The name of this firm is ‘’Critical Eye Design.’’ This firm mainly did logo designing and brand development work. Susan did various innovative projects in this firm along with her exceptional team of graphic designers.

Susan Schneider in her Painting Career

Apart from graphic designing she also experimented with other forms of art such as painting. She displayed her painting talent in her first exhibition which was held in 2006. Since then, her work has been displayed in 10 solo exhibitions, and as of 2020, it has been presented in 20 group exhibitions. She even judged five painting shows. Furthermore, she was invited to be a guest lecturer at Marin Catholic High School in Kentfield, California for a workshop called ‘’Pricing Your Artwork.’’

Susan Schneider Williams Married Life

Susan is the widow of the famous actor and comedian Robin Williams. They met in 2007 at the Apple store in Corte Madera, California. After dating for two years, they got married in St Helena, California on 22nd October 2011. Their marriage lasted for only three years as in 2014 Robin committed suicide in his house in Paradise Cay, California. Susan has no children with her husband but she has three stepchildren from Williams’ previous marriages. The children’s names are Cody, Zelda, and Zachary. Robin Williams was married twice before marrying Susan. His ex-wives are Valerie Velardi and Marsha Garces. According to Susan, her husband suffered from a brain disease called “Dementia” or “Lewy Body Syndrome” that affected his memory and thinking. the disease affected his mental state so much that he committed suicide in his house. After Robin’s death, Susan was involved in a legal case regarding Robin’s real estate. She had to appear in court along with her stepchildren.

Before she was married to Robin, Susan was married to Richard Armusewicz in 1980 when she was only 16. Richard was a business tycoon and was in the construction business. The couple had two children together. However, their marriage was unstable and it ended in 2001.

Net Worth of Susan Schneider

Susan Schneider Williams has an estimated net worth of $800,000. She amassed this net worth through her work as a graphic designer and as an artist. She participated in various exhibitions and presented her paintings. The paintings that were auctioned there also contributed to her net worth. In comparison to that her husband had a net worth of $50 million at the time of his death.

Conclusion

Susan Schneider is a lady who gained popularity through her professional career as a graphic designer and as an artist. She was also famous for being the wife of Robin Williams, a famous American actor and comedian. Her immense love for her husband made her raise awareness about Lewy Body Dementia, the disease which led to her husband’s death. She had a great passion for graphic designing from a young age and established her graphic designing firm with the name ”Critical Eye Design.” She gained a net worth of $800,000 through her exceptional work in the field of graphic design and art.

Methew Harbor

Matthew is a Co-Founder at BusinessFinanceArticles.org. Matthew was a floor manager at a local restaurant in Wales. He lost his job after the pandemic and took initiative to make a team and start the project.

Catherine Southon is a famous British auctioneer, antique expert, and television show presenter. She is famously known for the show “Bargain Hunt.” She is a professional antique expert in collectibles, jewelry, and antiques. Catherine loves finding gems that nobody has laid their eyes on. She does not share her life with the public much. Yet, we have dug out some information for you. Let’s tell you more about Catherine Southon, including her family, personal life, career, and net worth.

Catherine Southon Early Life

Catherine Southon was born on 27th February 1972 in London, England. She is quite a private person and does not share much detail regarding her personal life. Thus, there is no information regarding her family, home, or initial education. Catherine completed her graduation in the field of history and art history. However, she has often mentioned her mother’s interest in antiques. Her mother sowed the seed of antiques in Catherine’s mind from a very young age which intrigued her to explore it further.

Catherine Southon Personal Life and Relationships

Catherine wants to keep her personal life to herself and be known for her work. That is why there is no such information regarding her family. But she confused her fans by writing a mysterious bio on her Twitter account. Her bio says, “Mum to two not-so-little ones.” And at other places also, she said that she likes spending her spare time with her children. It is confirmed that she has children, but there is no information about their names, ages, or anything else.

How old is Catherine Southon?

As per her date of birth, Catherine is a young 28-year-old businesswoman. This British antique expert gained much popularity at an early age through her constant efforts to present something unique and worth watching. She is a famous TV presenter and a reporter too.

Who is Catherine Southon Married to?

The well-known British auctioneer does not like sharing her personal life with the media, so we do not have any authentic information about who Catherine Southon is married to. However, as she herself tells of her children, it is confirmed that either she’s married or a divorcee.

Does Catherine Southon have Cancer?

Yet again, there is no such news confirmed by the auctioneer herself, and till now, Catherine suffering from cancer is a rumor. However, social media has observed a huge change in her physical appearance as Catherine’s weight loss was pretty visible.

