I got accepted to Tufts University MD/MBA program. The program is very expensive! And I am also not 100% sure I want an MD/MBA. However, I always dreamed of opening a practice in my birth country, hence why I applied for the MD/MBA. I also want to potentially head a hospital in the future or a medical college.
I do not know if I should accept the offer or not. The program is 4 years, which is a plus, but Tufts business school is unranked and from my understanding business schools are more profitable when they are top tier. I do not have any experiences in business/ business education, so I do not know if I will like the courses. However, I do know that I am very eager to learn.
Can someone please provide me with some thoughtful response please?
I'm in a similar situation in that I'm interested in business and healthcare, and that certain 4 year MD/MBAs appeal to me because it's only four years long. Would not touch 5 year MD/MBAs with a 10-foot pole.
Here's what I have learned:
You do not need an MBA to get into healthcare administration. It can help you get into management positions, but your clinical experience will be more important than the MBA.
You
definitely do not need an MBA to open your own practice.
I took some business school classes during undergrad. They were fun, but ultimately useless. Good way to meet people in other fields, and I don't keep in touch with any of them. None of those "connections" helped me to get my first job out of college, nor did I use any of the skills that I learned in my business school classes when I got into the real world.
Top business schools are more profitable in the sense that you can create relationships with other successful people. Getting into a top business school requires tangible experience. You are not getting into a top business school without business experience, period.
So when you have lots of people with demonstrated business acumen, and they're all at the same business school...well yeah, you will create profitable relationships with business people! That's why top business schools are so desired. It's not because their curriculum is teaching them industries secrets or anything like that.
But you need to have business experience first, and you need to know what you want.
Even with my limited business experience, I don't know exactly what aspect of healthcare business I am interested in. Reflecting that question back to you, what exactly do you want to do in the healthcare field that will require an MBA? And how do you know that for sure, without any business experience whatsoever?
For your goal of opening your own practice, best bet would be to network with private practice physicians. Work for a private practice in a partner track, or just set up a solo shop and do it all on your own.
As for becoming a healthcare executive, best way would be to get into some healthcare management work while you're a resident, and transition into full-time administration/management work.
So the MBA isn't necessary...and it'll cost you extra money...but hey, your choice!
Other things to consider: what is the scheduling of the MBA courses?
Are you expected to take MBA classes during the Spring of 2nd Year? You'll be studying for Step 1 during that time.
Are you expected to take MBA classes during the summer after 1st year? That is time that you could spend pursuing research in your specialty of interest. With the increasing number of medical students (due to more schools opening up), the competition for residency slots is also increasing. Research > MBA when it comes to matching. Just my two cents.
One four year MD/MBA that I know about has you taking business classes the summer before M1, the summer after M1, and you're also taking classes during the regular medical school year. That means you lose your last summer of freedom before entering medicine, you lose out on time to pursue research for your specialty of interest, and you lose out on time to just relax from the fire-hose of medical education.
No thanks!
