Whether you believe this this figurative adage or not, it is a hard truth. Money is ubiquitous; it pervades everyday life. And money is the cornerstone of business. So I’m shocked to hear “pretty much nothing” when I ask residents what they’re taught about business and money these days.
Not to insult anyone’s intelligence, but I’ll venture an assumption. If you are a medical student, resident, or newbie doctor, I’ll assume you know as much about business as I knew back then, and that is … pretty much nothing. And yet the practice of medicine is a business. Your profession as a doctor — whether as an employed physician or entrepreneur — is part of a business entity, requiring business relationships and business transactions. This is the reality of the world, where the exchange of services and goods is as regular as the air we breathe, and so it’s crucial to learn about business during those starving years of youth. Or perhaps you’re an old-timer who still has very little business knowledge. No matter where along your professional journey, business knowledge is vital.