Catherine Southon Career

After graduating from university, she worked for Sotheby for eight years, gaining a worthy experience in the art world. Sotheby is considered one of the largest auction houses. Later after working there for a long time, she became a freelance valuer.

At the start of her career, she was preparing to work as a curator in a gallery or museum, but later she realized that it was not what she wanted to do in her life. So, later in 2002, she launched her own auctioneers and valuers business named “Catherine Southon Auctioneers and Valuers.”

Where are Catherine’s Auctioneers and Valuers Based?

Catherine’s auctioneers and valuers are based in Bromley and Chislehurst. Besides that, she operates in Kent, Surrey, and throughout the South East, providing professional valuers and auctioneering services.

What TV Shows did Catherine appear in from 2003 and Onwards?

From 2003 onwards, Catherine regularly appeared as a presenter and as an expert on different BBC shows based on antiques and collectibles, including “Bargain Hunt,” “Antiques Road Trip,” and “Flog it!”. She appeared in this television series named “flog it!” for three years.

How did she Appear in “Flog it” and “Bargain Hunt?”

Both shows focus on collectibles and antiques, but the main difference between them was that, in a bargain hunt, two teams had an amount to buy antiques and then sell them at auction. Whereas in Flog it! There is no teaming concept; instead, the individuals must bring their antique items to an expert and then sell them at auction. In short, in “flog it!” Catherine works individually, while in the “bargain hunt,” she works in a team.

What Role did Bargain Hunt Play in the Catherine’s Career?

Although Catherine participated in multiple shows, most of her popularity is from “Bargain Hunt,” where she shows her professionalism and approachable nature while leading her team. Due to her expertise in antiques and jewelry, she led her team in the show and gained victory many times.

Why did Catherine Choose to be an Auctioneer?

When asked why she chose to be an auctioneer, she said: “The thrill of the auction, the excitement, the not-knowing, and the sheer drama.” At another place, she said regarding her passion: “I was attracted by auctions first, and my love for antiques naturally followed.” These statements portray that she was more interested in antiques or collectibles.

Catherine Southon Net Worth

There is no exact news about Catherine Southon’s net worth, but it is estimated to be around $5 million. She has increased her net worth by selling high-quality jewelry, collectibles, and antiques. Her income also bases on her career as a television presenter.

The Bottom Line

Catherine Southon is a popular public figure in the UK, widely known for her work as a TV presenter and an antique auctioneer. Catherine was born in London, England, and received her education in history and art history. She has been a part of different shows, including Antiques Road Trip and Flog It! However, she received the most praise for her work in Bargain Hunt. Catherine mentions that her mother sowed the seed of the love of antiques. Catherine Southon is quite a private person and does not share many details about her life, so there is no information about her exact net worth. But it is believed that Catherine Southon has a net worth of around $5 million.

FAQs

When was Catherine Southon born?

Catherine Southon was born on 27th February 1972 in London, England.

What makes her different from other auctioneers?

Her friendly nature, knowledge, and passion for history and antiques make her different from other auctioneers.

Why are Catherine Southon’s Legs so Popular?

Besides being a famous and top-ranked auctioneer and antique expert, Catherine is also much liked due to her appearance. She’s a beautiful, tall young lady of 5 ft. 9 inches. The most prominent part of her attractive figure is her tall legs, adding more grace to her personality.

What else does Catherine do besides her professional life?

Catherine is a philanthropist and helps different charity programs and organizations such as “Children Trust,” “Prince Trust,” “The British Red Cross,” and the “Cancer Research UK,” etc.

Where is she currently living?

Catherine Southon currently lives in Bromley, London.

Methew Harbor

Matthew is a Co-Founder at BusinessFinanceArticles.org. Matthew was a floor manager at a local restaurant in Wales. He lost his job after the pandemic and took initiative to make a team and start the project.

You’ve come to the right place if you’re looking for a career in Environmental, Social, and Governance (ESG) relevant positions. The world is changing fast, and companies are looking for professionals who can navigate the ESG world and make positive contributions at work.

ESG has become an essential part of the modern business landscape, and clients, stakeholders, and regulators increasingly demand that companies address their social and environmental impacts.

So, how do you land jobs in ESG-relevant positions? Here are some ways to help you get started.

Do your Research

Before applying for any ESG-related job, it’s essential to research the company’s ESG goals, strategies, and initiatives. Start by reviewing their sustainability report, which will give you an idea of the company’s current ESG practices.

Ensure you understand what the company does, its clients, and the relevant ESG regulations they must comply with. The research will help you tailor your application to the company’s needs.

