MBAs to revolutionize medicare field

MBAs to revolutionize medicare field

"The medical profession is changing rapidly and very soon an MBA would be
needed to understand marketing strategies, financial impacts, succession
plans in group practice and so on. An MBA will be needed to make your work
more efficient and cost effective. Many corporate companies are now coming
to India with plans to start hospitals and they want professional hospital
managers and administrators with quality assurance. With this viewpoint, an
MBA is a great asset.

However, in regular practice it does not add any value whatsoever. I
personally may consider an MBA because we encounter many insurance companies
and insurance-related matters and an MBA will help in effectively dealing
with such matters," says Dr Vijay Z Belani, a senior doctor in Mumbai. An
MBA is no longer viewed as just a passport to a lucrative job, it is now a
necessity to move into any senior-level management position. And the MBA bug
has bitten professionals as diverse as doctors, lawyers and teachers.

Universities such as the University of Tennessee offer a Physician's
Executive MBA program. This program requires only four one-week sessions at
the university campus. The rest of the program can be done online. The
program costs $48,000. Traditional MBA programs at universities such as
Harvard cost about $100,000. "In the changing health care environment,
participants increasingly fall into two roles: leaders and spectators.

Physicians who want to be leaders clearly understand that business knowledge
is power," states the university website. "This is an expensive MBA program
and one would have to consider whether this degree adds value to one's
profile," warns Dr Belani. "I received my MBA from the University of
Tennessee Physician Executive MBA Program in 1998, after spending over five
years as a technology senior executive.

Because I knew what I wanted to achieve from the program, it turned out to
be a great experience. Beyond the MBA, I have continued to develop my
business and management skills through the executive coach training that I'
ve completed. If you're serious about success, the learning never stops,"
states Francine Gaillour, MD, MBA, FACPE in Physician's Practice Journal.

People are becoming more and more aware of insurance and medical costs. Many
doctors are losing out on patients because of unpaid insurance claims and
insurance exclusions. An MBA would benefit a doctor by addressing cost
effective medical solutions.

On the downside many recruiters do not look favorably at the MBBS-MBA
combination. The reasons are obvious: doctors usually do not have any prior
business experience. The doctor will most likely have seniority and hence
will not accept a low-paying job or low position in an organization.
Therefore, if you are looking for a career switch and do not want to work in
the healthcare industry, you may have a tough time finding a job in the
ruthless business world.

Additionally, if you plan to continue clinical practice, you do not need to
opt for an MBA. "We do not advocate that all physicians pursue MBAs. Those
physicians who are primarily interested in strictly a clinical role, who are
interested only in seeing patients - we don't see that it's necessary for
them to get MBAs," states the University of Tennessee.

When choosing an MBA program, make sure that the program has electives that
cater specifically to the medicine world. Classes such as decision-making
for physicians, economics of healthcare, disease management, business law
and ethics for physicians, marketing for physicians are some of the classes
that your MBA program should address. You can choose a traditional two-year
MBA program or a quick one-year MBA.

For the computer-savvy doctor, an online program would ensure that you study
at your own convenience and do not lose your earnings while pursuing an
MBA.If you are a doctor with many years of work experience and are looking
to set up your own practice or better manage your existing practice consider
an MBA degree. An MBA is an expensive qualification and only look at the MBA
if you are sure that this degree fits into your career plans. Remember, you
may be very good in the operating theatre but how good are your business and
cost management plans?