Earning an MD is nice, but earning an MD with a Master of Business Administration is better. It gives you a great deal of career flexibility after you graduate—especially if you want to do more as a physician.
Dual-degree programs, such as MD/MBA programs, can vary significantly between medical schools, but one thing remains constant: A medical student that can also complete business school training will have incredible freedom and flexibility, with lots of potential options awaiting on the job market, allowing them to practice medicine or explore the business world as they see fit.
Did you know AUA has an articulation agreement with Urbana University that allows qualified students to earn a Healthcare MBA online?
What Can I Do with an MD/MBA Degree?
With an MD/MBA, graduates have many paths open to them, which means they can find jobs outside of clinical practice and other areas. Here are some opportunities you’ll have as an MD/MBA:
Private Practice Ownership
Being your own boss is pretty sweet, but with zero business experience, it could be pretty tough to start up a private practice. You’ll need capital to put it together and a solid business plan to attract future patients. A business degree , such as an MBA program, covers all of that. Plus, it’s a lot nicer to say you own, instead of rent, space in a healthcare facility.
Healthcare & Hospital Administration
The healthcare system is continually evolving, so the demand for health practitioners who have business and management skills is on the rise. One possible career path is that of a hospital administrator. Hospital administrators are in charge of the everyday operations of a hospital. If you’re a generalist, you’ll be in charge of managing the entire facility. As a specialist, you’ll control a department. No matter which path you take, you’ll be able to call the shots for the physicians working under you. You’ll essentially be a super physician.
Healthcare Company Executive
This is the ultimate combination of an MD and MBA. Healthcare companies need MDs on staff but, particularly, ones who are adept in business. There are hundreds of companies that create innovative approaches to healthcare. You may be on the team that develops the next breakthrough in medicine. So, when lives are saved by a new miracle drug, you can say you managed that project using your business-savvy skills.
If you’re feeling a bit more altruistic, working at a non-profit may better befit you. Non-profits, like Doctors Without Borders, lead teams all over the world, responding to every kind of healthcare crisis. You won’t make as much as you would working for, let’s say, a Fortune 500 company, but you’ll make a difference in the world and that is priceless.
Healthcare Industry Consultation
Can’t decide which one of these options you like best? Why not cover them all by becoming a consultant? Being a consultant will allow you to practice as a full-time physician and receive a substantial paycheck by advising a company, hospital, or non-profit with your expert medical advice. Be warned: this is a very difficult career to launch because it’s largely dependent on networking; but once you do, you’ll be exposed to every aspect of the medical field.
Now that we’ve answered the question of “What can I do with an MD/MBA degree?” it’s time to take the next step!
Go to the Right Medical School with an MD/MBA Program
A dual degree program that provides medical education and medical training, along with business skills, can provide you with everything you need to find your own career path.
Want to earn an MD/MBA soon? Apply today!
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