Perception of docs that get MBAs?

[mward04]

I've noticed that numerous docs have a very negative perception of other docs that get an MBA (although that view is definitely changing). I'm curious, what do other med students view of other med students who are interested in getting their MBA?

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[dr_almondjoy_do]

I think that our fellow students are so naive to the business of medicine that they don't even realize the importance of having an MBA. Don't get me wrong, medical school is hard enough. People do want to just do their best, finish, and start their lives as professionals. Everything we do works towards this goal. But medicine is a business in the US, and it's time to have the right people in charge of running it.

I really feel that a physician is better able to direct a patient's care and also the working environment of today's practice. Doing this does require some knowledge of how to do it. We don't learn this in medical school. Some people feel that experience is the best teacher, but the stakes are way too high for me!

 

[Aucdoctobe]

The MBA is perhaps the most precious dual combination that a physician can have. I have an MBA along with 5 years of experience in the corporate world. This is invaluable.

Case in point: My father is a Pediatrician. Supposedly, one of the lowest income earning specialties in medicine.

I was able to take his practice and create a model that should produce no less than $240,000 (with the help of a nurse practitioner) a year. He will be implementing it next year.

In today's world, a person can't afford to be a dummy when it comes to business. Learning those skills is essential.

 

[dr_almondjoy_do]

The MBA is perhaps the most precious dual combination that a physician can have. I have an MBA along with 5 years of experience in the corporate world. This is invaluable.

Case in point: My father is a Pediatrician. Supposedly, one of the lowest income earning specialties in medicine.

I was able to take his practice and create a model that should produce no less than $240,000 (with the help of a nurse practitioner) a year. He will be implementing it next year.

In today's world, a person can't afford to be a dummy when it comes to business. Learning those skills is essential.

Hi,

I was just wondering, was this amount net or gross pay? And how many NPs are you projecting for?

 

[aliraja]

I've noticed that numerous docs have a very negative perception of other docs that get an MBA (although that view is definitely changing). I'm curious, what do other med students view of other med students who are interested in getting their MBA?

It's been nothing but an asset to me so far. Projects have gotten sent my way because of the dual degree and, quite honestly, everyone assumes that I know something that they don't when it comes to anything financial - and there's a lot of finance in medicine. I haven't run into any negative perceptions... except from surgeons who, I think, just don't like me because I'm in EM.

I don't have it on my badge though - patients probably wouldn't care for it.

 

[Aucdoctobe]

Just one NP without any increase in staff. The state has agreed to send 1500 more patients his way. It was a net figure that I have by the way. He's talked of getting another one, but I haven't had time to run figures on that.

By the way, I use MINITAB to run statistics and business projections. It is extremely helpful. Minitab is a nice program.

 

[theduke]

Because you don't need an MBA to run a practice. Medicine is a business but business is primarily common sense. Even the higher rungs of hospital management don't really "need" and MBA. It does, however, help your foot in the door.

 

[mshheaddoc]

I guess I'm doing things a little backwards, but I am currently getting my MBA, then applying to med school. I was already halfway into the program when I decided to offically go to med school and its too late to transfer credits, especially b/c the cirruculum is different. You would be surprised though how nieve doctors are when it comes to money. I used to be in commecial loans, saw many a doctors office with doctors that had no sense of business or how to operate an office (or handle personal finances for that matter). Usually it was the business savy doctor who took care of the "business" aspect, which was fine and dandy until he wasn't around and noone knew how "to run the business". Alot of doctors really have no concept what it takes to run a practice or be a part of a practice. This is something I think that needs to be corrected in med school, esp for FP doctors. That is what they have their lawyers for!

 

[Primate]

The most common reply I've heard from students around here when talking to a joint degree classmate is, "Cool, I wish I were doing that." Faculty, however, almost always look down on it. I've actually been told that my thesis was pretty good, "For a soap salesman." Clinical faculty seem less antagonistic, but also seem to doubt your interest in medicine. I often only fess up to being an MD/PhD student, and don't mention the MBA. Pathologist, interestingly, uniformly have reacted positively. They are the true keepers of medical wisdom, after all.

Students, though, seem to all think it's, "Cool," or somesuch.

P

Dang, I've just posted a bunch of replies!

 

[mward04]

I've had mixed reactions from other students. Some think it's cool and some think that I'm out to make money...I guess it's their perception of the dual degree. I usually end up getting into a conversation with them to try to correct these perceptions.

 

[SanDiegoSOD]

I've had mixed reactions from other students. Some think it's cool and some think that I'm out to make money...I guess it's their perception of the dual degree. I usually end up getting into a conversation with them to try to correct these perceptions.

