MBA for Psychiatry

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Hello there,

I am wondering if a MBA would be worthwhile for a budding psychiatrist who might be interested in private practice in the future. Additionally, is this attainable during residency? Thank you!

 

[dl2dp2]

No. MD is enough schooling. Go online and search for MBA curriculum, and buy the textbooks. Read them. Done.

Executive MBA is a maybe if you work for large companies as a medical director/CMO and they pay you to go to network. For private practice, waste of money and time.

 

[Sushirolls]

Waste of time.

 

[clozareal]

Learn as you go. Get a community around you to discuss problems that come up and how to troubleshoot them. Ask questions here. Find a mentor. An MBA is not worth it.

 

[FlowRate]

IMO an MBA serves one (or both) of two functions: building a network of business contacts (in person full time MBA) and/or as a credential verifying you're a "leader" (full time OR executive part time MBA).

Those functions are most applicable if:
You're interested in fast-tracking leadership opportunities in larger healthcare organizations.
You're interested in a career transition into consulting/investing/tech leadership.

You probably don't need it for either of those things. It might grease some wheels since organizations have credential fetishes. If you're smart and business savvy you can self teach anything you'd learn in an MBA program. If you're extraverted and savvy at networking then you can probably accomplish those goals just by grinding linkedin and healthcare business conferences.

An MBA would be overkill for a private practice. Probably worse than overkill since MBA's are really focused on problems faced by larger organizations than a private practice.

 

[Jack Napier]

I got one before med school…no real benefit unless your goal is to be a hospital exec or maybe a department chair

 

[watto]

I have found it most useful for personal investing. Thank you, NVIDIA!

 

[JKinSC]

I got one before med school…no real benefit unless your goal is to be a hospital exec or maybe a department chair

Ditto

 

[forchinet121]

I have found it most useful for personal investing. Thank you, NVIDIA!

Yes because MBAs outperform the general market long term..wait

 

[Stagg737]

The biggest plus if someone wants to use it for PP is just having everything organized and laid out for you if you're completely clueless. However, if you're completely clueless you probably need to just take some basic finance/business courses. I took a (free) semester of MBA courses in med school, were mildly helpful but certainly not worth paying for a full degree imo.

 

[Sushirolls]

EM folks have a thread going on the new altnerative:

"Health Care Administration, Leadership, and Management (HALM)"

"The American Board of Medical Specialties (ABMS) recently approved subspecialty certification in Health Care Administration, Leadership, and Management (HALM) for all specialties. The American Board of Emergency Medicine (ABEM) will serve as the Administrative board with the American Boards of...

forums.studentdoctor.net

 

[comp1]

I would say only if you're paid by your company to do it.