With the rise of commercialism comes a significant shift in the relationship between physicians and their patients. There has been a somewhat recent shift in the way doctors are viewing and running their practices. The marketplace is becoming a constant intrusion in physicians’ practices, making it more about the big picture, the business side of the job, and not the caregiving side that most doctors sign up for when entering medical school. Dr. Emil Shakov, a board-certified surgeon at The Youth Fountain, recognizes the challenges of combining his passion as a caregiver with owning a business and the need to be conscious about both sides of the operation.
What they teach in medical school is no longer the full scope of what doctors should be anticipating when entering the medical field. It is now crucial that doctors start to understand the business side of practicing medicine as it is becoming more and more challenging to make money when opening a private practice, the need for marketing, and focusing on fostering long-term relationships with prospective patients.
Dr. Shakov is a practicing physician, but he is also a CEO. The collision of these two worlds is complicated for many doctors to wrap their heads around because running a business and practicing medicine used to be two completely separate worlds. Now that business and medicine need to speak the same language, you’ll start to see more doctors getting their M.B.A’s. Dr. Emil Shakov understands that he has to wear both hats, and he has to put the degree of care into his practice that he does for each of his patients. He understands that, in today’s climate, there is now a degree of separation between the doctor, the patients, and the operation of the practice as a business.
The blending of these two worlds tests the integrity of a physician. Doctors have a medical obligation to their patients first and foremost, and if this gets twisted, it can be detrimental to the ethics of healthcare. Dr. Emil Shakov is an excellent example of a doctor who successfully practices medicine with the patient’s health as his top priority and the business his second. He stresses the importance of this order of operations. According to New York Times essay by Sandeep Jauhar, “Something fundamental is lost when doctors start thinking of medicine as a business.” There is a fine line when money starts to affect the practice of medicine. The ethical integrity of medicine must sustain as the future of medicine shifts in this direction.
Dr. Shakov concludes “When you embark on this wonderful journey of becoming a physician, you are completely ignorant of the complicated business side of medicine. In medical school, they teach you everything you need to know about how the human body works but not about the complexity of insurance companies and budgets. After spending 5 years in a surgical residency and one year in a surgical fellowship, I was none the wiser about business because the training programs do not devote a minute to teaching prospective physicians beyond the practice of medicine. The sad reality for most doctors is they have no choice but to enter employment because they have no idea how to even start a private practice. For many that do take the plunge into private practice, there are many obstacles to overcome and there is no guidance or direction provided. That is why so many private practices fail and so many physicians enter employed positions or never leave the security of employment. It has been a lot of blood, sweat and tears but after 7 years I am still my own boss running my own practice and I could not be happier! I love what I do because I have full autonomy to take care of my patients and provide them the best care I can as if I was treating my own family member. Being in private practice allows me to make the best decisions for my patients because I do not face any pressure from a boss telling me how to take care of patients and what tests I can and cannot order or who I can refer my patients to.”
Like most practicing and aspiring physicians, Dr. Shakov entered the medical field with a passion for medicine and healing, consistent intellectual stimulation, and the desire to develop meaningful relationships with his patients. Understanding the value of partnering up with those most qualified around him, Dr. Emil works with his wife and partner, Dr. Rada Shakov, in all of their service offerings at The Youth Fountain. Dr. Rada Shakov is a board-certified gastroenterologist who specializes in all aspects of gastroenterology, along with aesthetic medicine.
Both Dr. Rada and Dr. Emil know that being a doctor is a fulfilling job. As long as you maintain your integrity, it is still just as fulfilling when operating with a business mindset. Dr. Shakov is a successful doctor and businessman alike because he understands the importance of the business side of medicine while continuing to put his patient’s needs first.
Please visit The Youth Fountain for more information about Drs. Emil and Rada Shakov.
