How best to couple psych and business?

[RaistlinMajere]

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I'm a 3rd year MD/MBA student who is trying think of how best to use my joint degree after doing a residency in psychiatry. I know that the MBA is helpful for starting and managing a private practice or in hospital administration, but I'm thinking of ways this training could help specifically in psychiatry. Maybe some sort of employment psychiatry (does this exist?) or consulting on the side? What type of leadership roles are their for someone with an MBA? Anyone have any thoughts?

 

[prominence]

excellent inquiry. i am curious to hear some knowlegeable replies.

 

[Therapist4Chnge]

There are many doctors who are very poor business people, but very good doctors. If you can carve out a niche to leverage your training (and experience) to help meet a need, you'll never hurt for work. There are many ways to go about this, though it is highly dependent how much time you want to put towards this effort and how well you can convince someone you are worth the fee you will charge. This type of work tends to come to those who have shown success, so it may take you awhile to attain the right kind of experience and success, so don't expect to jump in the day after you get your diplomas framed. Best of luck.

 

[michaelrack]

You may find the Textbook of Administrative Psychiatry helpful
http://www.amazon.com/Textbook-Admi...bs_sr_1?ie=UTF8&s=books&qid=1202165915&sr=8-1

Becoming medical director of a large state psychiatic hospital is a career pathway you may want to look into.

 

[prominence]

good post.

 

[RaistlinMajere]

You may find the Textbook of Administrative Psychiatry helpful
http://www.amazon.com/Textbook-Admi...bs_sr_1?ie=UTF8&s=books&qid=1202165915&sr=8-1

Becoming medical director of a large state psychiatic hospital is a career pathway you may want to look into.

Thanks, at first glance that does seem like an interesting job. I'll add this to my reading list once I finish 3rd year.

Anyone else have any thoughts about the intersection between psychiatry and business?

 

[Faebinder]

The interesting thing about psych is that there are actually psychiatry tracks out there to get a resident into adminstrative psychiatry.

It really depends on your goals with the MBA.... make money (e.g. own your own sleep center or methadone clinic) or do something for the benefit of the medical society (e.g. organizing a residency to be financially stable and solid)?

 

[OldPsychDoc]

Of course you could do any of the things suggested above. I'm just sitting here wondering what you had in mind when you took on the combined degree? What is it about getting the MBA that you like? How did you envision using it when you were finished? Your answers to those questions will provide the best guidance as to how you might use the "extra" degree for your career.

 

[prominence]

The interesting thing about psych is that there are actually psychiatry tracks out there to get a resident into adminstrative psychiatry.

could you please elaborate further on this comment?

 

[Faebinder]

could you please elaborate further on this comment?

It's not that much of a secret.

You will notice requirement number four is having an MBA or MPH or MPA.

I'm still unclear on what the certification of adminstrative psychiatry allows you to do that a standard psychiatrist cannot do.

Seems to be more like training to be the manager of an institution.

If I was ever to go after this certification, I'd want to do an MBA.

 

[prominence]

Faebinder, thanks for the knowledge.

 

[RaistlinMajere]

Of course you could do any of the things suggested above. I'm just sitting here wondering what you had in mind when you took on the combined degree? What is it about getting the MBA that you like? How did you envision using it when you were finished? Your answers to those questions will provide the best guidance as to how you might use the "extra" degree for your career.

An excellent point. Thanks for asking.

My reasons for the MD/MBA were to help me succeed in medicine. I had a career in the investment field before coming to med school. There's valuable skills to be obtained from the business classes and they can be applied to medicine. These include: leadership training, marketing, accounting, managing people and so forth. Having business training should help me identify problems within a department--from having a greater appreciation of inefficiencies to marketing a new idea to co-workers to being able to better negotiate a health care system complicated by managed care.

I envisioned that the MD/MBA would help me run a private practice, head a department, or consult on the side, keeping my toe in the water of the business world and supplement my income. But those are things that could be applied to nearly any area of medicine. I'm wondering about more psych specific opportunities.

For example, one of my friends from my investment days recently told me that he was diagnosed with panic attacks. For the longest time he suffered in silence thinking that he was going crazy. Then he decided to get help at the urging of his wife. Now he's symptom free and happy. Then the other day, I learned about a psychiatrist who works "in house" for a company to help employees deal with mental illness. That sounded interesting because I know there are many high stress jobs that exacerbate underlying depression and/or anxiety. I'm thinking that could be another future career for me as I've been in the trenches in business, which should give me street cred with the patients. Not saying that this is now my career direction, but I think it's an interesting option.

Those are my thoughts. Basically, I'm still trying to figure out how to maximize the joint degree. Now that I know psychiatry is what I want to do as a career, I'd like to garner a more specific understanding of the opportunities that are out there for a psychiatrist with an MBA. The replies thus far have been very helpful. Keep them coming!

 

[Therapist4Chnge]

....I learned about a psychiatrist who works "in house" for a company to help employees deal with mental illness. That sounded interesting because I know there are many high stress jobs that exacerbate underlying depression and/or anxiety. I'm thinking that could be another future career for me as I've been in the trenches in business, which should give me street cred with the patients. Not saying that this is now my career direction, but I think it's an interesting option.

I know someone who does this (not a psychiatrist though), and he started as an outside consultant and mediator for corporations, and then he got hired part-time as an in-house resource for upper-level management to talk with as needed (they didn't want a paper trail going through the health insurance). He rarely was used, so he used his office and time to write and handle other business, but he was able to be there when there was a reason. I also know people who do this in law enforcement, first response, etc....though they are psychologists (those pops. are very treatment averse, so having someone have a background in the area gave them the 'street cred' for the people to give them a shot, and once they get known they are booked out for months on a cash only basis)

I'm a big proponent of niche work, so if you can develop your niche, you can have your cake (do what you want) and eat it too (at a $$ you want).