The Business of Medicine: Why Physician Leadership and Financial Fluency Matter | Ep71

What happens when physicians understand medicine but not the business systems that determine how healthcare is delivered? Dr. Laura Suttin sits down with Dr. Erica Urquhart, former orthopedic surgeon, physician-scientist, author, and longtime private practice owner, to explore why physicians need greater financial and business fluency. Drawing from more than 20 years in independent orthopedic practice and her executive MBA from Oxford Saïd Business School, Dr. Urquhart shares how her "on-the-job MBA" eventually led her to pursue formal business education and write about the forces transforming American healthcare. The conversation examines why business education should become part of medical training, including coding, reimbursement, financial sustainability, resource stewardship, and understanding how physician productivity is measured. Dr. Urquhart explains why financial literacy is no longer simply a useful skill for physicians, it is increasingly necessary for clinicians who want to understand their value, advocate for themselves, and participate meaningfully in healthcare decision-making. The episode also dives into Dr. Urquhart's book, The Invisible Hand Wielding the Scalpel: The Hidden Cause of America's Healthcare Crisis, which examines how financial pressures, insurance requirements, private practice challenges, and other market forces affect patient access and healthcare delivery. Despite the challenges, Dr. Urquhart believes there is hope, and that physicians and patients have an important role to play in advocating for meaningful healthcare change. Three Actionable Takeaways: • Develop financial fluency: Physicians don't need to become accountants, but they should understand reimbursement, coding, accounts receivable, productivity metrics, expenses, and where the money flows within their practice or organization. Financial knowledge gives clinicians greater confidence and a stronger voice in healthcare decisions. • Recognize your leadership role: Leadership isn't limited to CEOs, department chairs, or executives. Physicians lead teams, influence patients, guide clinical decisions, and shape their communities. Developing skills in communication, delegation, connection, accountability, and difficult conversations can make physicians more effective leaders. • Become an informed healthcare consumer and advocate: Understand your health insurance before you need it. Review your plan benefits, know your deductibles and copays, and understand what your coverage requires. Beyond individual healthcare decisions, stay informed about healthcare policy and communicate with legislators when changes affect patients and clinicians. About the Show: Designing Healthcare That Cares is where leadership meets humanity. Hosted by Dr. Laura Suttin, the show explores what happens when compassion, connection, and courage come together to transform how we care—for our patients, our teams, and ourselves. Dr. Erica Urquhart is a former orthopedic surgeon, physician scientist, author, and healthcare economics advocate. With experience in private practice, medical research, and business education, she brings a unique perspective on healthcare sustainability, financial literacy, physician leadership, and health equity.  She is the author of The Invisible Hand Wielding the Scalpel: The Hidden Cause of America’s Healthcare Crisis. (https://www.amazon.com/Invisible-Hand...) About the Host: Dr. Laura Suttin is a physician, leadership coach, and lifelong advocate for designing systems that truly care. After years of navigating the complexities of healthcare, she realized that compassion and connection aren’t just nice-to-haves—they’re the foundation of great medicine. Today, Laura brings that vision to life through her work as a consultant, speaker, and host of Designing Healthcare That Cares. She helps healthcare leaders and clinicians rediscover their purpose, build resilient teams, and lead with both strategy and soul. When she’s not interviewing changemakers or guiding organizations, you can find her sharing stories that remind us all why we got into medicine in the first place—to make a difference, together. 🌐 Website: drlaurasuttin.com (http://drlaurasuttin.com) 📸 Instagram: instagram.com/drlaurasuttin (  / drlaurasuttin  ) 🔗 LinkedIn: linkedin.com/in/drlaurasuttin (  / drlaurasuttin  ) 📸 Facebook: facebook.com/drlaurasuttinmd (  / drlaurasuttinmd  ) Register for the Clinician Leadership Compass course to combat overwhelm and burnout.: www.drlaurasuttin.com/courses (http://www.drlaurasuttin.com/courses)     The Designing Healthcare That Cares Podcast is for informational and educational purposes only and does not constitute medical, legal, or professional advice. Always consult qualified professionals regarding personal or organizational decisions. Hosted by Simplecast, a...