The future of health services research in academic medicine.
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When budgets are submitted, the financial department must determine if expected revenues meet expected expenses. The cost of implementing new programs, capital purchases, and operating budget should be less than the overall revenue. If it is not, the manager must reduce the budgets. The manager identifies ways to reduce the supply costs and options for changing practice and systems. Collaborative effort is involved when physician practice must change to meet the budget reduction needs. A reduction in overall expenses is needed to initiate new programs and purchase requested equipment. To prepare and finalize the operating expense budget, the manager needs to foster quality improvement in services, employ negotiation skills, justify budget proposals, redistribute funds, and seek cost-saving methods.
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In recent years, academic research institutions have increasingly sought to commercialize their discoveries, providing the opportunity to raise venture capital and benefit financially from their developments. In the last 6 years, Hamilton Civic Hospitals Research Center, affiliated with McMaster University, Ontario, Canada, has set up two companies, Vascular Therapeutics and Osteokine, to commercialize its discoveries in thrombosis and osteoporosis. Epidemiological evidence shows a continuing socioeconomic burden of both of these disorders, thereby offering opportunities for new drug development. Key areas in the field of thrombosis include novel parenteral anticoagulants to replace heparin as adjunctive therapy in acute coronary syndromes, safer and more practical oral anticoagulants that do not require monitoring to replace coumarins, and oral antiplatelet drugs for use in combination with aspirin. Since their creation, Vascular Therapeutics and Osteokine have attracted major funding and developed several patentable compounds that show clinical and commercial promise.
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