The 4 Cs of the MBA: Worth the price for a doctor?

Physicians are used to getting credentials, so it's no surprise that those who are interested in the business of healthcare and medicine consider getting MBAs. However, before you invest the time, effort and money enrolling in an MBA program, ask yourself the following questions:

1. What is your goal? Most physicians who get MBAs do it because they have career aspirations in health services administration or public policy or think that getting a business degree will confer some survival advantage in the rapidly changing world of healthcare. A few are interested in biomedical and health innovation and entrepreneurship. My view is that most MBA programs, including those offered as part of combined MD/MBA programs at over half of U.S. medical schools are general management programs offering core business courses and electives. A few have a focus on entrepreneurship and even fewer are designed to meet bio-innovation and entrepreneurship learning objectives. None will teach you how to run a practice. If that is your goal, take a practice management course.

2. What are you paying for? MBA programs offer the four C's -- connections, credibility, credentials, and content -- in that order. Research indicates that the success of graduates from top-tier B schools has as much to do with connections to classmates and the caliber of the networks as the information you learn. You can create and manage connections on social media channels and supplement them face to face. Business education content is free online. Competency based education is more important than credential-based education.

3. Should entrepreneurs get an MBA? One school of thought claims that if you are a truly motivated entrepreneur, you should spend your time and effort just creating a company and learn from the "school of hard knocks." What's more, the entrepreneurial culture has made heroes of college dropouts and the media has made celebrities of startup heroes who just jump into the fray without formal business training. The other side claims that entrepreneurship can be learned; that the knowledge, skills, and abilities gleaned contribute to success; and that entrepreneurship has grown as a legitimate academic domain.

4. Is education enough for physician entrepreneurs? Entrepreneurs, regardless of their background or area of focus, need much more than just education. They need mentors, networks, experience, and access to money, too. If you decide to "grab an MBA," be sure you are part of a program that offers all of the other elements.

5. What are the alternatives to an MBA for physician entrepreneurs? Accelerators, generators, actuators, and incubators, particularly for digital health geeks, are the new MBAs, designed to rapidly launch and fund digital health startups by providing condensed education, hands-on training, and mentoring. In addition, several global biomedical innovation and entrepreneurship programs have emerged specifically designed to teach graduate level scientists, engineers, business students and health professionals how to get an idea to market or work with industry. Finally, Professional Science Master's programs are offering hybrid science-business education in over 100 sites throughout the United States.

6. Physician entrepreneurship is not about just creating companies. . Entrepreneurship is the pursuit of opportunity with scarce, uncontrolled resources under conditions of uncertainty. The goal of all entrepreneurs, including physician entrepreneurs, is to create user defined value through the deployment of innovation using a?VAST business model.?Unfortunately, few doctors, scientists or engineers have an entrepreneurial mindset and, due to the shortsightedness of the medical educational establishment, few if any will be taught what to do with an idea in their formal training. Physician entrepreneurship also encompasses the practice of intrapreneurship, social entrepreneurship, edupreneurship, financial services and much more. Most of those things you don't learn in MBA programs.

7. Bundling student loans to pay for an MBA makes medical student debt even higher. Who pays? How much?

We need MD/MBEs not more MD/MBAs. The business of medicine is too important to practioner success to be left to business schools to teach it. It should be a mandatory part of medical school and residency education and would be another step in?creating entrepreneurial medical schools.

Graduate-level business education is not for everyone. While getting your ticket punched might be appealing, look in the mirror before submitting your application and ask yourself the tough questions. While more education almost never hurts, the cost/benefit might not make sense.

Arlen Meyers, MD, MBA is the President and CEO of the?Society of Physician Entrepreneurs?on?Substack?and Editor of?Digital Health Entrepreneurship