Opening Residency 2014
McKesson Medical-Surgical, the Richmond-based medical supply and technology arm of McKesson Corporation, generates $6 billion in annual revenue. Although its parent company is one of the largest healthcare services companies in the world, it is not immune to today’s economic challenges.
The division therefore represented an ideal setting to create a learning opportunity for the new cohort of Richmond MBA students. From many different companies and backgrounds, the new group gathered in August to meet one another and collaborate in teams on a case study focused on McKesson Medical-Surgical.
Steve Thompson, associate professor of management, explained, “One of the challenges McKesson faces as a supplier is the changed healthcare landscape. The entire industry is undergoing pronounced shifts due to the Affordable Care Act, and McKesson is looking to find how they fit into this transforming industry.”
Randy Raggio, assistant professor of marketing, wrote the case study and led a session on marketing during the first weekend. “The introduction provided a big picture overview of healthcare, and in the marketing session I laid out the principles they needed to use in their analysis of the case. It was vital for them to get a sense of what is happening in the industry, but also where the market is going in order to develop an actionable, purposeful strategy.”
Not surprisingly, several of the new students came from healthcare backgrounds. In the aftermath of the Opening Residency, they shared some reflections on their experiences.
Drew Bennett, project manager and assistant to the CEO at Bon Secours Virginia Health System’s Ambulatory Care Division, revealed, “Through my work, I get insights into both the inpatient and outpatient worlds. With the industry changes, work is fast paced and pushes us to make decisions quickly, and over time I’ve developed my own perspective on the industry. The Opening Residency challenged me to objectively assess my own bias and look at the case through McKesson’s perspective. I had an exceptional time learning and getting to know my classmates, faculty, staff and the McKesson executives.”
Katherine Coleman, outside relations specialist at Clinical Research Partners LLC, shared, “An underlying theme of McKesson’s business is ‘Better Business for Better Health,’ and this resonated with me because it’s something I strive for in my work building and maintaining relationships with our partners. I felt very connected with the case, and my perspective helped me understand what McKesson’s customers value.”
Ryan Stuhlreyer, assistant to the CEO at St. Francis Medical Center, has worked in healthcare for five years. “I realized the importance of planning for the future after seeing the effects of the legislation at work, so our team focused on anticipating industry changes to ensure we could provide a viable recommendation. The Opening Residency was fantastic and proved The Richmond MBA is a world-class program. I feel very fortunate to be here.”
Doug Bosse, associate professor of management, described the goals of the Opening Residency. “Students must figure out very quickly how to work together in their teams, how to make sense of the industry and how to apply a wide range of tools and techniques we introduce in the first weekend. At the end we have a cohort who has a reasonably good understanding of what a rigorous program requires, and we have a large local client who has a portfolio of strategic recommendations for strengthening their business.”
Raggio concluded, “The students start with the Opening Residency. Halfway through the MBA program is the International Residency during which they work on a team to tackle an international company’s problem. Finally, with the Capstone Project, the student works individually with a company to solve a strategic challenge. That’s the journey we want students to take. Not only do they experience numerous frameworks but also solve real-world problems, and that’s what differentiates The Richmond MBA.”
Photo credit: Michael Hahn
MBA Opening Residency 2014, First Weekend
MBA Opening Residency 2014, Second Weekend