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I am interested in the MD/MBA program. Does anyone know were I can find out more info about it? What kind of career opportunities due these programs offer? Thanks
MD/MBA programs
- Thread starter jjthomas
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I don't agree with what Flindophile has written. I think physicians have a lot to gain from an MBA, regardless of what they plan to do after med school. I am currently in a DO/MBA program and believe that I am gaining invaluable lessons, not only about running one's own business but about surviving in the era of big business. The program I am in is not a traditional MBA program and is not nearly as rigorous. But, that is just as well; I don't plan on becoming an accountant or business manager after all. However, I will be aware of the intricacies of the business world and will be able to converse with businessmen in their own language. Let us not forget that physicians are not isolated in their own little medical world anymore. We will all have to deal with various insurance companies, HMOs, banks and lenders etc. And they talk business, not medicine.
While it is true that one may do an MBA after graduating from med school or even after finishing residency, there is no way you can convince me that such an undertaking will be easier than a program concurrent with med school.
So, if you are at all interested in doing an MBA, give it some serious thought. Med school is the best time to do one. It only gets more difficult thereafter.
Good luck making your decision.
with regards
While it is true that one may do an MBA after graduating from med school or even after finishing residency, there is no way you can convince me that such an undertaking will be easier than a program concurrent with med school.
So, if you are at all interested in doing an MBA, give it some serious thought. Med school is the best time to do one. It only gets more difficult thereafter.
Good luck making your decision.
with regards
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Another thing to consider is what you want to do with your MBA. I was a finance major in undergrad and most people you talk to in the business world (and business schools) seem to give a lot less respect to MBAs that are earned in dual programs (MD/MBA, JD/MBA, etc.) The feeling is that people in these programs put forth less effort into their business education because they have something else to fall back on. (They may work just as hard. This is just what I have heard.)
If you want to get involved in anything corporate, it might be a better idea to hold off and get an MBA after med school. If you just want an MBA to help you with your practice and things related to it, then MD/MBA might be a good idea.
Additionally, many MD/MBA programs are structured toward future doctors, so you'll probably talk more about healthcare issues, and spend less time talking about more esoteric business subjects (i.e. IPOs) that a practicing physician will almost never deal with.
This alternative structure of classes can be a good thing or a bad thing. Just depends on what you want to do with your degree.
If you want to get involved in anything corporate, it might be a better idea to hold off and get an MBA after med school. If you just want an MBA to help you with your practice and things related to it, then MD/MBA might be a good idea.
Additionally, many MD/MBA programs are structured toward future doctors, so you'll probably talk more about healthcare issues, and spend less time talking about more esoteric business subjects (i.e. IPOs) that a practicing physician will almost never deal with.
This alternative structure of classes can be a good thing or a bad thing. Just depends on what you want to do with your degree.
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Here's a helpful site of a MBA program geared specifically for physicians. I'm not too sure if you were looking into a dual degree program somewhere else or not... regardless, the benefits of having a MBA with a MD (or DO 😉 ) are covered on the site.
http://www.pemba.utk.edu/
http://www.pemba.utk.edu/
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Wow, $48,000 for the program.....I'll spend less for the four years of medical tuition (hopefully).
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I did my undergrad in finance and health care management and worked for a couple of years in biotech private equity before med school. Obviously while in med school, my undergrad was a waste with the exception of understanding ethics and medical jurisprudence which were covered in my corporate ethics, contract law, and health care law classes. But having real world work experience really helps during your clerkships years.
While MD programs are all pretty much the same with respect to their course offerings, MBA programs are very diverse. SO DO YOUR HOMEWORK. Some MD/MBA programs have health care management & policy majors while some have only health care *classes*. Some don't even have any health care classes.
All will have your basics: finance, accounting, management, marketing, information systems, business law... which should be sufficient in teaching you principles and how to think about things. In B school though you'll sample case studies from different industries and so unless they have a health care department, you may or may not get as good of exposure to health care and the insurance industry.
So depending on the program and what classes you pick, yes, MD/MBA could be really corporate focused: health care investment banking, venture capital/private equity, hospital management consulting, health care information technology consulting, employee benefits consulting, managed care consulting, pharmaceutical corporate management.
Or you can pick classes that teach you small business/entrepeneur management and marketing if your interested in running your own clinic/hospital/start up company. These classes require that you write a business plan, present it to your faculty as if you were presenting it to a bunch of bankers.
For some people, they get their MD/MBA get a job in Corporate America and never go back to medicine because the pay is SOOOO much better, you get to travel, the hours are SOOO much better, and you don't have patients whining. Others get their MD/MBA and start their own biotech/medical device company, while others become regular doctors and/or administrators. There's a lot of flexibility with the MBA portion, but realize that they only teach you the "theory"-side of business. The majority of your business understanding will come from your pre-/post-MBA work experience.
