MBA for Physicians – Top Schools & Degree Programs
Physicians who want to move into the lucrative and expanding field of health care management should seriously look into earning an MBA or a Masters of Business Administration. Supplementing their experience in the health care industry with a solid knowledge of business prepares physicians to move into supervisory positions in clinical departments and hospitals. MBA physicians are also well equipped to control their own finances and start their own businesses within the health care field. A combination of healer and entrepreneur, MBA physicians are quickly becoming some of the most successful figures in the health care industry. MBA programs usually take around 2 years to complete, but coursework can be arranged around a physician’s individual schedule.
Education and Training
The best way for a physician to make a smooth change from doctor to administrator is by earning an MBA. This can be accomplished a number of ways. With the growing popularity of, many universities now offer a double MD/MBA major. This is a good option for students with entrepreneurial ambitions who are just entering med school. Physicians with years of experience should consider enrolling in either a traditional 2-year MBA program or an Executive MBA program, which has evening and weekend courses to accommodate the busy lives of working professionals. There are some MBA programs available that are geared specifically towards physicians. These courses may not result in a degree, but rather just serve as a continued educational credential.
Coursework in any MBA will cover a variety of topics covering the intricacies of healthcare management. Such classes will include health care policy and finance, budgeting, and project management. Information technology is becoming a large part of MBA courses as the health industry is now more reliant on electronic data storage than ever before. Some MBA programs will offer classes in marketing that will prove useful to physicians who want to start their own medical supply business or clinics.
An integral part of earning an MBA is learning how to be a leader within an industry. In order to attract potential clients and employees, MBA physicians should hone their interpersonal and communication skills. Special classes dedicated to terminology, confidence, and critique are often part of a traditional MBA program.
Career Opportunities and Earning Potential
Physicians who earn an MBA find that their new skill set results in increased career mobility. Most physicians use their MBA to move out of medicine and into management. Working as a health care executive can be extremely lucrative and often net the physician a 6 figure salary. On a smaller scale, MBA physicians can run clinics or departments within larger organization such as hospitals, while also maintaining a their medical careers part-time. Other physicians use the business acumen they learned in MBA programs to create their own line of work. These can range from a private clinic to a medical supply company or pharmaceutical business. Another great option for MBA physicians is to work for a consulting and management firm. Such firms will connect the physicians with organizations that need specific health issues solved or counteracted.
The earning potential of an MBA physician will depend entirely on the type of work they perform after earning their credential. However, a diverse skill set and knowledge of business tactics will benefit a physician in whatever career path they choose to pursue post medical-career.
