The MD/MBA Dual Degree: Then What?

A retrospective look at MD/MBA graduates in their careers and experiences with MD/MBA dual degree training

Joshua T. Goldman, MD/MBA 2010 | Robert J. Wallace, MD/MBA | University of Southern California | Keck School of Medicine

If you are an MD/MBA graduate and have completed the entirety of your training (including residency and fellowship) and are now working, we would love to include you in our ongoing study.  Please follow this link to participate.  Thank you!

The combined MD/MBA degree has grown in popularity significantly over the past 10 years, with over 50 programs in existence today.  The need for combined business and medical graduate training is apparent given the current state of health care in America, the dissatisfaction of many practicing physicians, and the need for physician leadership in improving and containing costs in our system.

At the same time, little is known about the career paths of joint program graduates following matriculation.  In addition, the effectiveness and utility of the combined training remains to be assessed.  This study seeks to investigate the utility of the MD/MBA degree as exemplified by the career paths of MD/MBA graduates in the workforce, review the breadth of those career paths, and quantify the educational, financial, and social benefit of completing the combined degree.

Methods

The study participants included 55 MD/MBA program graduates who have completed the entirety of their medical and business training (physicians currently completing their residency training were not included in the study).  The study consisted of an online survey created using SurveyMonkey.  The survey was e-mailed to graduates of MD/MBA programs across the United States who were identified by MD/MBA Program Directors, through personal networks of the researchers, and through targeted internet searches.   Survey results were tabulated and analyzed using SurveyMonkey & Microsoft Excel’s data analysis tools.

Study Participants

Career Paths

Salary Analysis

Graduate Satisfaction

Conclusion

Our study shows that the MD/MBA degree is considered useful and delivers a significant return on investment for MD/MBA graduates currently in the workforce. The overwhelming majority of MD/MBA graduates complete residency training and go on practice medicine in their career.  MD/MBA graduates tend to receive higher starting salaries in their careers due to their leadership roles in organizations and ancillary business ventures than traditional physicians.  Additionally, the majority of respondents are very satisfied with their careers and their lifestyles.  Drawing on their feedback regarding the most useful aspects of their training as well as the deficits in their business education, MD/MBA Program Directors can better customize the curriculum of the combined degree in the future.

References

1.  American Medical Group Association Medical Group Compensation & Financial Survey 2009
2.  Goldman J, Katsufrakis P, Cassmassi B. “Where we are Today & Where we can Grow: An Analysis of MD/MBA Programs from the perspective of students, program directors and captains of industry.” MD/MBA Annual Program Conference 2008.

Insight Healthcare by McKinsey

Philadelphia, Pennsylvania

June 17 – 20, 2010

Application deadline: April 25, 2010

Additional Info

Qualified Applicants for Insight Healthcare should be:

• Completing an MD, medical internship, residency or fellowship in 2011 or 2012

• Completing a PhD or post-doc in healthcare related disciplines including biology, biomedical engineering, chemistry or immunology in 2011

• Currently residing in the United States or Canada

• Available to attend the entire event starting at 5:30 p.m. on the evening of Thursday, June 17 and ending at 1:30 p.m. on the afternoon of Sunday, June 20

McKinsey & Company, a management consulting firm with nearly 9,000 consultants in 90 offices across 50 countries, is hosting two exciting summer programs for students working towards advanced professional degrees: Insight Healthcare and Insight Engineering & Science. These programs will give non-MBA advanced degree students an insider’s look into management consulting. Each of the comprehensive seminars will cover a range of topics important to those who are exploring alternative career possibilities. Program agendas include an overview of management consulting, an introduction to the type of work we do, a management consulting case study, and an opportunity to network with colleagues and participate in social activities.

