Why practicing Medical Doctors should consider a MBA
Doctors aren’t expected to be experts when it comes to finances and business decisions, they are expected to diagnose and treat patients with all kinds of ailments. However what many doctors don’t realize is that there is a lot of work to be done setting up a private practice. There are tax laws, financing options, payroll, insurance billing, etc. In many cases a doctor will just hire and accountant and a medical biller to handle the straightforward costs associating with running a private practice. However there is a lot more to running a successful business or practice than simply complying with the law.
An MBA is an excellent way for a doctor to learn about how to run a private clinic strategically. It teaches how to manage and invest in new technology, and how to buy real estate that suits the clinic’s target market segment. Because an MBA requires collaborating with other students on group projects, the doctor also learns a lot about both collaboration and the different motivations that other stakeholders may have. This can be very valuable if the doctor works in a hospital and is expected to work with nurses, administrators, insurance reps and other staff.
Strategic thinking is the hallmark of the MBA. This is especially valuable to doctors who want to invent a medical treatment and share it with the world. By thinking strategically the doctor is able market his ideas successfully, including attracting investment capitol. Lastly doctors will benefit largely from an MBA in that he/she will be able to read financial statements. By being able to decipher these statements the doctor can find ways to utilize clinic and hospital resources most effectively because he can combine this knowledge with his existing knowledge of patient treatment needs.
