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- Feb 5, 2011
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I have considered pursuing an MBA in conjunction with my medical training for a long time, but have especially re-kindled the idea recently. After reading many many threads, about as many articles as can be googled, and trying to talk to a few people, I have found that most people have essentially dichotomized MBA training for a physician or medical student into 2 seemingly comprehensive purposes - either 1) pursues business training so that they can run their private practice better with enhanced business skills or they 2) want to leave clinical practice altogether with everyone gunning for Mckinsey consulting positions.
REALLY???!?!?!
I don't understand how this is the recurrent topic of so many posts and criticisms. I can't imagine someone really investing anywhere between 1-2 years of training, lost income/opportunity cost, and excessive effort just to have better business skills. I feel like a lot of people take this angle and briefly mention other applications of a business degree for physicians because they are afraid to say that an obvious motivation in considering the business side of medicine is to make MONEY. I also have a hard time believing that all people investigating or pursuing business training in the medical community are purely motivated by money or want to leave clinical practice completely. I for one just finished my first year of medical school with a wife and 2 year old son. I definitely want to help people, I definitely embrace the challenge of medicine, and I also want to practice clinically. However, I also want to make as much money as I can and provide a stable atmosphere for my family. I happen to find that some of my strengths, talents, and experiences may have a place not only in clinical practice, but in management, business, or consulting in the realm of healthcare. Okay - enough of my soap box. My questions are as follows:
1) Does anyone know of individuals who do BOTH? For example, I have personally seen teleradiology jobs, radiology positions, ER positions, and other healthcare positions that provide so much free time I think it may be reasonable to pursue such business ventures? Before people go arguing with that, I am talking about real examples - like Radiology positions that have a full year salary for 26 consecutive weeks of pay and 26 consecutive weeks off, teleradiology working every other week on and off, ER working 12 shifts a month, etc ...
2) What lies beyond Mckinsey? Everyone talks so much about this that I wonder about Biotech, Pharmacy, Hospital Administration, Entrepreneurial ventures, other solid consulting gigs, etc?
3) Has anyone found that part of the worth of pursuing an MBA was that they learned of new exciting fields or opportunities that they previously didn't know existed? I know a lot of people will criticize that you should already know what you are looking for specifically and that programs look for this, but based on so many of the posts and info I have read, I feel like a whole lot isn't specifically known or advertised about the business of healthcare. Everyone criticizes the idea as such a waste, and yet more than 90% (I think it was 97%) of medical students/MD's graduating with an MBA did not regret their decision according to one study.
4) Is networking more or less of a challenge with kind of being the odd ball out as a medical student in an MBA program? Anyone have any experiences with positive networking experiences?
5) How would opportunities and experiences vary with the program? I know this is a generic question but how would an MBA at UPenn provide someone with different opportunities than say Duke or University of Michigan? To me the top 15 programs look very impressive but I feel like people talk about the 5 like they are in a league completely of their own. I also wonder how a specific HSM program like that at Duke may actually be more beneficial to a physician than say Chicago Booth.
Sorry to write so much - not sure many people will wade through it all which may be a good thing. With no offense intended, I am not looking for the opinions of masters of the universe who think they have the entire world figured out while a sophomore in undergrad. Again, no offense intended and not saying I don't value the opinions of all despite their level of education. I am looking more for masters of business administration, people that know them, people in the process, people who have experience in the medical community relevant to my questions. Thanks in advance for all the help and advice.
REALLY???!?!?!
I don't understand how this is the recurrent topic of so many posts and criticisms. I can't imagine someone really investing anywhere between 1-2 years of training, lost income/opportunity cost, and excessive effort just to have better business skills. I feel like a lot of people take this angle and briefly mention other applications of a business degree for physicians because they are afraid to say that an obvious motivation in considering the business side of medicine is to make MONEY. I also have a hard time believing that all people investigating or pursuing business training in the medical community are purely motivated by money or want to leave clinical practice completely. I for one just finished my first year of medical school with a wife and 2 year old son. I definitely want to help people, I definitely embrace the challenge of medicine, and I also want to practice clinically. However, I also want to make as much money as I can and provide a stable atmosphere for my family. I happen to find that some of my strengths, talents, and experiences may have a place not only in clinical practice, but in management, business, or consulting in the realm of healthcare. Okay - enough of my soap box. My questions are as follows:
1) Does anyone know of individuals who do BOTH? For example, I have personally seen teleradiology jobs, radiology positions, ER positions, and other healthcare positions that provide so much free time I think it may be reasonable to pursue such business ventures? Before people go arguing with that, I am talking about real examples - like Radiology positions that have a full year salary for 26 consecutive weeks of pay and 26 consecutive weeks off, teleradiology working every other week on and off, ER working 12 shifts a month, etc ...
2) What lies beyond Mckinsey? Everyone talks so much about this that I wonder about Biotech, Pharmacy, Hospital Administration, Entrepreneurial ventures, other solid consulting gigs, etc?
3) Has anyone found that part of the worth of pursuing an MBA was that they learned of new exciting fields or opportunities that they previously didn't know existed? I know a lot of people will criticize that you should already know what you are looking for specifically and that programs look for this, but based on so many of the posts and info I have read, I feel like a whole lot isn't specifically known or advertised about the business of healthcare. Everyone criticizes the idea as such a waste, and yet more than 90% (I think it was 97%) of medical students/MD's graduating with an MBA did not regret their decision according to one study.
4) Is networking more or less of a challenge with kind of being the odd ball out as a medical student in an MBA program? Anyone have any experiences with positive networking experiences?
5) How would opportunities and experiences vary with the program? I know this is a generic question but how would an MBA at UPenn provide someone with different opportunities than say Duke or University of Michigan? To me the top 15 programs look very impressive but I feel like people talk about the 5 like they are in a league completely of their own. I also wonder how a specific HSM program like that at Duke may actually be more beneficial to a physician than say Chicago Booth.
Sorry to write so much - not sure many people will wade through it all which may be a good thing. With no offense intended, I am not looking for the opinions of masters of the universe who think they have the entire world figured out while a sophomore in undergrad. Again, no offense intended and not saying I don't value the opinions of all despite their level of education. I am looking more for masters of business administration, people that know them, people in the process, people who have experience in the medical community relevant to my questions. Thanks in advance for all the help and advice.
