Matthew Nunley, a third-year medical student, has launched the Business and Leadership in Medical Practice (BLiMP) student organization to help students learn the business side of practicing medicine.
“There are many business and financial situations unique to physicians, yet most of us are unaware of how to deal with them,” he said. “While it might be easier for a healthcare management company to take care of finances, it is very beneficial for the physician to understand the business of medicine.”
Nunley said he hopes the club will inspire more future physicians to start a private practice once they have acquired the necessary financial skills and have been exposed to business resources.
Another goal of the group is to help medical students deal with their own school loan debt. Once a medical student has completed the residency program, they are faced with sorting out their finances, including mortgages, investments and tax situations, he said.
In addition to providing educational resources for its members by hosting presentations related to business and leadership skills, Nunley said the organization will offer its members opportunities to network with medical business professionals and learn methods and strategies to successfully navigate the business aspect of medical practice.
“I’m lucky because this happens to be a personal interest of mine. I minored in finance in undergraduate school and am going through the dual D.O./MBA program here,” Nunley said. “But a majority of medical students have no business or financial knowledge at all.”
About a quarter of the first- and second-year class members expressed interest in joining the club and 23 students signed up during the Student Organization Fair in August, he said. Other club officers are Holly Frankfurt, secretary; Mark Hoelscher, treasurer and James Luth, vice president.