MD plus MBA

You know those days when you feel like you need a business degree to run your practice?

You’re not alone, and in fact, more physicians are pursuing post-graduate business degrees, according to a new report from Cejka Search and the American College of Physician Executives.
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One-third of physician executives have an advanced business degree — an MBA, master’s of medical management, master’s of public health, or master’s of health administration.

Most of the physician execs have an MBA and are filling the roles of medical director, chief medical officers, division chiefs, and department chairs.

Cejka Search officials say physicians are getting more education to advance their careers, and that it’s a requirement for those positions. Rather than rely on experience alone to learn these business skills, many physicians are learning practice management in the classroom. Physician executives in those management positions with advanced degrees also earn more than those without (11 percent more with an MBA, for example).

As we’ve noted before in coverage on docs getting MBAs, the extra time and money for school isn’t for everyone. You have to decide why you need an advanced degree. Although the day to day running of your practice may feel like it requires the degree, it’s clearly more suited for those considering a career in healthcare leadership.