07: Determine if the MBA is right for you
In today’s episode, I’m discussing the value of an MBA (Master of Business Administration). Pursuing an advanced degree is a common goal for many physician leaders or physicians interested in assuming a leadership role.
I’m focusing today on the MBA degree. I discuss the value of the MBA, the different types of curriculum and different structures of various programs, and how to determine if the MBA is right for you.
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“As I looked at and talked with my physician, mentors, coaches, and several chief executive officers in hospitals, it became clear to me that the MBA would be more instantly recognizable as an advanced degree as compared to the master’s in medical management.”
Show Highlights:
- Do you need an MBA to further your career?
- My role as the chief medical officer for an emergency medicine management group as well as other different leadership positions. Why I considered getting a master’s in public health, an MBA, and a master’s in medical management offered through the American Association for Physician Leadership.
- When I was offered an opportunity to assume a leadership role within the healthcare organization, the master’s in business administration was a more well-known advanced degree.
- Why the MBA was the best course for me to pursue and what value it brings to a physician in his/her career role.
- What the MBA is, the structure of an MBA, what you can expect from it, and the types of things that you should consider before you commit to the time, money and effort that it will require for you to complete this advanced degree. There may be another pathway that will work best for you.
- Discover why the MBA is a great option for physicians who are poised to assume senior leadership positions in healthcare organizations, payer organizations or even non-provider organizations (such as the pharmaceutical industry and biotech companies).
- If you are considering accepting a position and making an internal advance in your organization, the MBA is a great way for you to develop business acumen, to learn business skills, learn the language of business, and also an often overlooked aspect is that it allows you to connect with students who are in other business areas.
- I describe why taking training classes in business, healthcare, accounting, or other aspects of the MBA, or even maybe taking a mini MBA through your own organization may serve you equally well.
- There are many opportunities for physicians who exhibit great leadership skills and who have had significant experience in leadership opportunities. Don’t immediately assume that you have to have an MBA in order to take advantage of those opportunities.
- For some roles, especially in larger organizations, if you wish to be on a track where you could assume the role of the chief medical informatics officer, chief medical officer or eventually a chief operating officer or chief executive officer, an MBA is expected.
- The MBA doesn’t exclusively train you to develop leadership skills, but it is a good venue for you to meet other physician leaders, to learn about various leadership skills and to hone those leadership skills.
- I strongly feel that you should not invest in an MBA until you are at the point in your career where you can see a clear purpose for the skills that you will be learning. You will get more out of an MBA program if you have several years of hands-on experience (whether that is clinical experience as a physician or it’s experience in healthcare in a non-physician role).
- It is much more common for physicians to obtain an executive MBA. These MBA programs are designed for physicians or other executives who are already employed. Discover how the traditional executive MBA is being modified and replaced by a hybrid MBA, where you have a combination of online and onsite courses versus completing being onsite only.
- As you explore getting the MBA, you will have to decide which one of these forms of an MBA is most well suited to your career at that point to your learning style and somewhat to your financial means. Do you want an MBA that focuses specifically on healthcare? There is a subset of physician only MBA programs. Discover a variety of healthcare oriented MBAs that you can choose from.
- There are also MBA programs that are not limited to healthcare at all. I see people choosing these types of MBAs specifically when they are interested in entrepreneurship, for example, not necessarily limiting their options specifically to healthcare.
- I share the most important aspects to look for when choosing an MBA program.
- The most important courses or training that physicians need when they are taking their MBA is to learn as much as you can about change management which is a significant issue in healthcare. Learning how to manage that change within an organization is something that you should leave your MBA program with significant amount of knowledge and capability.
- Choose a program that emphasizes the lean management methodology as a primary process improvement and change management strategy. I believe this method is the ultimate way to sustain change in healthcare organizations.
- Discover why it’s important to choose an MBA program that teaches you how to function in a dyad leadership model with a non-clinician or with a clinician from a different background (such as nursing, physical therapy, and respiratory therapy). When we are managing operations in a hospital, we need to use this co-management as called management model.
- What does it take to get accepted into an MBA program?
- Discover the alternatives to an MBA, which is a significant investment in time and dollars. You may find that your needs are met by taking an individual course from the American Association for Physician Leadership, Institute for Healthcare Improvement or Harvard Medical School Leadership Development Course for Physicians and Scientists.
- American Association for Physician Leadership offers different courses on healthcare, finance, law, ethics, quality, high reliability, and other topics that niche down on areas of education that physicians may need. That may be all that you need at a certain point in your career.
- Evaluate your career path. See where you are and where you want to go. Determine the direction you want your career to take.
About me:
I’m an experienced physician executive with over 30 years of clinical and administrative experience in various healthcare settings. I’m passionate about coaching and mentoring physicians interested in transitioning to full time or part time non-clinical roles either within the healthcare industry or external to healthcare. I have served as a COO for an emergency medicine management company, CMO for several hospitals, Vice-president of ambulatory quality for a large multispecialty medical group, Vice-president of system quality and safety for a multi-hospital system, along with numerous medical staff positions and other administrative roles.
Connect with me:
Website: https://physiciansbeyondthebedside.com/
Facebook: https://www.facebook.com/NormMD.BTB
Twitter: https://twitter.com/beyondbedside
YouTube: https://www.youtube.com/channel/UCMVkvrQa3LULExRtPNvkkuw
LinkedIn: https://www.linkedin.com/in/nchapinmd/
Instagram: https://www.instagram.com/ubeyondthebedside/
Additional Resources:
Physician Executive MBA Haslam College of Business University of Tennessee
American Association for Physician Leadership
HMS/HSDM Leadership Development Course for Physicians and Scientists
50 Best Online MBA’s for Physicians
Best Online MBA Programs for Physicians
Executive MBA’s for Physicians – Look for Zebras
Top Executive MBA Programs for Physicians – Healthcare Management
Institute for Health Care Improvement
American College of Surgeons: Surgeons as Leaders program — CASEL
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