Dds, mba ?

[Beatles0467]

So I am currently in dental school (second year) and have really become interested in the idea of getting an MBA. I can't get one at my current school but there is a private one close by where you only need to take one class a night every week and can finish your MBA in 2 years for ~$25,000 in tuition/books/fees. I am of the opinion that by no means will an MBA make you an amazing business person but since so many dentists end up owning their own business, it would be really useful to have an MBA. I've taken a few undergraduate business courses and liked them, and they do have an MBA program with a concentration in healthcare management, so that would be seemingly even more useful. Anyone have any thoughts on the usefulness of the MBA or whether it's a manageable time commitment? (I feel it would be hard but not impossible, especially the last two years of dental school when a lot of the at home class studying is done) Are there any DDS, MBA's out there that have an opinion on the usefulness? What about getting additional financial aid for the MBA?

Any information/suggestions that people might have would be welcome! Thanks!

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[WilsonJing]

Great post, I was thinking of the same thing. Waiting to read the responses.

 

[DrJeff]

So I am currently in dental school (second year) and have really become interested in the idea of getting an MBA. I can't get one at my current school but there is a private one close by where you only need to take one class a night every week and can finish your MBA in 2 years for ~$25,000 in tuition/books/fees. I am of the opinion that by no means will an MBA make you an amazing business person but since so many dentists end up owning their own business, it would be really useful to have an MBA. I've taken a few undergraduate business courses and liked them, and they do have an MBA program with a concentration in healthcare management, so that would be seemingly even more useful. Anyone have any thoughts on the usefulness of the MBA or whether it's a manageable time commitment? (I feel it would be hard but not impossible, especially the last two years of dental school when a lot of the at home class studying is done) Are there any DDS, MBA's out there that have an opinion on the usefulness? What about getting additional financial aid for the MBA?

Any information/suggestions that people might have would be welcome! Thanks!

Very sound reasoning on your part. Hands down, I bet if you took a poll of practicing dentists about what is the part of their practice that they have the least amount of comfort with on a day to day basis, it's the business side of things. With an MBA, while you'll still need some outside assistance in the form of an accountant and occasional some business law help, you'll be at an advantage when compared with many in the profession

 

[mx41]

There are always CE Business courses you can take after dental school, for a lot cheaper...
99% of dentists dont have an MBA, yet they manage their clinic quite successfully (for the most part), so going to a business school may be overkill IMO.

 

[Beatles0467]

Good points...CE Business courses is definitely another option to look into. I agree with you mx that many do fine without an MBA and it definitely might be overkill...however I tend to not agree with any line of reasoning that has a sense of "they didn't do it so why should I". I guess I'm trying to find out how much better off is that 1%, not just automatically trying to be part of the 99% just because they are doing fine. I'd think the MBA would not only make you more comfortable and proficient at the business side of things, but maybe you'd be actually good at it and be able to market better, sell yourself better, make better financial decisions with the practice that all could make your life easier. Maybe just reading online and taking a few CE courses could do that though too?

 

[diagnodent]

If your ultimate goal is to own one practice and be a dentist then an mba is overkill. If you goal is to own multiple offices, manage many dentists and get into other businesses then do an mba. Let me tell you the secrets to managing a dental office.....keep your overhead low and keep your collections/production high. There it is...thats the secret and I gave them to you for free or if you want to send me some cash then go for it...i'll give you my paypal account.

Running one office is very easy as long as you aren't a *****. (however i know many dentists who fit that description) Just know the numbers. I do not have an mba but would like to have one because I want to use my money to open up other businesses (not dental related).

Just think of all the great business minds without mba's....bill gates, steve jobs, warren buffet. Just because you have an mba doesn't mean you will know how to run a business...ask my brother (mba + phd).