Is This A Good Reason To Consider MD/MBA?

[deleted413795]

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I am considering MD/MBA because I feel it would be a good asset to manage a private practice. Most of the specialties I am interested in cater to groups of physicians incorporating, which I would be very interested in. Even if that does not work out, it seems like the MBA would be a great asset to eventually move into managing a department within a hospital and understanding the business direction of your health network.

It seems like a lot of posters on here are more for getting the MBA later. I feel like it would be much more convenient to get the MD/MBA now and only add on a year, versus trying to fit in going back later while managing work and family with school.

 

[deleted413795]

I have similar goals as you, although I find the prospect of consulting for McK/Bain/etc and then later transitioning into the healthcare sector (board member, director, etc) as alluring...but a long-shot.

Certainly the MBA-facet of your education will not hurt/hinder your managerial aptitude [within the scope of a private practice setting]. With that said, it isn't a requisite for success, but rather, as you said, a supplementary asset.

I, too, plan on going a similar route of convenience (i.e. obtain an acceptance at a MD/MBA granting institution that offers a Top10 MBA). However, granted how hard it is to get into ANY med school, I am fully aware that I might not get into one of these "ideal" programs...

If needed, I plan to take a year out between MS3-MS4 and try to take advantage of one of the highly regarded 1yr accelerated MBA programs (read: Northwestern, Cornell, etc).

For sure. I am lucky enough to have been accepted to all three schools I have heard from post interview. One of those three (U of Illinois) has an MD/MBA, which will probably make a big difference in where I choose. It sounds like you are generally applying to schools that are much higher ranked than the ones I am considering though.

 

[deleted413795]

Yes, all of the schools with MBA programs that I applied to require the GMAT. It is not too big of a deal though. I am a non-trad so I am just working right now. Prepping for it should not be too difficult.

 

[deleted413795]

Same to you, my friend.

 

[deleted413795]

I am still sort of debating if it is worth looking into the MD/MBA and adding the extra year of time/debt onto school. It really does seem like I would not get the full value of the MBA since afterwards I would be doing 4th year and then at least 4 years of residency. It seems like the more I look into it, the MBA would most likely be more worthwhile later, especially since I want to practice medicine as opposed to being a consultant or administrator. 😕

 

[deleted413795]

bump for some thoughts

 

[DOCTORSAIB]

I would really think long and hard about the ROI of additional academic degrees. If it's free and doesn't extend your education then go for it. But spending an extra 1-2 years in a classroom means delaying a 6-figure income down the road. You're losing money not just by paying tuition for that degree but also in lost income!

You don't need a MBA to run your practice.

 

[deleted413795]

That is the conclusion I have been coming to as well. It seems like MD/MBA is really more for the folks that want to do consulting. For hospital admin you could most likely do it later and have it paid for by your employer.

And if you are really not interested in those two routes, it seems like doing it before 5+ more years of intensive medical training does not make sense. Especially since the value of the degree is more in the networking than it is the actual coursework, or so I have been told.