Dismiss Notice
Hey Texans—join us for a DFW meetup! Click here to learn more.

MD/MBA salary

Discussion in 'Medical Students - MD' started by cabbagesnk, Apr 23, 2004.

  1. cabbagesnk

    cabbagesnk Junior Member
    5+ Year Member

    Joined:
    Apr 22, 2004
    Messages:
    21
    Likes Received:
    0
    Average MD(DO)/MBA salary comparing to MD(DO) salary?
    Does anyone have statistically significant information/reference or observations?
     
  2. Note: SDN Members do not see this ad.

  3. japhy

    japhy Ski Bum
    10+ Year Member

    Joined:
    Nov 8, 1999
    Messages:
    805
    Likes Received:
    5
    Status:
    Resident [Any Field]
    i will see if i can find the sight that i originnaly found this info, but here is what i recall. you don't make a damn bit more having a mba and practicing medicine. however, if you chose to start a biotech company or work for one you can make quite a bit more than an 'average' md salary. all these extra degrees don't mean a whole lot in the everyday practice of medicine.
     
  4. normalforce

    10+ Year Member

    Joined:
    Jun 5, 2003
    Messages:
    440
    Likes Received:
    14
    Status:
    Attending Physician
    I read on article off of the Tufts MD/MBA website that had statistically significant proof that a MD(DO)/MBA made approximately 8% more on average than the non-MBA physician. The attributable factors were, of course, better business sense and decision making skills. These skills come into play in hiring, billing, etc... Also, a chunk of physicians with an MBA make >$500,000 running practices, insurance companies, etc...

    anyway, 8% more is the correct answer. The article is no longer on the website.

    Normalforce
     
  5. doctor7

    doctor7 Member
    10+ Year Member

    Joined:
    May 24, 2001
    Messages:
    92
    Likes Received:
    0
    you either have business common sense or you don't. taking some business classes won't change this, although it can help your practice. however, an mba is overkill just to help improve your md practice...it'll cost you one or two years of salary as a physician and $80-100K on top of that. if you already don't have any business common sense, i guess you'd be consistent in making yet another negative NPV decision.

    i'm taking this coming year off to get an MBA from cornell, but i worked in finance prior the medical school and plan to get my fingers dirty with private enterprise on the side :smuggrin: . it's not for everyone, especially since many physicians have a moral dilemma with milking the capital markets.
     
  6. kito

    kito Big Evil
    10+ Year Member

    Joined:
    May 13, 2002
    Messages:
    4,755
    Likes Received:
    5
    I don't need no damn MBA to run a business.

    Thank you very much.
     
  7. doctor7

    doctor7 Member
    10+ Year Member

    Joined:
    May 24, 2001
    Messages:
    92
    Likes Received:
    0
    what do you consider waste? because of formal business education, your outlook might be different and you might have something insightful to say now and then...but what would it matter in a clinical practice? the improvement in decision making capabilities will not affect your bottom line sufficiently to prove that it wasn't a waste from a objective perspective.

    on the other hand...there's happiness, a bottomless gutter of biased spew. from that prospective, anything can be made into "non-waste."

    ultimately, you answer to yourself (unless there are shareholders) so choose accordingly. btw, doctors get more chicks :thumbup:
     
  8. normalforce

    10+ Year Member

    Joined:
    Jun 5, 2003
    Messages:
    440
    Likes Received:
    14
    Status:
    Attending Physician
    First, I am doing a 4-year DO/MBA, thus am not losing a year of projected income. This is a wise choice for the physician. Granted it is an extremely difficult work load and should not be attempted unless you are ready to have a total of 1-2 weeks off per year for the entire 4 years of med school

    Second, my MBA program is an MBA in Health Care Leadership that was specifically developed for med students/residents/physicians. What we learn is a mix of finance, accounting, economics, org. behavioral, etc.. with a health care emphasis. Thus, it is DIRECTLY related to a business practice with private practice or medical admin. I will be better prepared to run a practice than 99% of non-MBA physicians.

    Lastly, I paid $22,000 on top of my med ed for this MBA degree. Therefore, the financial burdens are low.

    I can not tell you how many attending physicians (both DO and MD) have been absolutely impressed beyond belief by numbers 1-3. If you want to learn more about this unique MBA program go to cte.rockhurst.edu/hcl

    Not your normal MBA kids.

    NF
     
  9. drcrusher

    drcrusher DrCrusher
    7+ Year Member

    Joined:
    Apr 18, 2004
    Messages:
    27
    Likes Received:
    0
    Status:
    Attending Physician
    Doctors with MBA's, in top management positions, can earn up to 35% higher salaries than doctors without. This info was cited in Modern Healthcare, November 17, 2003, after a nationwide survey was conducted. Actually, an MBA is extremely relevant when it comes to running a clinical practice, ask Blue Cross Blue Shield. In addition, I guarantee when a department head position becomes available, the doc with the MBA will be the first to be interviewed. For those who have received their MBA or are in the process, get your money man!
     
  10. cabbagesnk

    cabbagesnk Junior Member
    5+ Year Member

    Joined:
    Apr 22, 2004
    Messages:
    21
    Likes Received:
    0
    Yes, but such "advancement" would most likely cost the doctors abandoning their clinical practice.
     
  11. drcrusher

    drcrusher DrCrusher
    7+ Year Member

    Joined:
    Apr 18, 2004
    Messages:
    27
    Likes Received:
    0
    Status:
    Attending Physician
    It would cost if they received their MBA after medical school. I'm referring to completing a dual degree program.
     
  12. mward04

    mward04 SDN Moderator
    Moderator Emeritus Partner Organization 5+ Year Member

    Joined:
    May 21, 2004
    Messages:
    419
    Likes Received:
    2
    Status:
    Resident [Any Field]
    I'm sorry but the poster who said that an MBA has no relevance to a clinical practice is way off base. I've seen a number of clinicians in private practice losing tens to hundreds of thousands of dollars because they didn't want to deal with the business side of their practice.

    With that said, the poster that said you don't need an MBA is also correct. For a number of people without any sort of business background, however, some classes might help form a good basis for running a clinical practice.

    Mike
    www.md-mba.org
    Emory University School of Medicine
    Goizueta Business School
    Class of 2006
     

Share This Page