Anesthesiology and Competitive Strategy

Whether we like it or not, medicine is big business. The argument is sometimes made that standard management strategies from the business world do not apply to medicine because the economics and practice of medicine are unique—driven by science and rapid rates of change. But an exploding knowledge base, light-speed technological development, and ever-changing reimbursement schemes are not exclusive to medicine and health care. Some fundamental principles of finance, business management, and strategic development have evolved to deal with problems of rapid change. These principles do apply to modern medicine. The business side of anesthesia practice is off-putting to many clinicians. However, knowledge of the market forces at play can help enhance patient care, improve service, expand opportunities, and extend the perimeter of the discipline. The mission and current market position of anesthesiology practice are considered here.