Do you think an MBA helps one run a dental practice?

[LaFleur]

I'm considering possibly getting an MBA before I go to dental school. For all you practicing dentists, do you think an MBA helps one run a dental practice?

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[BrainsOut]

To run a dental practice you don't need more than your common sense any successful small business owner has, some people skills and a CPA. An MBA could be requested for senior management in dental chains, though I doubt there are many positions like that, and for those, a DDS would be of no value. Currently MBA programs are for those who want to work in corporations, switch careers or climb up corporate ladder. Rarely someone uses it to join a start-up as a person responsible for finance etc.
I know it's easy to get confused being in college abut your options. Dont believe pamphlets and always count in tuition and the opportunity cost - those are huge in dental school and mba.

 

[zackc19]

To run a dental practice you don't need more than your common sense any successful small business owner has, some people skills and a CPA. An MBA could be requested for senior management in dental chains, though I doubt there are many positions like that, and for those, a DDS would be of no value. Currently MBA programs are for those who want to work in corporations, switch careers or climb up corporate ladder. Rarely someone uses it to join a start-up as a person responsible for finance etc.
I know it's easy to get confused being in college abut your options. Dont believe pamphlets and always count in tuition and the opportunity cost - those are huge in dental school and mba.

I completely agree. I am a Business Admin. major (senior year), and applying to dental school. I don't feel it has been very informative. Most management and marketing classes you take are simply urging you to use common sense (though the professors may not see it this way)

I think it is a good idea to take some basic business courses. A class on reading financial statements is helpful, such as accounting 1010 and 1020. Economics was also pretty informative, though maybe not super applicable to dentistry in particular.

And no, I am not a PRACTICING DENTIST, but this may be the best you get since most dentists do not have an MBA.

So just to sum things up, an MBA seems like a waste of time and money.

 

[LaFleur]

To run a dental practice you don't need more than your common sense any successful small business owner has, some people skills and a CPA. An MBA could be requested for senior management in dental chains, though I doubt there are many positions like that, and for those, a DDS would be of no value. Currently MBA programs are for those who want to work in corporations, switch careers or climb up corporate ladder. Rarely someone uses it to join a start-up as a person responsible for finance etc.
I know it's easy to get confused being in college abut your options. Dont believe pamphlets and always count in tuition and the opportunity cost - those are huge in dental school and mba.

Thanks! So you'd recommend just taking a couple of business classes on the side or just reading about these topics? Accounting, marketing, the like?

It's hard because I feel like I'm not going to have anyone to consult with when I start a dental practice, so I was thinking I might as well start getting some info about the business side of things, because yes dentists are health professionals, but running a practice requires business acumen.

I completely agree. I am a Business Admin. major (senior year), and applying to dental school. I don't feel it has been very informative. Most management and marketing classes you take are simply urging you to use common sense (though the professors may not see it this way)

I think it is a good idea to take some basic business courses. A class on reading financial statements is helpful, such as accounting 1010 and 1020. Economics was also pretty informative, though maybe not super applicable to dentistry in particular.

And no, I am not a PRACTICING DENTIST, but this may be the best you get since most dentists do not have an MBA.

So just to sum things up, an MBA seems like a waste of time and money.

Thanks so much for your informative response! I really appreciate it.

Hmm, I have a friend in an MBA program and she's taking classes like marketing and accounting, which I would think would be really helpful for people who want to start a small business, such a dentists. I guess you don't really need to have an MBA to take those classes or learn about those subjects, but I was just thinking that this would be a more structured way to have a comprehensive business program to learn from.

 

[zackc19]

Hmm, I have a friend in an MBA program and she's taking classes like marketing and accounting, which I would think would be really helpful for people who want to start a small business, such a dentists. I guess you don't really need to have an MBA to take those classes or learn about those subjects, but I was just thinking that this would be a more structured way to have a comprehensive business program to learn from.

I think it is a good idea for everyone going into dentistry to take some basic business courses. I agree, marketing sounds like a good idea. I will be taking my final marketing class next semester. It is a 4000 level marketing class. I hope it is better than the lower level ones I have taken.

The reality is, if you are an awful people person, have little common sense, or just little business-sense, you are going to struggle running a practice even if you have an MBA. As the first post alluded to, business degrees do very little to actually prepare someone to run a business. Most of my classes have been focused on either crunching numbers (mostly stuff way beyond what you'd even care about as a dentist; stuff your accountant doesn't even care about), or abstract management theories that most people are just born understanding (eg reward your employees when they do well).

So basically, I would recommend taking a managerial accounting course if available, and maybe a marketing course. If nothing else these classes are generally very easy compared to your core science classes.

 

[BrainsOut]

Yeah, you can take those classes, but maybe an even better idea would be to ask your buddies who already took those classes and asked them what they learned and which books were worthwhile. If you figure that you want more, explore those topics on your own. Actually by taking classes you risk being encumbered by the professors' ways - zack nicely commented on their approach to common sense - and additionally frustrated by the pitfalls of 'official classes' - busywork, deadlines, exams. On the other hand, by learning on your own, you are encouraged to utilize a wider variety of resources, can get confident that you do know all that may be needed, and in the end even risk becoming an expert in a field.

 

[shootingstar7]

Thanks! So you'd recommend just taking a couple of business classes on the side or just reading about these topics? Accounting, marketing, the like?

It's hard because I feel like I'm not going to have anyone to consult with when I start a dental practice, so I was thinking I might as well start getting some info about the business side of things, because yes dentists are health professionals, but running a practice requires business acumen.



Thanks so much for your informative response! I really appreciate it.

Hmm, I have a friend in an MBA program and she's taking classes like marketing and accounting, which I would think would be really helpful for people who want to start a small business, such a dentists. I guess you don't really need to have an MBA to take those classes or learn about those subjects, but I was just thinking that this would be a more structured way to have a comprehensive business program to learn from.

From what I have heard an read, there are groups out there that specialiize in marketing/building dental practices. Some architectural firms only build dental offices, and some marketing firms cater to dentists.

 

[yappy]

I'm not a practicing dentist; however, I found micro-econ very interesting and felt like it gave me a small peek into the type of thinking small business owners must do a daily basis.

It's basically a class in understanding markets.

 

[Lethstang]

an mba is a bit overkill. find some basic business concepts books and read up. something on managerial accounting would be good. Also, management books, especially on how to deal with people will be gold. You can take some good CE in a few years which will teach you exactly what you need to know so dont worry too much about it. Even though, its good that you are. Alot of kids think theyre going to graduate and automatically be successful because theyre a "good" dentist.

 

[jeffity]

Any business undergrad or even graduate business degrees is almost useless. You don't really start learning until you're working. That's why I sort of disagree with schools that allow anyone to get an MBA. It's better when schools require/really prefer some real-world experience so you're bringing something to the table with classmates and so you can apply or relate to material. Textbook business is not business. Maybe there's a little foundation, but it's almost industry-dependent that they can't really teach. A lot of fundamentals can be self-taught these days. And some of the scariness of finances and practice management is handled by user-friendly software. I understand the concern though. I hear it from a few classmates and you see many here wonder about practice management courses in dental school. It's good to thinking about it, but I'm preparing to be tossed into the pool feeling unprepared no matter what. I have a marketing degree and worked for several years including being an office manager (non-healthcare). The degree doesn't make me feel any more comfortable, it's the experience. And even then, I know there's going to be an adjustment. If I go the associate route, I suck in as much info as I can before venturing out. If I go solo soon (not likely) I hope for a smooth buyout with a transition so I can learn the ropes a little. For now, I focus on dentistry. I can market like a pro all I want, but if I suck at dentistry, it's pointless.