Advice needed on md-mba

[mayur]

hi
i have completed my med school from India and applied for the residency in US in family medicine.
i have read most of the post in the forum as i am interested to be an physician executive.
but i have some doubt...
what will be my salary, MD-MBA ? (this is important please do answer it, i didn't find an accurate answer). will it be more than just MD?
and will it give me more global scope not just US?
what will i work as, my position, once i am done with MD-MBA?
THANK YOU

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[michaelrack]

hi

what will be my salary, MD-MBA ? (this is important please do answer it, i didn't find an accurate answer). will it be more than just MD?
and will it give me more global scope not just US?
what will i work as, my position, once i am done with MD-MBA?
THANK YOU

A nonclinical executive position would probably pay less than the typical salary for a practicing physician.

 

[mayur]

hi
thank you sir for ur reply.
can you tell me what qualification to we require to be a Chief Executive Officer (Physician)?
they have a good compensation as per these survey
thank you


http://www.cejkasearch.com/compensation/amga_administrative_compensation_survey.htm

 

[michaelrack]

These are the requirements for the first job listed on the link:

"Qualifications include board certification, a minimum of five years experience as a physician leader in a hospital environment, quality management, medical staff relations, and an excellent clinical background."

You are at least 10 years away from a chief executive officer job

 

[Xardas]

hi
thank you sir for ur reply.
can you tell me what qualification to we require to be a Chief Executive Officer (Physician)?
they have a good compensation as per these survey
thank you


http://www.cejkasearch.com/compensation/amga_administrative_compensation_survey.htm

It is very HARD to become a CEO of a large healthcare entity such as a hospital and so forth. You are competing with a lot of people for that position who are not physicians, but don't ahve to be frankly to do that type of job.

As michaelrack points out you shouldn't do physician executive for the money but because that is what you like to do.. Yes the money is good if you are a CEO of a large hospital but trust me there is a LOT of stress.

 

[DrJosephKim]

Agree with many of the comments on this post. Don't pursue a career path for the love of money.

With all these major healthcare reform discussions, compensation numbers could change significantly in the future.

 

[mayur]

thank you all for your reply,
since i am a student applying for md, i think mba as an investment, by which i intend to increase my compensation.
do does it mean that md mba is not beneficial, it is better to practice than do administration ?

 

[Xardas]

thank you all for your reply,
since i am a student applying for md, i think mba as an investment, by which i intend to increase my compensation.
do does it mean that md mba is not beneficial, it is better to practice than do administration ?

I think what we are all trying to tell you is follow what you think what you want to do. If that is seeing patients then just get an MD.

But if you want to become a CEO of a healthcare organization its a totally different set of skills - your MD may/may not help you with that.

But if you get an MBA and just go into practice and do nothing else with it its not a great investment.

Finally, there are those we call born leaders - these people can achieve great things regardless of their degrees. In fact, you can have a lot of degrees and never get to the heights these people get to. You either got it or you don't.

 

[mayur]

is chief medical officer (cmo), better option after md mba?

 

[Xardas]

is chief medical officer (cmo), better option after md mba?

That depends on what you become the CMO of... an insurance company? a hospital? a physician group?

CMO is a broadly used title that can mean a lot of different things in a lot of different organizations..

 

[mayur]

a hospital
i saw job openings and a mba requirement

 

[nontrdgsbuiucmd]

a hospital
i saw job openings and a mba requirement

Just to provide a bit of perspective:

In my graduating class, from a top-tier MBA program, the starting salary range was roughly 35K to 180K. Stating that the average salary is 100K is not as meaningful as the range of salaries.

CEOs on average earn a fair amount, but saying that you'd like to be a CEO is akin to saying you'd like to be an NFL football player. It takes massive effort, many years of late nights, luck, great mentors, willingness to relocate, and singlemindedness pursuit for the "average" CEO. An MBA is the very first step in this process.

 

[DrJosephKim]

There are many ways to climb the corporate ladder within hospital systems. It's very important to gain experience in medical management.

Start with the ACPE, then consider either an MBA or MMM (medical management)

 

[Demas567]

Just to provide a bit of perspective:

In my graduating class, from a top-tier MBA program, the starting salary range was roughly 35K to 180K. Stating that the average salary is 100K is not as meaningful as the range of salaries.

CEOs on average earn a fair amount, but saying that you'd like to be a CEO is akin to saying you'd like to be an NFL football player. It takes massive effort, many years of late nights, luck, great mentors, willingness to relocate, and singlemindedness pursuit for the "average" CEO. An MBA is the very first step in this process.

I would say it's more like someone saying that they want to be a starting quarterback in the NFL. When people makes statements like "I want to be the CEO of a large hospital," you can't help but laugh.

 

[dlj50ster]

MBA positions in management will definitely be lower paying. Yet acquiring business skills is of an ever increasing importance simply to the everyday practice here in this country as well as all over the world. An MBA is not vital but acquiring well rounded business knowledge is. Whoa to the docs who are blind to this!
http://joycemdmedbizblog.wordpress.com/

 

[ReformedHF]

Agreed. This feels like a bad way to choose a profession. You are virtually guaranteed to fail at both if this is how you're looking at it. Becoming a CEO takes years of dedication and professional growth, it's not a job you just apply to after putting in your 10 years.