MD/MBA Application question

Discussion in 'Med Business [ MD/MBA, DO/MBA, DDS/MBA ]' started by chessknt87, May 29, 2008.

  1. chessknt87

    Physician 10+ Year Member

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    So the FAQ is down and I was wondering this:

    If I want to run my own practice one day, would a MD/MBA be a good career decision if I have no business experience (i.e. will it prepare me to run my own practice well)? If so, do I have to apply MD/MBA when I am applying for my MD, or can I apply to the program alter (I dont want to hurt my chances for MD acceptance by applying for a joint degree at the same time).

    Thanks!
     
  2. pballa24

    pballa24 Ali G is my idol...?
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    Depends on the program. Most that I know of allow you to apply anytime to the business school during your first 3 years (that is assuming the 5 yr program is structured so that you do the business school aspect only after completing the first 3 years of med school).

    I'm only, and just barely, an MIII, so take what I say with a huge grain of salt, but coming from someone such as myself who has been interested in the dual degree for a few years now and has done lots of research on the issue...I would say that an MBA would NOT directly help you run your own practice. [btw, there are lots of threads on this topic. I'm just sharing this with you because I feel like it's my turn to say what has been said before]. There are several reasons for this: 1)By the time you finish med school and residency AND are ready to open up your own practice, who knows what you remember from your business education. 2)A general MBA will give you a general knowledge about accouting/finance/management/marketing but you'd have to know quite a bit about managing a practice already to really get anything out of it. Which brings me to my next point. 3) I would recommend waiting on the MBA until after you have practiced for a bit (yes I know but if you do it now you'll be saving time and $$...well that's fine but you really wont gain from it as much as you could with experience in the real world already under your belt). 4) I think an MMM would prepare you more for learning how to manage a practice. 5) If you did wait until you were a licensed physician, you could enter an executive MBA program that would much more cater to your specific career goals.

    There are many more reasons for and against the dual degree but if by the slightest chance what I have said is new to you, then I hope I've helped in some way.
     
  3. chessknt87

    Physician 10+ Year Member

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    Thank you for the response. What is an MMM?
     
  4. pballa24

    pballa24 Ali G is my idol...?
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  5. DrJosephKim

    DrJosephKim Advisor
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    Keep in mind that you can always get an MBA after your MD. In fact, many physicians enroll in part-time or online MBA courses just to get the didactic learning (and not so much for the networking opportunities offered by live, full-time programs).

    I've met many doctors who have gotten an MBA online or part-time (executive evening programs, etc.) to learn more about the business of medicine and/or to learn more about starting a non-clinical business.

    I personally think you have much more to gain from an MBA if you take business courses after you've been working in the real world for several years.
     
  6. michaelrack

    michaelrack All In at the wrong time
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    I agree with this. I am taking on-line MBA classes through Mississippi State Univ (right now I am taking the pre-requisite "survey courses" and not the core classes, and am technically an unclassified graduate student rather than an MBA student). Doing a full-time MBA is overkill if you just want to run a small practice. You will lose a lot of money (in opportunity cost) if you extend your training by a year to complete an MBA. Complete your training and enter private practice as quickly as possible.
     

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