Business savvy physicians have long been a fixture in healthcare, serving as hospital leaders or running their own practices. Now, the rise of joint MD/MBA programs across the country are seeking to help train and prepare physicians for leadership positions in practices and health systems across the country. With the face of healthcare changing drastically, and with many of the problems it’s facing concentrated on the business side, physicians who choose to pursue a joint MD/MBA degree are poised to take leadership positions across the country.
But how much of an advantage does a dual degree give a candidate? And is hiring a physician with an MBA really necessary for a position? Below are 3 examples of when searching specifically for a physician with an MBA as part of your physician recruitment strategy can not only enhance the way care is delivered, but also make a financial difference for the practice.
1. Your Opportunity is Offering a Partnership Track
While the majority of young physicians indicate that they would preferred an employed position over one in independent practice, many still choose to join private practice. In fact, physicians who obtain a joint MD/MBA are likelier to have the entrepreneurial spirit that draws physicians to private practice.
If the position you are trying to fill offers a partnership track, hiring a physician with an MBA can prove to be especially usefull. The business knowledge that such a physician would bring to a practice can help improve profitability and allow the practice to adapt in a way that will allow it to stay financially viable. Additionally, knowledge gained in business school can be utilized to help improve the practice’s processes and management, leading it to become more efficient and improve the delivery of care to patients.
2. Your Position is a Directorship
Leading an entire department, hospital, or health system requires a very specific set of skills, one that includes business acumen. The management of budgets, personnel, and handling conflicts between employees of different levels are all things that would be best handled by a physician with the skills and knowledge gained in business school.
Additionally, physicians who successfully completed an MD/MBA program had to balance twice the workload of their peers who chose to pursue only one degree. The time management skills and ability to handle someitmes opposing interests would be particularly useful in a Director role.
3. Your Opportunity is to Join a Start-Up Practice
Successfully starting a practice from the ground up is very similar to starting another business, something that MD/MBA candidates would have learned quite a bit about. Marketing, social media presence, personnel management, and all the things needed to get a business off the ground and thriving – these are things that the physician MBA not only understands, but can help implement and improve.
By having one of the initial physicians of a start-up practice be one with knowledge of what it takes to create a successful venture, the practice will be more likely to thrive and grow.
A physician candidate who has completed their medical and business degrees may not always be necessary for a particular opportunity, but it is important to know when such a candidate could greatly improve the practice dynamics. By being aware of how and why physicians with these credentials make a difference, recruitment professionals can create detailed and comprehensive physician recruitment strategies tailored to each individual need.