Doing well by doing good:

Abstract

The goal of operating a medical practice is not simply to turn a profit, but to generate value – value to the patient, value to the community, and value to the practice. So long as we understand value in strictly monetary terms, we are not seeing the whole picture. We are operating with blinders on, missing larger opportunities. A medical practice can be performing reasonably well financially but poorly ethically. Conversely, a practice can be performing reasonably well ethically but poorly financially. To flourish, a practice needs to perform well on both counts. This article addresses the connection between finance and ethics, and in particular, the extent to which ambitious ethics and sound financial practices can mutually reinforce one another. Far from undermining a medical practice, a clear sense of professional mission actually enriches it, in both financial and human terms.