DMD(or DDS)/ MBA?

[PreDentalKorean]

Does anyone do this?
Will it help you run private dental office significantly better?
If you get MBA, how can it help you?

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[blankguy]

I personally think this is pointless. How well you run the practice is a function of your people skills(not taught in dental school). How good you are with your finances(biggy, good clinical skills won't do you any good on this one if you can't handle money well). How good of a business man you are overall.

 

[SuperDuper]

Running a private practice probably doesn't require much of the knowledge you would get from the MBA program. However, if you are considering playing dental monopoly, it might be useful.

On a more serious note, I think MBA can be useful if you plan on working as a dean or something more administrative than just private practice

 

[SMCohen]

I disagree that it wouldn't be useful. A lot of people with science undergrads have no basic business background, and no experience running (or helping to run) a business. Basic business knowledge is actually quite useful - examples of skills that you would learn in an MBA, that could be applied to your dental practice include:

- Negotiation
- Finance (simple things like PV, EAR)
- Economics
- Accounting
- Marketing

Obviously a formal education is not necessary, as many dentists are without MBAs, but it's the difference between running a business, and running a business well (or, at least better).

 

[Hysteria24]

I disagree that it wouldn't be useful. A lot of people with science undergrads have no basic business background, and no experience running (or helping to run) a business. Basic business knowledge is actually quite useful - examples of skills that you would learn in an MBA, that could be applied to your dental practice include:

- Negotiation
- Finance (simple things like PV, EAR)
- Economics
- Accounting
- Marketing

Obviously a formal education is not necessary, as many dentists are without MBAs, but it's the difference between running a business, and running a business well (or, at least better).

I agree that it would be useful, but useful enough to justify the extra time and money? Probably not.

Here is more discussion on this topic from the dental forum:

http://forums.studentdoctor.net/showthread.php?t=503664

 

[SMCohen]

Is it worth the time and money? I think that depends on the person - I wouldn't write it off as not worthwhile because these fundamental skills can help you in other areas of your life. Do you need to get an MBA, specifically? No, just taking basic business courses is probably enough, which can be done part-time after you graduate.

 

[blankguy]

Running a business also requires soft skills. Something that isn't and can't be taught. How good are your people skills to deal with patients and people you work with? A formal MBA program tends to focus on people who work in larger organizations not small business owners like a dental practice.

 

[xml2008]

Marrying someone who has an MBA degree seems to be a perfect solution

 

[rollypolly]

Marrying someone who has an MBA degree seems to be a perfect solution

Or you could have a parent that has a MBA (and also happens to be an accountant) that is ready and willing to give tons of advice to a fresh dental grad!

 

[xml2008]

Or you could have a parent that has a MBA (and also happens to be an accountant) that is ready and willing to give tons of advice to a fresh dental grad!

The family power!

 

[Hysteria24]

Or you could have a parent that has a MBA (and also happens to be an accountant) that is ready and willing to give tons of advice to a fresh dental grad!

Where do I get me one of these?

 

[SMCohen]

Running a business also requires soft skills. Something that isn't and can't be taught. How good are your people skills to deal with patients and people you work with? A formal MBA program tends to focus on people who work in larger organizations not small business owners like a dental practice.

Well if you don't have a skill that can't be taught, then at least you will have some basic business sense by getting some formal business education. Like I said, an MBA isn't necessary but I do think that people planning on opening their own practice should have some business education, whether it be formal or informal. There are practice management courses that you can take, if you don't like the MBA route or don't have a mentor.

 

[Frederico Albin]

Or you could have a parent that has a MBA (and also happens to be an accountant) that is ready and willing to give tons of advice to a fresh dental grad!

Or even better, you can marry some1 that has an MBA (and also happens to be an accountant). hahahahahaha Gosh I picked the right person hahahahaha

 

[My3kGT]

This is an interesting question and one that I have asked myself many times. I think you will ultimately have to answer this one yourself.

My son has graduated dental school and is now enrolled in a residency program and on his way to becoming a specialist. Although he manages his money well he has had virtually no exposure to business courses throughout his undergraduate or dental school training. I am not a dentist but I do have a BS in business administration and an MBA as well. I expect to sepnd a lot of time, if not full time after retirement, helping my son manage his practice. So he is lucky that he has some family with a business background to help out.

Looking back over my career and experience, MBA programs seem to carry the most weight with big companies and the finance arena. Do you really to know how to do an in depth analysis of a P & L to run a dental practice? No. Do you need to know what a P & L is? Absolutely. As suggested by another poster, I think a course or two in basic accounting and perhaps marketing is a wise investment of time and energy, and perhaps should be mandatory for all doctors. And NEVER underestimate the amount of time, aggravation and confusion that insurance companies will bestow upon you.

All that said, I have known a lot of doctors and dentists who have gone broke despite despite grossing 6 and 7 figures each year. It’s quite a shock to turn 65 and realize you have nothing in the bank to show for all your hard work.

So as I said at the beginning of this diatribe, ask yourself some difficult questions, and give an honest answer. Do you handle money well? Are you credit cards maxed out? Are you late making payments? Do you buy things impulsively? Make a long list of tough financial questions and answer each honestly. If you are struggling managing money now then running a practice may be a bigger struggle. If so, make friends with a good CPA early and follow his advice. If you can honestly handle your finances well than at least enroll in some basic business courses at a JC or maybe even at your university. And be like Oprah, always sign all the checks yourself.

 

[Hysteria24]

And be like Oprah, always sign all the checks yourself.

That's impressive if true...