Why get an MBA?

[Wahooonnikon]

Why get an MBA after getting the MD? What is a physician's potential contribution to the corporate world?

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[Primate]

Two separate questions.

MDs can use an MBA for a variety of things - running a practice, admin at a hospital, running a lab/department more effectively (this is one of the serious outages in medicine - many MDs seem to be poor managers of people and $$), etc.

MD's with an MBA can contribute to the corporate world in a great number of ways. Note, however, that I'm taking this to mean that one is no longer in clinical medicine and is rather in business, per se. In this way, one could be in pharma, biotech, consulting, VC, health care, insurance, etc., and in just about any function in which you could find an MBA.

P

 

[Wahooonnikon]

That's really interesting...would someone who decided to do pharma, biotech, etc (not in clinical medicine) still do a residency?

Two separate questions.

MDs can use an MBA for a variety of things - running a practice, admin at a hospital, running a lab/department more effectively (this is one of the serious outages in medicine - many MDs seem to be poor managers of people and $$), etc.

MD's with an MBA can contribute to the corporate world in a great number of ways. Note, however, that I'm taking this to mean that one is no longer in clinical medicine and is rather in business, per se. In this way, one could be in pharma, biotech, consulting, VC, health care, insurance, etc., and in just about any function in which you could find an MBA.

P

 

[Primate]

I think this may have been covered in another thread. Briefly (as it'll take less time to type than find the old thread), whether or not to do a residency depends on what you ultimately want. It is helpful for legitimacy in VERY clinically related fields (health care mgt, perhaps insurance), but is probably not absolutely necessary even there (plenty of successful NON-MDs in these fields). There may be the perception of being a "fake doc," but that probably won't hold you back if you're actually good at business - and if you're not, doing a residency won't help.

If you want to practice medicine (even a little), do a residency. If you want to be JUST in business, it isn't worth the 3-11 extra years. Maybe do the first year and get licensed, but that's a close call if you don't plan on ever practicing.

I know some will disagree, but I truly think that if you want to be in business, be in business. If you want to practice medicine, even just on the side, then do the residency.

That said, if you've got the MBA and haven't started the MD, AND know that you want to go the biz route - definitely do not do the MD just to "set yourself apart" or some such. You'll gain more marketable skills either working or getting a PhD or focused MS. The MD alone doesn't really teach you much that is necessary and distinctive for business that you couldn't pick up elsewhere or safely ignore. Certainly, it's not worth the 4 years and all the $$$ it takes for what you get in return. If you've already started down the path, then do finish (there's almost always value in finishing, but sometimes there's more in not starting).

Now, if you do an MD/PhD, well then..... JK (my program director would croak if he read that even in jest!).

Best (in rambles),
P

 

[Wahooonnikon]

Thanks!

I think this may have been covered in another thread. Briefly (as it'll take less time to type than find the old thread), whether or not to do a residency depends on what you ultimately want. It is helpful for legitimacy in VERY clinically related fields (health care mgt, perhaps insurance), but is probably not absolutely necessary even there (plenty of successful NON-MDs in these fields). There may be the perception of being a "fake doc," but that probably won't hold you back if you're actually good at business - and if you're not, doing a residency won't help.

If you want to practice medicine (even a little), do a residency. If you want to be JUST in business, it isn't worth the 3-11 extra years. Maybe do the first year and get licensed, but that's a close call if you don't plan on ever practicing.

I know some will disagree, but I truly think that if you want to be in business, be in business. If you want to practice medicine, even just on the side, then do the residency.

That said, if you've got the MBA and haven't started the MD, AND know that you want to go the biz route - definitely do not do the MD just to "set yourself apart" or some such. You'll gain more marketable skills either working or getting a PhD or focused MS. The MD alone doesn't really teach you much that is necessary and distinctive for business that you couldn't pick up elsewhere or safely ignore. Certainly, it's not worth the 4 years and all the $$$ it takes for what you get in return. If you've already started down the path, then do finish (there's almost always value in finishing, but sometimes there's more in not starting).

Now, if you do an MD/PhD, well then..... JK (my program director would croak if he read that even in jest!).

Best (in rambles),
P

 

[theduke]

I think this may have been covered in another thread. Briefly (as it'll take less time to type than find the old thread), whether or not to do a residency depends on what you ultimately want. It is helpful for legitimacy in VERY clinically related fields (health care mgt, perhaps insurance), but is probably not absolutely necessary even there (plenty of successful NON-MDs in these fields). There may be the perception of being a "fake doc," but that probably won't hold you back if you're actually good at business - and if you're not, doing a residency won't help.

If you want to practice medicine (even a little), do a residency. If you want to be JUST in business, it isn't worth the 3-11 extra years. Maybe do the first year and get licensed, but that's a close call if you don't plan on ever practicing.

