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The fiscal challenges in academic medicine are apparent to us all — particularly in academic pediatric medicine. The many pressures of increasing complexity of clinical care, decreased reimbursement (especially from government payors such as Medicaid), competing priorities for individual faculty members to meet the multiple aims of patient care, teaching the next generation, and scholarship to advance our respective specialty fields to name a few.
New clinical leaders often enter their leadership roles without a solid understanding of the economics of health care. Additionally, they may not inherit established funds flow models that optimize the realization of the goals for patient care, teaching, research, and child health advocacy.
In this conversation, our council discusses what leaders in academic pediatric medicine need to understand about the business of medicine and what principles need to be to considered to maximize fairness and the chances of accomplishing competing priorities and goals.