Network

Building connections is essential to landing a job in any field, and ESG is no exception. Attend industry events, webinars, and conferences to meet like-minded professionals and learn more about the industry. Joining relevant LinkedIn groups and engaging on ESG-related topics can also be a great way to expand your network and gain visibility in the industry.

Take Online Courses

Platforms offer a variety of ESG courses, ranging from sustainability fundamentals to sustainable finance and ESG investing. While a degree in a related field can be helpful, it’s only necessary sometimes. Many ESG-related roles value practical experience, and online courses can be a great way to gain relevant knowledge, skills, and credentials.

Volunteer

Volunteering with an ESG-oriented organization can be a great way to gain practical experience and expand your network. Look for organizations that align with your values and interests, and offer opportunities to work on sustainability-related projects, social impact, and governance. This experience can be valuable in your personal development and job search.

Learn to Quantify the Impact

ESG is about measuring business practices’ impact on society and the environment. Quantifying this impact can be a valuable asset in any ESG-related job. Familiarize yourself with tools such as the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB), which provide frameworks for measuring and reporting ESG performance.

Stay Informed

The ESG landscape constantly changes, and staying current on the latest trends, regulations, and best practices is essential. Follow industry publications, and read up on the latest ESG reports and rankings. This will help you prepare for interviews and show hiring managers that you’re passionate about the industry and committed to learning and growing.

How to Land Jobs in ESG-Relevant Positions – In Conclusion

Landing jobs in an ESG-related position can be challenging but rewarding. By researching, networking, taking online courses, volunteering, learning to quantify the impact, and staying informed, you’ll be well on your way to a fulfilling career in a field that positively impacts the world. So, go ahead and take the first step; the ESG world is waiting for you.

Ifama

Hi! This is Ifama. I am a student and giving my services in SEO. I have a lot of experience in digital marketing. Travelling is my hobby and I love visiting different hilly areas and doing adventures.

Medicine is a noble profession enabling you to save the lives of hundreds and thousands of people. However, it is more than just saving lives and is a huge business stream worldwide.

The global medicine market was valued at around 1.42 trillion U.S. dollars in 2022.

Yet, it can be challenging for physicians and healthcare workers to understand the business side of medicine as they obtain a degree in medicine and not a business. While it might seem unreal, most medical professionals do not know how to start working after they complete their studies.

A survey conducted with the final-year medical residents mentioned that only nine percent of the students said they were prepared for the business side of medicine. Around fifty-six percent mentioned that they did not receive any proper instructions about contracts and compensations in professional life throughout their medical studies.

That is why many medical students are unaware of the business side of medicine even when they are in their final year of residency.

Healthcare Business Models in Medicine

Healthcare has changed massively from treatment procedures to doctor-patient protocols and service models. In the past, doctors opted for an FFS model while imparting their services to patients. The FFS or Fees for Service model is based on paying the doctor for their service. On the other hand, now, healthcare service dynamics focus more on the patient’s experience than the number of patients.

Healthcare policies are focusing more on the quality of care than ever before. Providing better value to the patients also means catering to fewer patients at the same time. So, how can doctors maintain their business while delivering better patient care?

Recent Practice Models

Two new practice models have been introduced to improve patient care quality without compromising the doctor’s business.

Accountable Care Organizations (ACOs)

Accountable Care Organizations split the cost of treatment among the hospital, doctors, and other healthcare professionals. They work together to provide high-quality care to Medicare patients.

Independent Physician Associations (IPAs)

Independent Physician Associations enable healthcare providers to stay independent when benefiting from being a component of a large business. These associations help physicians connect to third parties to pursue their business without burdening the patients.

Independent Facility

Besides the associations and organizations facilitating patient and physician relationships, many doctors prefer running an individual setup. If you also want to run an independent practice, here’s what you must take care of:

Recruit Professional Staff

Having professional and personable staff in your clinic is the most important element of running a successful healthcare setup. Your team must be qualified and trained in their respective facilities to provide the best patient service.

Utilize Advanced Technology

Providing high-quality service is nearly impossible if you do not imply advanced technologies in your independent setup. Patients also prefer consulting physicians well-versed in the latest technologies and research. Adopting the requirements of changing times allows you to manage the patient flow easily.

Patient Support

Patient support has become inevitable in running a successful independent healthcare facility. Gone are the times when patients were happy with any level of treatment; now, they look forward to the best as their feedback is heard and acted upon.

Components of the Business Side of Medicine

Whether you work with a healthcare association or run an independent facility, understanding the components of the business side will allow you to run it smoothly. Understanding how your decisions may lead to financial implications that affect your professional and personal life is critical. Here are the components of the business side of medicine, including the services and resources available to physicians. They may vary from region to region, but understanding these will enable you to make better, calculated decisions.

