{"id":11638,"date":"2015-07-01T16:14:54","date_gmt":"2015-07-01T20:14:54","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=11638"},"modified":"2015-07-01T16:14:54","modified_gmt":"2015-07-01T20:14:54","slug":"an-update-why-physician-mba-degrees-are-worth-the-investment","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/an-update-why-physician-mba-degrees-are-worth-the-investment\/","title":{"rendered":"An Update: Why Physician MBA Degrees Are Worth the Investment"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Even though school\u2019s out for summer, maybe it\u2019s the right time for physicians to consider continuing their education. We know what you\u2019re thinking. Doctors already go through enough schooling. But in today\u2019s uncertain health care environment, a physician MBA can be a worthwhile investment.<\/p>\n<p>When we first investigated the <a href=\"https:\/\/www.carecloud.com\/continuum\/practice-management\/why-physician-mba-programs-are-worth-the-investment\/\"><strong>potential MBA advantages for doctors<\/strong><\/a> in 2013, we asked MD\/MBA student Abrahan Nunes what he hoped to gain. \u201cSince business training is about learning to measure and enhance value delivery,\u00a0<strong>the business-trained physician can apply those principles to his or her practice<\/strong>\u00a0and the broader profession.\u201d<\/p>\n<p>Now that he\u2019s completed his degree, what\u2019s the advice from Abraham J. Nunes, MD, MBA?<\/p>\n<p><!--more--><\/p>\n<p>First off, don\u2019t discount the business side of medicine. \u201cMoney is often seen solely in terms of its ability to afford luxuries, and consequently as something that perverts patient-centeredness.\u201d Instead, he says, embrace how money reflects the value physician services provide. Once you think this way, \u201cthe applicability of most skills you learn in business school to your practice will become obvious (and fascinating). As physicians, we offer something of great value to patients: quality-weighted longevity.\u201d<\/p>\n<p>Pursue an MBA for the additional skills and because you\u2019re interested in the business of medicine, Dr. Nunes adds. \u201cThe three letters will not guarantee you a position, nor will they alone change your practice. Don\u2019t do an MBA for the designation.\u201d<\/p>\n<p>Something surprising thing he learned? \u201cMarketing classes taught me a great deal about patient-centeredness and the role of effective interpersonal communication during medical interviews.\u201d<\/p>\n<p>How is Dr. Nunes, Resident Physician,\u00a0Department of Psychiatry, Dalhousie University, Halifax, Nova Scotia, Canada, using his dual degrees? \u201cI am working on various ways to use business principles to measure effectiveness and refine the efficiency of clinical programs.\u201d<\/p>\n<h3><strong>Business Intelligence<\/strong><\/h3>\n<p>It used to be that doctors only had to focus on\u00a0<a href=\"https:\/\/www.carecloud.com\/continuum\/medical-technology-trends\/how-technology-enables-patient-centered-care\/\">patient care<\/a>,\u00a0but as\u00a0changes continue to transform the economics of medicine, it pays to know a little something about business. A growing number of universities nationwide offer Healthcare MBA programs, including <a href=\"http:\/\/business.fiu.edu\/chapman\/hcmba\/index.cfm\">Florida International University<\/a>, <a href=\"http:\/\/tepper.cmu.edu\/prospective-students\/masters\/mba\/curriculum\/dual-and-joint-degrees\/mba-healthcare-policy-and-management\">Carnegie Mellon University<\/a>, and <a href=\"http:\/\/www.fuqua.duke.edu\/programs\/duke_mba\/health_sector_management\/\">Duke University<\/a>.<\/p>\n<p>Physicians looking into taking supervisory roles should also consider the advantages of a health-related MBA degree. Not only do these degrees make them better at running the day-to-day operations of the practice setting,\u00a0<strong>but open the possibility of taking on higher-level administrative roles<\/strong>\u00a0at large health organizations.<\/p>\n<h3><strong>Physician Executive MBAs<\/strong><\/h3>\n<p>Dr. Michael Stahl, Program Director of the\u00a0<strong><span style=\"text-decoration: underline;\">Physician Executive MBA program<\/span><\/strong>\u00a0at the University of Tennessee, sees physician MBAs as the best route to discover lean healthcare models and techniques for reducing inefficiencies.<\/p>\n<p>\u201cIf you think about all the changes going on in healthcare, it\u2019s important for a physician in a leadership role to be equipped with the knowledge to analyze the business side of the enterprise. To do that, skills in financial statement analysis, design, marketing, process improvement and lean healthcare are key.\u201d<\/p>\n<p>According to Dr. Stahl, since the launch of the Affordable Care Act and other government health IT initiatives, he\u2019s seen a\u00a0<strong>big push by doctors desiring a more tech-driven curriculum<\/strong>. \u201cWe try to focus on the implementation issues relating to what it means to change the culture of an organization through technology.&#8221;<\/p>\n<p>After all, the processes of medicine are changing by the day and no physician wants to be left behind. Experienced healthcare providers must lead the way for change, and a physician MBA may be the key that opens the door to health innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Even though school\u2019s out for summer, maybe it\u2019s the right time for physicians to consider continuing their education. We know what you\u2019re thinking. Doctors already go through enough schooling. But in today\u2019s uncertain health care environment, a physician MBA can be a worthwhile investment. When we first investigated the potential MBA advantages for doctors [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,8],"tags":[286,287,288,91],"class_list":["post-11638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","category-trends","tag-business-expertise","tag-md-mba-degrees","tag-physician-mba","tag-practice-management-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Updated: Why Physician MBA Degrees Are Worth the Investment<\/title>\n<meta name=\"description\" content=\"We check back in with an MD MBA student after graduation. What did he learn? What`s his advice for other physicians? What`s he doing now?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carecloud.com\/continuum\/an-update-why-physician-mba-degrees-are-worth-the-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Updated: Why Physician MBA Degrees Are Worth the Investment\" \/>\n<meta property=\"og:description\" content=\"We check back in with an MD MBA student after graduation. What did he learn? What`s his advice for other physicians? 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