Benefits of MD+MBA

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Shredder

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Upward mobility, increased influence, new avenues
 

Schubie

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Weirdo said:
elaborate further

I'm currently a 3rd year at Pritzker and I'll be attending the GSB next year to get my MD/MBA in 2007. I'm planning on matching into Anesthesia (most likely), and I'm not sure what my B-school focus is going to be. I believe very strongly that everyone in medicine ought to have some sort of understanding of the fundamentals of business, because every single medical decision we make has underlying economic principles involved (i.e. Will insurance pay for this test? Can the patient afford this drug that they need, but that is not covered by his insurance?). Doctors as a whole know very little about business, because most of us went straight through (High School, College, Med School, Residency, Work) without ever really going into the business world. Understanding business makes for stronger physicians because they are more prepared to make decisions based not just on the medical factors, but on the economic ones as well.

For me, I'm going into private practice, and understanding business is even more important because I'm going to want to be involved in the most efficient and effective practive possible. I would like someday to run my own practice, however, I would also like to be able to recognize a poorly run one, and to have the ability to make the necessary changes.

In addition to gaining a knowledge set that will make me a stronger clinician, the MBA will allow me to impact health care costs, through the increased efficiency of medical care. Savings which theoretically could be passed down to the patient.

Also, although I am planning on matching, the MD/MBA gives me a fallback plan such as consulting, which would allow me to earn a good living right away and without the pain that is residency (although Anesthesia is about as sweet as they come as far as residencies go).

Finally, it's a gold-plated stamp on my resume which can only help in the competitive world of residency matching and job searching post-residency.

Edited for grammar
 

mward04

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Schubie said:
I'm currently a 3rd year at Pritzker and I'll be attending the GSB next year to get my MD/MBA in 2007. I'm planning on matching into Anesthesia (most likely), and I'm not sure what my B-school focus is going to be. I believe very strongly that everyone in medicine ought to have some sort of understanding of the fundamentals of business, because every single medical decision we make has underlying economic principles involved (i.e. Will insurance pay for this test? Can the patient afford this drug that they need, but that is not covered by his insurance?). Doctors as a whole know very little about business, because most of us went straight through (High School, College, Med School, Residency, Work) without ever really going into the business world. Understanding business makes for stronger physicians because they are more prepared to make decisions based not just on the medical factors, but on the economic ones as well.

For me, I'm going into private practice, and understanding business is even more important because I'm going to want to be involved in the most efficient and effective practive possible. I would like someday to run my own practice, however, I would also like to be able to recognize a poorly run one, and to have the ability to make the necessary changes.

In addition to gaining a knowledge set that will make me a stronger clinician, the MBA will allow me to impact health care costs, through the increased efficiency of medical care. Savings which theoretically could be passed down to the patient.

Also, although I am planning on matching, the MD/MBA gives me a fallback plan such as consulting, which would allow me to earn a good living right away and without the pain that is residency (although Anesthesia is about as sweet as they come as far as residencies go).

Finally, it's a gold-plated stamp on my resume which can only help in the competitive world of residency matching and job searching post-residency.

Edited for grammar

well said...

one other thing, you don't have to do a "2 year MBA" Many programs add only one additional year even though they do it over the course of 2 years...if that makes any sense.
 

Law2Doc

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Schubie said:
I'm currently a 3rd year at Pritzker and I'll be attending the GSB next year to get my MD/MBA in 2007. I'm planning on matching into Anesthesia (most likely), and I'm not sure what my B-school focus is going to be. I believe very strongly that everyone in medicine ought to have some sort of understanding of the fundamentals of business, because every single medical decision we make has underlying economic principles involved (i.e. Will insurance pay for this test? Can the patient afford this drug that they need, but that is not covered by his insurance?). Doctors as a whole know very little about business, because most of us went straight through (High School, College, Med School, Residency, Work) without ever really going into the business world. Understanding business makes for stronger physicians because they are more prepared to make decisions based not just on the medical factors, but on the economic ones as well.

For me, I'm going into private practice, and understanding business is even more important because I'm going to want to be involved in the most efficient and effective practive possible. I would like someday to run my own practice, however, I would also like to be able to recognize a poorly run one, and to have the ability to make the necessary changes.

In addition to gaining a knowledge set that will make me a stronger clinician, the MBA will allow me to impact health care costs, through the increased efficiency of medical care. Savings which theoretically could be passed down to the patient.

Also, although I am planning on matching, the MD/MBA gives me a fallback plan such as consulting, which would allow me to earn a good living right away and without the pain that is residency (although Anesthesia is about as sweet as they come as far as residencies go).

Finally, it's a gold-plated stamp on my resume which can only help in the competitive world of residency matching and job searching post-residency.

Edited for grammar
Good post. While knowing the real costs and coverage of medical tests is nice from a global economics point of view, I'm not sure that is where an MBA will be that beneficial. Your point on private practice and poorly managed businesses however, is where I think the MBA can really help. Go heavy on the management, operations and accounting classes (and lighter on the econ and finance), and you can really get some value in this area.
 

mward04

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Law2Doc said:
Good post. While knowing the real costs and coverage of medical tests is nice from a global economics point of view, I'm not sure that is where an MBA will be that beneficial. Your point on private practice and poorly managed businesses however, is where I think the MBA can really help. Go heavy on the management, operations and accounting classes (and lighter on the econ and finance), and you can really get some value in this area.

I agree with the classes, however, just cause you're going "lighter" doesn't mean to negate the value of them. Good econ and finance classes are incredibly important!
 
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