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MD/MBA Programs: All You Need To Know

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“I want to walk into a room, be it a hospital for the dying or a hospital for the sick children, and feel that I am needed. I want to do, not just to be” – Princess Diana

I once had a friend who wanted to study medicine but had no interest in being confined to the hospital 24/7. He consulted senior colleagues and some professors and came to an enlightening conclusion that changed his life forever. He eventually ventured into healthcare management and has loved every moment of it until now.

Are you curious about how he did it? Okay, let’s dive into the details properly.

What is an MD/MBA Degree?

What exactly does an MD/MBA program mean? It is a double degree program that combines business management and medical science. This gives a free pass to people who want to study medicine but aren’t interested in being doctors their entire life.

Instead, they get an MD/MDA program, which is entirely different from pursuing an MBA with any concentration. While the former awards just one certificate on the concentration, the latter awards two professional certificates.

The article reviews whether this program is a good choice for you. So, let’s take a look at what an MD/MBA program entails, the benefits of the program, and the various places you can do this program.

MD/MBA means The Doctor of Medicine/Master of Business Administration. It prepares future doctors to have an idea of how to run the business aspect of things in the hospital.

That is, doctors can also get the hang of the financial and administrative issues in hospitals and healthcare divisions.

5 Top MD MBA Programs Rankings

Most MD/MBA program participants often have to pick a side from the onset. By this, I mean that some people can decide to have a stronger medical curriculum compared to business and vice-versa.

For this reason, I’ve compiled a list of the best MD MBA programs ranking to help you pick the best school to get your degree. Let’s take a look at them!

Stanford University

Most people might think, why not go to Yale if you want the best education? Well, getting an MD/MBA from Stanford is one of the best decisions you will ever make. It is so because they offer the best in the United States.

According to research and ranking statistics, Stanford University ranks first in its Business School and 4th in its Medical school. Overall, the school is ranked 3rd out of 443 universities in the United States.

Harvard University

Also categorized as one of the best learning institutions to get your MD/MBA degree, it is one you can try out if interested. Compared to the prior university, this one favors people who intend to focus more on the medical aspect of things.

It is so because the school is ranked 5th for its business aspect and 1st for its medical school.

Columbia University

Another university you can consider if interested in the MD/MBA program is Columbia University. This school has produced successful individuals who are thriving in the field of the management of healthcare facilities.

Although it has lower ranks than the first two mentioned above, it doesn’t make it less good. While its medical school is ranked 4th, its business school takes 7th place.

New York University

According to the rankings in the US News, this university is ranked 2nd in its medical school and 10th in its business school.

Hence, if you want recognition as an MD/MBA holder, this is one school you should choose. NYU allows you to bag your degree and do so in style and prestige.

University of Pennsylvania

The University of Pennsylvania also has an MD/MBA program for students that wish to pursue this area of specialization.

UPenn is ranked ninth in medical schools and second in all business schools according to the United States ranking.

How Competitive are MD/MBA Programs

“Ever since the economic crisis in 2008, millions of people have accepted cuts in all sorts of things—from real wages and living standards to benefits and hospital care—without any real opposition.” — Adam Curtis

If you are considering taking this program, there is something you need to know right now. It is a fact that this program is highly competitive and can be a tough nut to crack if you aren’t fully prepared.

The individual fields that make up the combination are not one to trifle with and can be quite difficult to attain individually.

However, it is not unachievable. All you need is the proper guidance on the right steps to take and how the process of admission works, and you are good to go.

Comparison of Universities that Offer this Program

Here is a list of MD MBA programs places where you can apply for the MB/MBA program and the things they offer which make one different from the other.

Schools With MD MBA Programs Exam Requirements
New York University Only MCAT
Columbia University GMAT, Executive Assessment, or GRE
University of Pennsylvania GMAT or GRE is necessary.
Stanford University GPA and MCAT
Harvard University GMAT or GRE is necessary.

Benefits of MD/MBA

“The key things I learned as a hospital administrator are to be organized, communicate, and be flexible.” — Glen Mazzara

There are many advantages to getting an MD/MBA, which is why most people get the degree. It implies that training doctors can also meddle in administrative waters without drowning.

