More and more, professionals are deciding to combine an MBA and medical degree, according to the NY Times. The option is particularly attractive to those in private practice who need to handle both the clinical aspects of being a physician, as well as the administrative duties of running a business. Doctors in large hospital systems don’t often have to consider such things, because these organizations can afford to hire business administrative professionals to handle these details. Obtaining a Master’s of Business Administration, combined with a medical degree, can be an option that makes sense for many doctors. Here are some things to consider when deciding if pursuing combined degrees is the right avenue for you.

Who Should Consider an MBA and Medical Degree?

Many MBA programs geared toward medical professionals recommend pursuing the business degree after you’ve had a number of years of medical practice under your belt. In fact, some programs require at least four years or more prior to acceptance. A medical MBA is ideal for those hoping to pursue administrative positions in the future. Such an educational background can provide you an understanding of the operational and financial aspects of a large medical facility.

Doctors who are older may wish to enter an MBA program as a means of transitioning into administrative roles due to declining physical abilities. It can be difficult to keep up the hectic pace of a physician’s daily schedule as you get older, and specialist such as surgeons may find they no longer have the dexterity required for the job. If you would like to consider a dual MBA/MD program to start off your career, these kinds of options are available and may be a convenient way to obtain your business credentials. Some dual programs allow students to obtain their MBA through an additional year of study.

Benefits

Few physicians actually have a background in business knowledge. However, in many instances, they are faced with decisions regarding finances and administrative issues that affect their bottom line. An MBA can supplement your knowledge and help you to be a more competitive player in the marketplace. You’ll feel more comfortable in the boardroom and in dealing with key stakeholders regarding all aspects of practice. Business skills learned in a Master’s of Business Administration program can help to make you an effective leader and critical thinker, opening your mind to aspects beyond the clinical. Pursuing an MBA geared toward medical professionals is smart because this kind of degree can she light on issues particular to your field, giving you even more of an edge.

Challenges

The biggest challenge, no matter when you decide to go for the MBA, is the time factor. Pursuing your business credentials while working on completing a medical program adds stress to an already intensive plan of study. Deciding to take on the academic requirements of an MBA while working in a busy practice is no easy task, either. If you are a current medical practitioner, be sure to inform your colleagues and staff of your desire to go back to school. You will need their understanding and cooperation to successfully balance school and professional life.

Related Resource: Healthcare Administration

Deciding whether to pursue a dual degree in business and medicine is a choice that is unique to you and your lifestyle. If you decide to combine an MBA and medical degree, know that it will take commitment and dedication, but most programs are designed to be flexible to meet your scheduling needs.