Here’s how an MBA degree can benefit doctors in more ways than one

A Master of Business Administration (MBA) program is one of the most versatile degrees that is valuable for people from all walks of life, medical professionals included. As a doctor with an MBA degree, here’s my account of how an MBA has helped me.

In my opinion, there are broadly two types of doctors that benefit from an MBA degree. The first group is MBBS graduates fresh out of medical college who would like to explore a career in non-medical roles in the healthcare industry. The second cohort comprises practicing doctors with years of private practice. This group of doctors may be running their own clinics or hospitals and would want to learn more about the business side of things, or polish and upgrade their managerial skills.

According to available data, 99,013 MBBS seats are available in 650 medical colleges in India. Out of these medical graduates, around 75% practice in India either directly after graduation or upon completion of postgraduate specialization courses. The rest may move to other fields and quit medical practice to pursue business or other professions after practicing for a few years. This is a common trend across the globe.

Here comes the importance of a versatile postgraduate degree like an MBA. These graduates can enroll in an MBA and build a new career in their chosen domain. The scope for doctors with an MBA is very high, and hospitals and other healthcare organizations are happy to hire such candidates.

Read on to know more about whom an MBA in healthcare management better suits.

Benefits of an MBA for doctors

An MBA for both fresh MBBS graduates, and experienced doctors is beneficial in various ways. An MBA after MBBS gives a new outlook for doctors throughout their professional lives.

1. Give wings to your entrepreneurial journey: An MBA is beneficial for doctors with entrepreneurial ambitions to scale up their ventures. Depending on their needs, a doctor can choose any MBA specialization – marketing, finance, HRM, Operations Management, Healthcare Management, Hospital Administration, Pharmaceutical Management, or others. Thus, hospital administration courses helps them to run their venture more confidently while continuing their private practice.

In India, doctors who belong to the interior parts of the country usually find their fortunes in big cities. This trend is shifting towards rural areas as these doctors find potential in their native towns or villages. This has been a trend in states like Kerala for many years. But after the Covid pandemic, this trend is expanding to other states too. From a simple clinic to a corporate hospital, entrepreneurial scope in the healthcare industry is unlimited. Apart from specialist roles like dentistry, ophthalmology, skin care/cosmetic, and others, HealthTech innovations are also witnessing an upward trend.

2. A doctor understands another doctor: In the medical field, the primary stakeholders for any branding, sales, or marketing are doctors. A management or business professional with an MBBS background can easily persuade another doctor by speaking the same language. He/she is often seen as more credible than their counterparts.

3. Emerge as a thought leader: A doctor in any non-medical role in the healthcare industry will be able to share authentic information. It will give them an upper hand over others. Eventually, they can emerge as a thought leader in their domain.

4. Stand out in interviews: For any healthcare-related jobs, employers prefer knowledgeable candidates over a generalist. Even if there are several MBA graduates for an interview, a doctor with an MBA will have a competitive edge over others. The rarity of this combination is also an added advantage for such candidates.

5. Grow to top positions in healthcare: Most doctors with an MBA take up administrative roles, such as hospital administrator, human resource manager, or marketing jobs and others. Some of them perform these duties along with their medical practice, while others focus on solely administrative responsibilities. These positions enable doctors to advance their managerial skills and increase their experience. It is common to see that doctors with managerial experience and expertise are chosen for top executive posts in hospitals. Their professionalism, service-mindset, and goal-oriented attitude is seen as a plus for any top position.

You may like to know more about how MBA healthcare management help doctors.

Bottom line

Professionals like doctors are also facing the volatility and uncertainty that loom in the current business world. Cutting-edge technological innovations impact the medical industry. In this scenario, upskilling or reskilling is imperative for doctors to stay relevant in the VUCA world. Pursuing an MBA degree will add value and give them the necessary boost and shield to face the challenges and uncertainties of the world today.

(This article is written by Dr. Sunny Sachdeva, Co-founder of Clovis Diagnostics and Medi Solace Medical Tourism. He holds MBBS from KMC, Manipal, and MBA from TAPMI.)