I havnt received a positive response yet from any pre-meds when I talk about the dual degree, only endless dribble about how I should want to be a doctor so that I can help people and yada yada yada... They immediately assume that the desire for the dual degree is founded on pure, evil greed. I don't see that changing anytime soon, but then again, I have only talked about it with pre-meds (not med students or actual docs) who still have naive understandings of the medical system.

 

[prominence]

The MBA is perhaps the most precious dual combination that a physician can have. I have an MBA along with 5 years of experience in the corporate world. This is invaluable.

Case in point: My father is a Pediatrician. Supposedly, one of the lowest income earning specialties in medicine.

I was able to take his practice and create a model that should produce no less than $240,000 (with the help of a nurse practitioner) a year. He will be implementing it next year.

In today's world, a person can't afford to be a dummy when it comes to business. Learning those skills is essential.

out of curiosity, if u already have an MBA, why would u consider getting a CFP? isn't it overkill?

 

[Aucdoctobe]

out of curiosity, if u already have an MBA, why would u consider getting a CFP? isn't it overkill?

Perhaps, but I think I explained somewhere that I graduate 11 months before Match. I have nothing else to do and the CFP does offer some interesting material. Can't think of a better time to learn some of that stuff..

And we all know that time is precious after you graduate.. especially when you have to work like a slave to pay back megaloans.

 

[Jason_AZCOM]

Overall though, what's wrong with more education? I can understand consternation with DO/JD MD/JD combo's, but not really with business training.

 

[mward04]

Think about some of the most successful business people you know, they probably don't have MBA's. Quite a few do not even have college degrees, such as Mr. Bill Gates.
QUOTE]

Only problem with the bill gates argument is that he doesn't even have a college degree...something we all definitely have...is that overkill?

 

[leorl]

I know nothing about MD/MBA, but can some one give my what the negative reactions to docs with MBAs are? It just kind of surprises and shocks me that docs with MBAs would be treated with disdain. I would think that people with dual degrees could only help. I mean, then people with MD/JDs should be equally "hated," as our profession would "hate" lawyers more than a businessman?

 

[carrigallen]

I know nothing about MD/MBA, but can some one give my what the negative reactions to docs with MBAs are?

It think that part of it revolves around the idea of healthcare as a pure business. Issues like physician autonomy vs. cost efficiency. Healthcare may not be as simple as hotel management or used-car dealerships. Etc.

 

[jake2]

Think about some of the most successful business people you know, they probably don't have MBA's. Quite a few do not even have college degrees, such as Mr. Bill Gates.
QUOTE]

Only problem with the bill gates argument is that he doesn't even have a college degree...something we all definitely have...is that overkill?

For medicine, no. For business, I don't really think you need any formal degree, just common sense. However, it's very hard to get your foot in the door now without some degree or other.

 

[Energon]

I think it all comes down to what you do with it. If you use the MBA to become an expert on practice management or hospital management your expertise will be appriciated. However, if you use it to be a corporate lackey as many do, you will definately be looked down upon.

 

[theduke]

It took me 6 econ classes and an internship at UBS bank to realize that business is pure common sense.Unless you plan to climb the ladder at biotech company or hospital, a business degree is useless in things like academia or private practice.

 

[rcd]

The MBA is perhaps the most precious dual combination that a physician can have. I have an MBA along with 5 years of experience in the corporate world. This is invaluable.

Case in point: My father is a Pediatrician. Supposedly, one of the lowest income earning specialties in medicine.

I was able to take his practice and create a model that should produce no less than $240,000 (with the help of a nurse practitioner) a year. He will be implementing it next year.

In today's world, a person can't afford to be a dummy when it comes to business. Learning those skills is essential.

Wouldn't getting an MBA be overkill for situations like these though? How much would it cost to hire a consultant to do what you did for him?

 

[Shredder]

I havnt received a positive response yet from any pre-meds when I talk about the dual degree, only endless dribble about how I should want to be a doctor so that I can help people and yada yada yada... They immediately assume that the desire for the dual degree is founded on pure, evil greed. I don't see that changing anytime soon, but then again, I have only talked about it with pre-meds (not med students or actual docs) who still have naive understandings of the medical system.

Ha, well said. I've largely stopped speaking to other premeds, at least where medicine is concerned. Try talking to older, wiser folks and you may get a better response. I guess some people never change though. We are always here to turn to! Too bad I can't say the same of the unknowing advisors at my school.

 

[CanuckRazorback]

Some med students might look down on their classmates with MBAs, but one day they will all wish they had one. The younger docs don't seem to understand how having an ounce of business knowledge could greatly improve their practice. Every single older doc I talked to told me getting an MBA was the best decision I ever made.