Do physicians need an MBA?

Physicians do not need an MBA.  Many have spent years in school and are very successful.  However, at a time when the healthcare market is in a state of flux, an MBA might be beneficial for a physician's career for the reasons listed below.

Increase career options

Some physicians become dissatisfied practicing clinical medicine.  Others seek to satisfy an entrepreneurial desire.  Obtaining an MBA allows many doctors to leverage their already comprehensive clinical knowledge to create new career opportunities in areas such as healthcare administration, the pharmaceutical industry and consulting

Work better with administrators

Many physicians opt to seek an MBA so that they can increase their credibility with administrators.  This is especially true for those physicians who are currently heads of or seek to run departments.  An MBA can help these physicians speak the language of administrators and run their departments more efficiently.

Practice Management

Today's era of declining reimbursements, high malpractice rates and regulatory burdens has led to an environment of financial uncertainty.  Many physicians who own their own practices seek an MBA to acquire the business skills and knowledge to run their practices more efficiently and to improve the bottom line.

Entrepreneurial Aspirations

Some physicians have the entrepreneurial bug and believe that pursuing an MBA will aid them in their entrepreneurial pursuits.  While an MBA especially from a top-tier school can provide a valuable network and business knowledge, it is not necessary to become an entrepreneur.   

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