Is the MD,MBA Worth It? (Part 3)

Six years have passed since I began the MBA program and 4 four years since I graduated.  So, after all this time, is it worth it?  The one-word executive summary is…yes.  My previous posts (Part 1 and Part 2) reflect my views when I was in the thick of it and working on completing the MBA program.  Now it is time for further reflection.

7) One of the great benefits of adding the additional letters after your name is that it sends a signal to the market.  Whether you are pursuing an MBA degree or completed one, that information tells the market you are ready for a change and are doing so with serious intentions.  There is a marketplace out there that is constantly looking for new talent.  If you have an MD or DO after your name, then you are probably already on a specific clinical career path.  An MBA degree sends new information about you to the market.  The new information is, “I’m interesting in a different path than the usual one”.  It may or may not involve a clinical career, but at the very least, it will be distinguished by an education in business administration.  There is a market for those equipped with an MD and MBA degree, and that market is very interested in finding you.  This is one way you let it know you are interested in finding them.

8) Just as there is a language for those with an MD, there is a language for those with an MBA (or equivalent business experience).  An MBA gets you a seat at the table and helps you learn how to begin to speak the language of business.  As they say in business school, “If your not at the table, then you are on the table”.  If you want to be engaged in the business of medicine, then you need to be at the table and understand what is being said.  Your interests and those of your patients need competent representation at the table.  All too often physicians think their medical degree will be enough to carry them through discussions with hospital administration.  All too often it is not enough.  Typically my biggest contribution in meetings involving physicians and administrators is in translating what each group is really saying to one another.  It is interesting to observe how two groups can speak a common language (English) and not really understand what one group is trying to communicate to the other during a physician-speak vs. admin-speak conversation.  Being bilingual is an asset under these conditions.

9) There is another business school saying which is, “All roads pass through finance”.  If you want to get anything done, that involves capital resources, then you will need to maneuver it through the budget and finance process.  It doesn’t matter if you are working with your own small business or a multi-billion dollar organization.  At the end of the day someone will need to finance your dreams.  Understanding how that is achieved is key to success.  The MBA degree provides the starter toolkit for helping you understanding the “how” of this process.  It was once pointed out to me that cash-flow is like oxygen.  You can wake up in the morning with all kinds of great plans of what you will accomplish that day, but if you can’t breath, there is only one thing on your mind… “I need oxygen”!  In business, cash-flow serves a similar purpose.  To ignore it is to ignore a fundamental principle of organizational survival.  Being a person who has a strong medical background, is versed in the language of business and skilled in the art of traveling the road through finance makes for a powerful combination to help any organization survive and thrive.

10) When you obtained your medical training, you no doubt realized that there are opportunities for leadership development if you are interested.  When you add an MBA degree to your CV/Resume, you tell the world you are very interested.  It distinguishes you and makes you more visible.  A leader, I know, likes to say, “visibility leads to credibility, credibility leads to trust, so if you want to be trusted, you need to be visible.”  Leadership requires trust.  An MBA degree is not only a way to say you are interested in a leadership position but it can also serve as one of many paths on the journey to becoming more visible.  How you build credibility with this new found visibility is up to you.  The MD/MBA path opens the door.  It really is up to you to take advantage of the opportunities it will present once you go through that door.  So is the MD/MBA worth it?  Absolutely!

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