Clinical Associate Professor of Business Economics and Public Policy
Daniel C. Smith Faculty Fellow
Executive Director, Indiana Business Research Center
Healthcare is the most valuable industry in the U.S. economy, but in our country, it is mostly broken, says Phil Powell, clinical associate professor of business economics. Literature suggests one-third of every healthcare dollar is wasted, totaling $1.2 trillion in value that could be harvested by better management decisions.
“When you use management knowledge to practice medicine, you not only reduce cost and improve economic efficiency but also save more lives,” says Powell.
About a quarter million people die each year in the United States due to mistakes in the clinical setting. By educating and empowering physicians to be the leaders in their healthcare organizations, Powell feels business schools – and business professors – have an opportunity to partner with clinicians to save lives.