I know some will disagree, but I truly think that if you want to be in business, be in business. If you want to practice medicine, even just on the side, then do the residency.

That said, if you've got the MBA and haven't started the MD, AND know that you want to go the biz route - definitely do not do the MD just to "set yourself apart" or some such. You'll gain more marketable skills either working or getting a PhD or focused MS. The MD alone doesn't really teach you much that is necessary and distinctive for business that you couldn't pick up elsewhere or safely ignore. Certainly, it's not worth the 4 years and all the $$$ it takes for what you get in return. If you've already started down the path, then do finish (there's almost always value in finishing, but sometimes there's more in not starting).

Now, if you do an MD/PhD, well then..... JK (my program director would croak if he read that even in jest!).

Best (in rambles),
P

I agree for the most part. However, medicine and business are not two different things. Medicine is a business - like software, clothing, landscaping, etc. If you're going to be a doctor you're not just entering medicine, you're entering the health care business. To survive, chiefs of departments, private practicioners, chief medical officers MUST be business oriented in their approach in their work. If you're not you're going out of business. So whatever trade you practice, you're still a businessman

 

[Primate]

I don't disagree at all. All pursuits that are in any way transactional can be classified as "business," if you like.

However, when I referred to "going the biz route," I meant what 99% of people would consider business, ie not being a business savvy clinician but rather a full time, non-clinical managerial/entrepreneurial type. Of course you need to get the MD to be a successful clinician, and the MBA may help if you really want that corner office the University Hospital of choice. I'd also argue, however, that the MBA isn't as useful in the management of a typical private practice. Spending 2 years working in one would yield much more useful knowledge and skills than an MBA curriculum, and set you back alot less.

Business may be a part (and an increasingly big one) of medicine, but one can unquestionably be in the business of medicine without an MD. One cannot, however, be a clinician without it.

Here's my take:
-Either degree is useful if you're going to do that one thing (traditional business or clinical medicine)
-Both degrees are useful in certain circumstances (as above, for policy, insurance companies, managed care manager, etc) but probably are overkill for what has been the more typical model of private practices.

It all depends on what one wants to be when and if one grows up.

P

 

[theduke]

You're analysis of which degree is useful is right on. I took 6 econ classes and realized I really don't need an econ major to run my own practice

 

[mshheaddoc]

I know some will disagree, but I truly think that if you want to be in business, be in business. If you want to practice medicine, even just on the side, then do the residency.

That said, if you've got the MBA and haven't started the MD, AND know that you want to go the biz route - definitely do not do the MD just to "set yourself apart" or some such. You'll gain more marketable skills either working or getting a PhD or focused MS. The MD alone doesn't really teach you much that is necessary and distinctive for business that you couldn't pick up elsewhere or safely ignore. Certainly, it's not worth the 4 years and all the $$$ it takes for what you get in return. If you've already started down the path, then do finish (there's almost always value in finishing, but sometimes there's more in not starting).

Just to throw my 2 cents in ... I am currently doing my MBA looking to go to med school. I think the business perspective of medicine is something that facinates me, but I do want to practice medicine, not be strictly in admin/policy/business. I'm torn because I am a post-bacc student and 7 years of my life is alot, but since its something I have dreamed of doing, I am going to go forward with my plans. I'm doing it a little backwards I know, but now I can get a healthcare concentration at my MBA program and bring a little insight on healthcare into med school.

I know a med student who after their 3rd yr took off a year to get MBA because that student was unsure if they really wanted to go into practice and now completely would like to go into medical business. I'm not sure what this person is planning on doing in way of residency but when I find out I will post.

 

[Primate]

An odd path, to be sure, but you don't walk it alone.

BA '90
MBA '92
MD/PhD '03/'05



For all I've posted about doing what you want, sometimes that changes.

Best,
P

 

[mshheaddoc]

An odd path, to be sure, but you don't walk it alone.

BA '90
MBA '92
MD/PhD '03/'05



For all I've posted about doing what you want, sometimes that changes.

Best,
P

Nice to know I'm not alone

 

[Fermata]

An odd path, to be sure, but you don't walk it alone.

BA '90
MBA '92
MD/PhD '03/'05



For all I've posted about doing what you want, sometimes that changes.

Best,
P

That's a lot of school. My hat is off to you.

 

[Fermata]

Speaking of which......aren't you going into path?

(aka The light at the end of the tunnel. )

 

[Primate]

Yup. After lo these many years, turns out I'm a pathologist at heart. What sold me on it is the ability to combine the best parts of the 1st two years of med school (understanding of normal and disease) with lab work with managerial skills with patient care (not direct, but an important part nonetheless). How' that for an akward sentence. I'm specifically doing neuropath, which keeps in my favorite organ system.

Really, what convinced me to go into path was the huge money and all the adoring path fans. Sexy, sexy, sexy. Seriously, the people in path turned out to be normal, which was a huge draw.

P