Let’s move on to the core of this section without further ado.

  • Better Leadership Skills: 

Training to become better leaders in all things related to the medical space is one advantage of taking this program.

It means that you don’t have to be too worried about taking any role because this program grooms you for leadership positions of all disciplines in the clinical community.

  • Teamwork: 

Better teamwork is another thing you can expect from joining this program. All medical sections are separate yet connected in that they deal with the human body.

Hence, there is a need for certain comradeship to ensure that everything goes well. So, in addition to getting medical training, you learn how to work better with others for a very productive result.

  • Multiple Opportunities: 

With this degree, you won’t be cocooned into just a choice. Rather, you get to explore multiple choices and find greener pastures along the way.

Medical students can choose other career paths apart from just focusing on the practicing aspect.

  • Enhanced Creativity: 

Indeed, medical training teaches you to be more analytical in that you focus on the same result for all your patients.

However, this program helps build a broader perspective on how you perceive things, even those considered normal. I agree that the medical field is quite rigid; however, an MD/MBA program can help introduce flexibility for a better result you would love.

An MB/MBA is a valuable combo that is the future. Its value is one that can’t be easily measured because no one knows its full capability yet.

I believe that taking this program will make you a better physician for your patients and help build your self-esteem and confidence as a career person.

How to Get Into One of These MD MBA Programs

Since many schools offer MBA MD programs, the admission requirements are not always the same.

However, let’s look at some of the usual requirements you can’t do without, regardless of the school you choose. You can hire the best MBA consultants for proper presentation (more information about this is provided in an article on our site).

Here are some of the criteria to meet.

  • Take Standardized Tests:

The MCAT and GMAT or GRE are tests you need to take before proceeding to apply for this program. Although each program requires the MCAT, the other two mentioned earlier are up for speculation.

For instance, while John Hopkins accepts just the MCAT score, NYU requests the MCAT and the GMAT vs. GRE (you can check this out in detail on our site) for a better advantage over others since the program is competitive.

  • Essays:

This gives you a chance to express why you should be accepted into the program.

Here, you need to include your long-term goals, the reason for your application, why you need the program at the time, and how you intend to use it for your success in both fields.

  • Recommendation Letters:

This is crucial when applying for this program. Ensure that the recommendations come from your colleagues, professors, managers, or any other person you have worked with.

The letter should entail why you should be accepted for the program.

  • Resume:

Your previous work experience relating to the fields of study is another crucial requirement. The resume should state your experiences and their connection to the business aspect of your skills and interests in the write-up to make sense.

For how to list MBA on your resume, read an article we solely dedicated to this topic.

Some schools might require more or less of these things. You can hire college and MBA counseling services for directions. We’ve written something on this, so check it out later!

Key Takeaways

“If we work so hard and put all the money in the hospital to buy medicine—it will be a disaster.” — Jack Ma

Here are some things that I want to emphasize so that you get things right at the first trial.

  • MD/MBA means Doctor of Medicine/Master of Business Administration.
  • This program is a combination of two different fields, medicine and business administration.
  • It helps you gain leadership skills and boosts teamwork for a more professional stance in any clinical field you choose.
  • The program can be quite challenging; however, the vast opportunities you gain from bagging the degree make the trouble worth it.
  • Many universities offer this program, so do your research and select the best MD/MBA programs.

The moment you solve the why and where to take the MD/MBA program, then the world is your oyster. This dual degree can help you get the title and responsibilities of a health and financial professional.

FAQ

Is MD/MBA worth it?

Yes, it is worth it. Although it might not seem like it initially, you can be assured that the experience will help build your stance as a professional.

You can check out our article on some cheapest MBA online in Canada available for selection.

Do MD/MBAs make more money?

Yes, they do. Their salaries are usually higher than the average and vary depending on the experience and organization.

What is an MD/MBA good for?

This degree creates opportunities and great career prospects for practitioners.

The combination of MBA programs in MD provides the option of diving into insurance, management, using technology to improve the healthcare system, and many others.

Which MBA is best for doctors?

An MBA in healthcare management is one of the most natural paths doctors can tread. This is because it helps them learn the proper strategies to manage difficult situations in the organization in relation to the healthcare community.

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