The Bottom Line Medicine Clinic

Area of Science:

• Medical practice management
• Healthcare finance education

Background:

• Medical practice management is complex and crucial for financial viability.
• Effective training tools are needed for healthcare professionals to understand business principles.

Purpose of the Study:

• To develop and evaluate a spreadsheet model for predicting the financial outcomes of business decisions in a medical practice.
• To assess the model's effectiveness as a teaching tool for practice management.

Main Methods:

• A financial spreadsheet model was developed using data from an actual medical practice.
• The model was implemented in a Family Practice residency program at the University of Minnesota.
• Residents acted as managing partners to address simulated financially ailing practices.

Main Results:

• The model accurately predicts the financial impact of business decisions.
• It provides an interactive and engaging platform for learning practice management.
• The tool was highly successful and popular among senior residents.

Conclusions:

• Spreadsheet models can be valuable tools for teaching medical practice management.
• Interactive financial simulations enhance understanding of business decision-making in healthcare.
• This model offers a practical approach to improving financial literacy in medical training.