We are hosting several web based presentations to help graduate students learn more about McKinsey & Company and our Insight programs. These presentations are designed for: MDs, residents, medical interns, fellows, PhDs and post-docs. If you are interested in attending one of these presentations please RSVP through our website: http://www.mckinsey.com/careers/apd/Opportunities.aspx

Mindray Medical International Job Opportunity

Mindray Medical International was founded in 1991 in Shenzhen, China, with a mission to deliver high-quality, competitively priced medical devices to make healthcare more accessible and affordable around the world. Over the last 18 years, we have become a leading developer, manufacturer and marketer of medical devices worldwide.

Revenue wise, the company has been growing at 50% annually between 2001 and 2008.  The growth rate slowed down in 2009 because of the base increased significantly after a $208million acquisition of a U.S. Company DataScope’s patient monitor division. The 2009 revenue is US$634 million, with a strong net profit margin of 21.9%.

Mindray will be a great employer in terms of career development and compensation.  As a rising star in the Medical Device industry, Mindray has been posing higher and higher threats, on an international basis, to the long-time dominant companies like GE, Philips, J&J, Beckman Coulter, etc.  Mindray provides a rare career development opportunity in this era of globalization.

With a vision to further globalize our workforce, we are kicking off the International MBA Recruitment Campaign targeting MBA candidates from top MBA schools for managerial-level positions at Mindray HQs or its operating companies located across the world. All positions are non-rotational assignments and occur within one of the business segments of Medical Imaging Systems, Patient Monitoring & Life Support, In-vitro Diagnostic Products.

This International MBA Recruitment Campaign is a structured program designed to enhance and upgrade leadership competencies. The campaign matches the interests, capabilities, and leadership competencies of candidates to challenging assignments and exciting career opportunities within business divisions across Marketing, Sales, Customer Service, Finance, Supply Chain, R&D within the organization. Candidates are expected to acclimate to Mindray’s work culture, apply their expertise and leadership, and significantly contribute to Mindray’s business success. Mindray offers employees a challenging platform to polish their skills and prove themselves in an International scope, and to take on responsibilities more than they can imagine. This is an excellent opportunity for MBA graduates to demonstrate their leadership excellence beyond the academic classroom,

Students who meet our requirements will become candidates for 1st round telephone interview conducted by Mindray’s International HR in March.  Company executives will conduct the 2nd round on-site interviews of preferred candidates for final hiring consideration, estimated by end of March or early April.

If interested, please contact Winni Wang at winni.hywang@mindray.com

Post Acute Rehab Nursing Home Administrator with North American Health Care, Inc.

North American Health Care, Inc.  has just posted a fulltime opportunity.  The resume due date for the Post Acute Rehab Nursing Home Administrator opportunity is Tuesday, March 23, 2010.

The following is the job description:

North American Health Care is recruiting highly motivated MBA and undergraduates for its highly impressive Administrator in Training (AIT) program – Upon successful completion of six month training, you will be given leadership of a skilled nursing facility of between 50 and 100 patients and between 75 and 150 employees. North American’s reputation for quality patient care is second to none in the skilled nursing facility business. As an administrator, you will be interacting daily with highly skilled employees including nurses, physicians, and hospital administrators. North American Health Care is a private health care services company that assists each of the facilities it serves to provide health services in a way that creates satisfied customers and dedicated employees. Facilities are located in California, Washington, Arizona, and Utah. The compensation and benefits package is highly competitive and is in the top two percent of the industry with no salary cap. The total package includes starting salary between $50,000 and $65,000 based on resume, work experience and application. This includes movement to a base salary of $100,000 immediately upon licensure with potential for 30 to 50 percent bonus within the first year based on a performance formulary that is readily obtainable. The benefit package also includes 100% employer-paid health, dental, vision, and 401(k) retirement savings plan. Must have completed the MBA program with a GPA above 3.0 (verifiable transcript) to enter the AIT program. The training program requires six months of work in a skilled nursing facility working directly with a licensed administrator (preceptor) in order to acquire the total hours for state and federal licensure as an administrator of a skilled nursing facility. You must pass a federal examination to receive the federal license; some states require that you pass an examination to be licensed in their state (including California). Upon completion of the AIT program, the candidate must be willing and able to relocate to the local community of any facility in the North American Health Care system. Responsibilities and desired attributes of the Administrator position: • Outstanding, quality patient care and genuine compassion for the elderly • Ensure compliance of all federal, state, and local regulations • Strong desire and ability to market to acute hospitals and physicians • Results-oriented leader with a vision – Ability to inspire your team to attain high standards of excellence and goals • Prudent utilization of capital resources • Direct P&L responsibility • Entrepreneurial spirit