Remember that if you don't get into a MD/MBA program, you can always get the MBA later (maybe at an even better program than the one offered through the joint degree). The reputation behind the MBA is really important (regardless of how great an education you got... again, different from med school). But if you were to get your MBA later in life, you should only do it if you're looking to dramatically improve your life situation (ie become CEO, change careers). It's not worth getting an MBA (2 years of debt + 2 years of loss wages) if it doesn't pay you off. There are a lot of people out in the business world (with bachelor's degree, some in business, others in "would you like fries with that"-degree) who think and MBA is a waste of time and money especially when you can work your way up. In certain situations, these guys have a good point.
Oh yeah, there're also MPH programs that offer health care management degrees, but tend to be weak on the numbers-side, so depending on what you want, this may or may not matter.
While MD programs are all pretty much the same with respect to their course offerings, MBA programs are very diverse. SO DO YOUR HOMEWORK. Some MD/MBA programs have health care management & policy majors while some have only health care *classes*. Some don't even have any health care classes.
All will have your basics: finance, accounting, management, marketing, information systems, business law... which should be sufficient in teaching you principles and how to think about things. In B school though you'll sample case studies from different industries and so unless they have a health care department, you may or may not get as good of exposure to health care and the insurance industry.
So depending on the program and what classes you pick, yes, MD/MBA could be really corporate focused: health care investment banking, venture capital/private equity, hospital management consulting, health care information technology consulting, employee benefits consulting, managed care consulting, pharmaceutical corporate management.
Or you can pick classes that teach you small business/entrepeneur management and marketing if your interested in running your own clinic/hospital/start up company. These classes require that you write a business plan, present it to your faculty as if you were presenting it to a bunch of bankers.
For some people, they get their MD/MBA get a job in Corporate America and never go back to medicine because the pay is SOOOO much better, you get to travel, the hours are SOOO much better, and you don't have patients whining. Others get their MD/MBA and start their own biotech/medical device company, while others become regular doctors and/or administrators. There's a lot of flexibility with the MBA portion, but realize that they only teach you the "theory"-side of business. The majority of your business understanding will come from your pre-/post-MBA work experience.
Remember that if you don't get into a MD/MBA program, you can always get the MBA later (maybe at an even better program than the one offered through the joint degree). The reputation behind the MBA is really important (regardless of how great an education you got... again, different from med school). But if you were to get your MBA later in life, you should only do it if you're looking to dramatically improve your life situation (ie become CEO, change careers). It's not worth getting an MBA (2 years of debt + 2 years of loss wages) if it doesn't pay you off. There are a lot of people out in the business world (with bachelor's degree, some in business, others in "would you like fries with that"-degree) who think and MBA is a waste of time and money especially when you can work your way up. In certain situations, these guys have a good point.
Oh yeah, there're also MPH programs that offer health care management degrees, but tend to be weak on the numbers-side, so depending on what you want, this may or may not matter.
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I know this is a simple question, but what MD specialties is an MBA more compatible with? Probably a gen practice or private practice setting...is it possible to pursue an MBA with a slight interest in academia, ie teaching?
I am looking into the possibility of an MD/MBA...I'll post more on what I find later...😎
I am looking into the possibility of an MD/MBA...I'll post more on what I find later...😎
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You can do whatever you want with the MBA portion. The question you need to ask yourself is: is it worth the trouble? What's in it for me?
Broadly speaking, MBA can teach you how to be a more effective manager, leader, team player, employee, employer. So yes, it's good even if you want to go into academics. In management, you think about how you can work/form teams that are more effective, how to be a leader and a follower... all of which applies to any occupation. Writing a grant proposal is JUST like writing a business plan for a start-up company. Managing your research dollars and department budget is the same in pharmaceutical companies as it is in academia (so that's managerial/cost accounting). Is it worth it to buy another MRI machine? Should we buy out the cardiology group down the block or hire and train our own cardiology faculty in-house? These are questions that can be answered using tools in Finance.
And that's not to mention if you want to be promoted within your academic center to an administrative position (dean of medicine, CEO of the hospital, chair of surgery). You'll at least have the theoretical background to guide your actions and a foundation to reflect upon your experiences.
Many people argue that there are not enough business minded people in academics... academics don't care for business, and bean-counters don't understand medicine... at least with the MD/MBA you can see the angles.
Broadly speaking, MBA can teach you how to be a more effective manager, leader, team player, employee, employer. So yes, it's good even if you want to go into academics. In management, you think about how you can work/form teams that are more effective, how to be a leader and a follower... all of which applies to any occupation. Writing a grant proposal is JUST like writing a business plan for a start-up company. Managing your research dollars and department budget is the same in pharmaceutical companies as it is in academia (so that's managerial/cost accounting). Is it worth it to buy another MRI machine? Should we buy out the cardiology group down the block or hire and train our own cardiology faculty in-house? These are questions that can be answered using tools in Finance.
And that's not to mention if you want to be promoted within your academic center to an administrative position (dean of medicine, CEO of the hospital, chair of surgery). You'll at least have the theoretical background to guide your actions and a foundation to reflect upon your experiences.
Many people argue that there are not enough business minded people in academics... academics don't care for business, and bean-counters don't understand medicine... at least with the MD/MBA you can see the angles.
