What is an MD/MBA Degree?

For people who are unfamiliar with this term, an MD with an MBA degree is designed for people who are looking to be an administrator of a medical facility [1] . It is a combined Doctor of Medicine with a Master of Business Administration degree attached. These degrees are typically needed for people who want to be extensively involved in the process of shaping the medical field on a broader scale than being a standard physician or specialized medical care physician. While one of the critical career opportunities for an MD-MBA graduate is to run a hospital, there are a wide variety of places that this degree is applicable within the medical industry. isl fund 
 
MD/MBA Career Opportunities

Once the degree is obtained, graduate career choices are ample. This is not usually a degree for people who primarily want to practice medicine unless they are looking to run their own medical facility. The combination of an MD degree and an MBA degree is meant to prepare an individual for senior leadership within the medical facility or business.

One of the main goals for a person with this degree is to help advance the medical industry on a practical and larger-scale basis than a personal physician or medical specialist can obtain. The degree allows medical doctors to take their medical knowledge and implement it with a business approach. This can enable people to work on a small-scale healthcare project as an administrator or to revamp an entire medical facility combining the expertise of medical knowledge and business expertise. In today’s ever-growing complex healthcare world, the degree is vitally important for hospitals and other healthcare facilities that need to be more financially solvent.[2]

Primary Careers for Graduates

·        Hospital/Healthcare Administration
·        Private Practice Ownership
·        Healthcare Company Executive
·        Healthcare Business Consultation
·        Non-Profit Healthcare Management
·        Healthcare Clinic Administration
·        Pharmaceutical Company Management

Understanding the Career Opportunities

These seven primary fields for graduates are available after students successfully complete their programs. Each area offers graduates the ability to take on a leadership role in the medical community to exact changes that will help stabilize the financial and administrative aspects of these facilities.

Hospital/Healthcare Administration– When it comes to running a hospital or healthcare facility, the combined experience of an MD degree with an MBA focus can be vital in making the operations financially solvent. Before this degree option was available candidates that ran healthcare facilities often struggled with finding the right balance between providing proper healthcare and staying financially equitable.

Private Practice Ownership– For many private practices, the balance between being a primary care physician or medical specialist and ensuring the medical practice is financially equitable can be difficult. Medical private practices are like any other business; there must be adequate financial planning and budgeting to succeed. In some cases, these private practices hire consultants to help them accomplish this. However, for people who want their own private practice and ensure it will thrive financially will often seek this degree. This degree offers them a much higher ability to have the tools necessary to accomplish this goal.

Healthcare Company Executive-There are many healthcare businesses that are not primary health companies. Outfits that oversee a more significant medical healthcare business such as multiple medical clinics, senior care facilities, physical therapy facilities, as well as companies that sell specialized medical equipment and supplies would all benefit from the guidance of a graduate with an MD MBA degree.

Healthcare Business Consultation– On occasion, healthcare facilities look for outside consultants to assist them with running their facilities. Instead of hiring a person for a full-time position in the field of medical business administration, they seek a consultant. People who graduate with this degree can go on to become private medical facility healthcare consultants. These careers work with multiple healthcare facilities to guide them through the process of healthcare-based business administration.

Non-Profit Healthcare Management– There are a vast amount of non-profit healthcare facilities and programs across the country. While the goal of these facilities is not profit, they still must be able to stay financially solvent in order to continue to operate. Through the guidance of a person with this degree, non-profit healthcare facilities are better able to know how to manage costs, cut costs, and properly operate their facility. Businesses such as specialized cancer facilities, children’s hospitals, muscular dystrophy treatment facilities, as well as Alzheimer’s, infectious disease, rehabilitation, and other specialty care facilities, are inclined to fall into this category.

Healthcare Clinic Administration– This type of career position is for the graduate who wants to run a local or regional healthcare clinic. In most cases, healthcare clinic funding is limited. Therefore, these facilities are in significant need to ensure they are run as efficiently and productive as possible. That is why many of them seek to hire administrators with a business degree as well as a medical background.

Pharmaceutical Company Management– Like other forms of medical administration, pharmaceutical companies often need someone to run their organizations that have knowledge of the business and the medical profession to help make important decisions. Because of this, there have been a growing number of pharmaceutical companies that have looked for graduates with this degree to help guide their companies.  As more pharmaceutical companies are facing calls for changes in their approach to patients in need, the use of administrators that are more medically sensitive to the needs of their potential prescription drug patients has increased.

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