The medical field is constantly evolving; that’s no secret. This field not only requires healthcare knowledge but also business knowledge. As the healthcare industry continues to change, there is an increasing demand for MD/MBAs for administrative positions. By bringing in business-savvy knowledge to the table, MD/MBAs can bridge the missing information gap and even help make innovative and risky decisions that could benefit the hospital. Or at least, these are my thoughts on why I may or may not want to get a masters in business administration.
A business degree allows one to see the hospital and treatment process from an efficiency perspective that would bring down costs without losing quality. You also develop a new perspective because you learn how to think about uncertainty since business school teaches you how to approach decisions in the absence of evidence; whereas, medical school learning is all evidence-based. I truly believe that many of the greatest challenges in healthcare today are business-related problems. A few other things—getting an MBA will help you develop a new skill set and provides an opportunity for networking and even more career options. On the other hand, some might argue that you don’t need an MBA for a skillset or that it’s overrated and save your money.
All in all, I feel motivated to want to make a difference in healthcare. I mean look at Dr. Vivek Murthy, former Surgeon General of the United States. He’s an MD from the Yale School of Medicine and an MBA in Health Care Management from the Yale School of Management. Who knows? That could be you one day!