How worthwhile is it to obtain an MBA along with the DDS degree? I've heard that it will help the dentist better manage his/her practice and in the long run, have an overall better "business." But....I've also heard that it is rather unnecessary if the dentist takes some basic management courses. I'm a first year going on to 2nd year right now. I'm pretty much free this summer, except for a research gig that I got going....but other than that, I am kinda devoting the rest of the time to studying for the GMAT's. I'm not sure whether I will go through with the whole dual degree or not....I figure it wouldnt hurt if I just go ahead and take the test first. Any insights greatly appreciated.
If you are the type of person who likes to run their own show from top to bottom, getting the "MBA" could put you in a position of not having to hire the services of an office manager, book keeper and/or accountant to handle the financial affairs of your practice. Which, in turn, reduces your exposure to embezzlement (a white collar crime that is more prevalent than one may think)
Embezzlement? I thought the majority of the payments are through insurance, credit cards, or checks? What could they embezzle? Office supplies? Burs? Dental stones?
If you have a skilled bookkkeper running the finance part of your practice and you are ignorant about double entry bookkeeping, you can get shorted while they siphon off extra income at your expense. Usually it is not flagrant, but rather a matter of a few bucks here and a few bucks there over a long period of time. Many who come under suspicion are not reported and prosecuted because the victims are not up to dealing with the inconveniences involved in such a persuit. The bad actors are simply fired and then move on to a new opportunity. Don't let me get you paranoid. Most folks are honest. I simply offered one benefit of getting that "MBA" along with the DDS>
