The School of Medicine “Financial Boot Camp” is a multi-part series designed to help faculty understand core finance issues with a focus on medical school economics. Sessions illuminate the challenges involved in financing a complex academic health center, and managing the priorities of the school, the hospital, and the provider practice. The goal of the Boot Camp is to help build awareness of how administrators evaluate new programs and personnel from a financial perspective and to empower faculty to be fully engaged in discussions about finances at the program, department, and school levels. Use the links below to learn more about the program.
Structure and Overview
Financial Boot Camp is comprised of three, 2-hour meetings. Sessions are a mix of didactic instruction, group work, and case study discussions. Participants are introduced to core financial concepts such as the present value of money, rate of return, basic funds flow modeling for investment decisions, and evaluating the bottom line of investments. These concepts are then applied to case studies in the medical school environment to look at how research is funded and how administrators evaluate new programs from a financial perspective. Sessions 1-2 are led by School of Medicine Executive Vice Dean Scott Gibson. In session 3 Mr. Gibson is joined by a Duke Hospital leader, a PDC leader, and a Business Manager as participants evaluate a case study impacting the school, the hospital, and the PDC. All 3 sessions are extremely interactive and participants have many opportunities to engage with the material and interact with institutional leaders.
At the conclusion of this program, participants will be able to:
- Understand foundational principles of finance that are key elements in business decisions:
- The time value of money
- How to consider risk in evaluating investments
- Basic spreadsheet functionality
- Basic accounting concepts
- accrual versus cash accounting
- income statement structure
- the importance of the balance sheet
- Use these tools to consider multiple investment decisions in a team experience
- Translate these principles into practice using the organizational environment of Duke Health
This program is most appropriate for mid-career and senior faculty with leadership roles (program director, division chief, vice chair, etc.).
Spring 2019 dates:
Friday, May 3, 7:30-9:30am
Friday, May 17, 7:30-9:30am
Friday, May 24, 7:30-9:30am
Registration information will be sent to all faculty at the associate professor level and above. To be added to this list, please e-mail email@example.com.
Space is limited and seats are available on a first-come, first-served basis.
What Participants Are Saying
"This filled a real gap in my understanding. I feel more empowered to (1) create proposals that are more thoughtful and sound and (2) communicate those proposals to leadership in the language needed to help us all evaluate the potential costs and benefits of a new investment."
"It was very helpful to meet the people who make the major decisions, and to begin to understand how they might approach different issues (and their individual perspectives)."
"It really helped me understand how to frame requests in ways that are most compelling for different stakeholders. It also helped me understand key limitations and risk areas and the rationale for them. I also appreciated the honesty when there was no good rationale."
"If you understand what pdc and the dean need and require you are better placed to make appropriate requests. [This program ] also will help me explain how things work and why to colleagues."
"I have a much better understanding of the vision , perspective and processes of different components of the current Duke leadership."
Please contact the Office for Faculty Development with any questions about this program (919-613-5209 or firstname.lastname@example.org).