{"id":897,"date":"2018-09-04T18:52:19","date_gmt":"2018-09-04T22:52:19","guid":{"rendered":"http:\/\/atashajordan.com\/?p=897"},"modified":"2020-02-01T19:11:16","modified_gmt":"2020-02-02T00:11:16","slug":"reasons-to-get-an-md-mba","status":"publish","type":"post","link":"https:\/\/atashajordan.com\/blog\/reasons-to-get-an-md-mba\/","title":{"rendered":"MD\/MBA Chat: 8 Reasons to Get an MD\/MBA"},"content":{"rendered":"
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The Master of Business Administration (MBA) has become popular among medical students and physicians who are interested in working at the intersection of medicine and business. However, an MBA is by no means required for a physician to be involved in the business of healthcare or business more broadly speaking. Drs. Robert Pearl<\/a>, Patrick Soon-Shiong<\/a>, and Janice Nevin<\/a>\u00a0are just a few examples of physicians who have made a positive impact in healthcare management and business without an MBA. Nonetheless, there certainly are advantages to pursuing an MD\/MBA. Below are 8 reasons to get an MD\/MBA. I split the reasons into 3 categories: academic, professional, and social.<\/p>\n

ACADEMIC benefits of an MBA<\/strong><\/h6>\n
1. Talk shop: Learn\u00a0business lingo<\/h6>\n

One of the challenges facing many physicians who want to branch out into the business world is a lack of understanding of business lingo. We know all about osteomyelitis, rhabdomyolysis, and personality disorders, but many of us don\u2019t know about capital budgeting, debits and credits, or net present value.<\/p>\n

The foundation courses of business school are perfect for catching MDs up to speed on the terminology and concepts central to business. Classes like Corporate Finance, Statistics, Marketing, Operations, and Corporate Strategy acclimate MDs to the topics that help to differentiate good from great physician executives.<\/p>\n

2. Learn about other industries<\/h6>\n

An MBA will open your perspective to all of the different industries that exist within the business world. What\u2019s more important is the new perspective that you can bring back to the field of medicine. Medical school and clinical practice can become pretty insular given the all-consuming culture at many schools and hospitals. We learn to think about healthcare from the perspective of other clinicians. However, business school classes draw on learnings from real estate, investment banking, marketing, consumer packaged goods and more. So, an MBA is a great way to use other industries as case studies for the improvements that can occur in healthcare.<\/p>\n\n\t\t