Patients are often referred to as “healthcare consumers,” so it’s hardly surprising that hospitals and medical practices have shifted from a “practice of medicine” mindset to a “business of healthcare” approach.
Physicians have adopted this mindset as well.1 Combined MD/MBA programs have more than doubled since 2000, and more physicians than ever before are returning to school to earn an MBA after years of practice.
An MBA is costly, to be sure: It can easily reach over $100,000, depending on the school. But for physicians who are eager to launch their own practice, an MBA can make the process easier and even improve the likelihood of success.
For physicians who are in private practice — and are not looking to open a new business — an MBA may have different benefits.
If you are an independent physician, here are 7 signs that it may be time to hit the books and receive a formal business education.