• Personal and professional planning (Incorporation, insurance, planning services, and practice management and advisory)
• Legal services (Medico-legal advice and practice advice and advisory)
• Electronic media records
• Building your practice
• Improving service delivery
• Compensation

What do you Need to Know Regarding the Business Side of Medicine?

Understanding the business side of medicine differentiates a great doctor from a good doctor. Residents can learn about the market trends and risks in the business to ensure they build a place in the profession soon.

So, what do you need to know about the business side of medicine?

• Learn business management and maintenance techniques, including inter-organizational communication.
• Understand what other physicians with similar specialties and credentials charge for their services.
• Learn to use balance sheets, file and maximize your business taxes, and track income, expenses, and revenue.
• Financial and business jargon literacy.

Why Understanding the Business Side of Medicine is Important?

Many people believe that healthcare is a profession solely based on the service of humankind. But, if we think that way, how will doctors live and survive in this high-cost world if they do not charge for their services?

Patients often complain that doctors do not give them enough time. While it is not the case in all healthcare facilities, many physicians are agitated with the patient flow while wanting to consult as many patients as possible during the day.

Thus Harvard Business School emphasizes the importance of understanding the business side of medicine and learning those skills to manage the costs without compromising treatment quality. Dr. Richard Pitts, vice president of clinically integrated networks, also suggests, “Paying attention to the best treatments, along with the cost of those treatments, requires both business and medical skills.”

Benefits of Understanding the Business Side of Medicine

Realizing the business side of medicine, can help keep running the facility independently or in association, meanwhile reducing overhead costs. Some of the benefits of understanding the business side of medicine include the following:

Protection from Legal Issues

When you understand the business aspect of this profession and take every step carefully, you will not have to worry about legal liabilities. Primarily when you work with an association or consult a lawyer prior to making contracts, it protects you from multiple legal and financial problems.

Increased Revenue

Understanding the latest market trends and risks and taking your next step accordingly will enable you to increase your income. Staying updated with recent technological advancements and healthcare management lets healthcare professionals maximize their expertise. When physicians understand the business side, they also ensure they charge for the value they provide. So, it saves you from undervaluing your abilities in a particular specialty.

Organization

The organization is a critical element of any business, whether you are part of a bigger entity or working on your own. Thus, you must maintain organization in all aspects of your setup, including legal matters, finances, and staff, to ensure you do not face the consequences.

The Bottom Line

Many medical students are not aware of the business side of the profession, even during residency. Being unaware of the business side of medicine restricts them from making the best of their abilities and opting for suitable options. Harvard Business School pushes students to understand the business aspect of the profession to avoid financial and legal liabilities in the long run. It also allows you to provide better value to the patients and continue to make good money while reducing overhead costs.

FAQs

What is the business side of medicine that medical schools don’t teach you?

Most medical students do not know the financial and legal liabilities of setting up their facility or working with others. They are also not aware of creating contracts or reimbursements when needed.

How do you become a healthcare entrepreneur?

Becoming a healthcare entrepreneur is easy when you know the important factors to consider. The first step is to assess the needs of the patients through market research and planning accordingly. Next, you must analyze your limitations before stepping into the business. Choose the right investor and balance between profitability and quality care. Don’t forget to consider the latest technologies when setting up your healthcare facility.

What is the most profitable medical business?

Many medical businesses have emerged as profitable niches recently, including online pharmacies and medical services. Entrepreneurs are also opting for transcribing services and healthcare record management.

What is the highest-paying job in medicine?

Medical professionals are believed to make a high income; anesthesiologists are the highest paying, followed by physicians and surgeons. Next are nurse anesthetists, pediatricians, dentists, podiatrists, nursing offers, and pharmacists.

What is the best business degree for healthcare?

Many healthcare workers opt for a second degree to increase their value in the market. And if you want to become an entrepreneur, a Master of Business Administration (MBA) degree with a specialization in healthcare is the best choice. It provides you the knowledge of the business side along with your medical expertise.

How can you use a business degree in the medical field?

If you do not have a medical degree but want to enter the medical field with a business degree, you may join business operations or budgeting and forecasting. Other options include performance measurement, quality improvement, health informatics, and pharmaceutical or medical device sales.

Can I study business and medicine?

Some colleges offer Medical Doctor and Master Business Administration (MD/MBA) dual programs for professionals aspiring to become doctors while becoming a part of public health and medicine.

Methew Harbor

Matthew is a Co-Founder at BusinessFinanceArticles.org. Matthew was a floor manager at a local restaurant in Wales. He lost his job after the pandemic and took initiative to make a team and start the project.