Finance & Administrative Assistant

Position Description
The Finance & Administrative Assistant is primarily responsible for the areas of Finance and Accounting while assisting with General Administration. Primary duties including, but not limited to, entry and filing of accounts payable, accounts receivable, cash receipts, cash disbursements, journal entries, accruals, prepare & track expense reports; payroll processing, cash-flow reports, monthly financial reports, annual 1099, and other tax filings, periodic and annual audit preparation and any other additional finance work as needed, assisting at all company sponsored events, answering telephone calls from clients and customers, creating and maintaining filing systems, and providing coverage and general support for the Controller. She or he will perform other projects and assignments as directed.

Job Duties and Responsibilities

1. Data entry of accounts payables, accounts receivables, cash receipts, deposits and other financial transactions.
2. Assist with creating policies, procedures and workflows for Finance functions to improve operations, decrease turnaround times and streamline processes.
3. Assist with preparation of monthly reconciliations of all credit card accounts.
4. Assist with preparation of monthly reconciliation of the general ledger and all subsidiary legers.
5. Prepare and distribute internal and external operational/financial reports and analyses.
6. Assist with the preparation of the annual financial audit.
7. Assist with expense and mileage reimbursements.
8. Other duties as assigned.

Required Skills and Experience:

B.A. or B.S. Degree
Minimum 1 year of business and/or Accounting experience
Experience with accounting software (preferably QuickBooks Enterprise Solutions) highly recommended
Excellent written, oral and interpersonal communication skills are required
Able to work collaboratively and effectively while handling multiple projects on various timelines in an extremely fast-paced environment
Detail-oriented and able to work well independently
Strong project management, communication, prioritization and feedback skills are critical to success
Flexible with work hours and be able to work on evenings and weekends as needed
Strong acumen for the health care industry, analytical thinking skills and a strong and dedicated work ethic are required
Exceptional customer service skills
Candidate will develop innovative ideas, display quality outcomes and be able to work with the entire COPE Health Solutions’ team

Technical Skills:
Extremely high level of proficiency of Microsoft Office programs (Outlook, Word, Excel and PowerPoint, and Project Management) and experience with internet research.

To apply for this position or for more information about COPE Health Solutions, please visit our website at http://copehealthsolutions.org/careerswithcope/

Controller at COPE Health Solutions

Position Description:
The Controller is responsible for the areas of Finance and Accounting. Primary duties include, but are not limited to, development and updating as needed all finance systems, procedures and controls with a focus on accuracy, efficiency and timeliness; entry and filing of accounts payable; accounts receivable; cash receipts; cash disbursements; bank and credit card transactions; journal entries; accruals; prepare & track expense reports; prepare and distribute financial reports and statements; import payroll through GL interface; cash-flow reports; revenue & expense reports; annual 1099, 990 and other tax filings; periodic and annual audit preparation; update current and develop new policies & procedures; answering telephone calls from clients and customers; maintaining and creating finance, contracts and related paper and electronic
filing systems; and ensuring adequate coverage for the Finance Department at all times.

Provide leadership, management and direct supervision for all direct reports in the Finance Department.  Provide teaching, mentoring and staff development, or ensure provision of these through the proper resources.

Attends all company events, functions, conferences and meetings with individuals/small groups as necessary. Takes an active role in overall company strategic planning and management.

She or he will perform other projects and assignments as directed by the CEO.

Job Duties and Responsibilities:
1. Work closely with the CEO to accomplish the goals, objectives and strategic plan for the Finance Department established in cooperation with the Management Team.
2. Oversee and manage all aspects of the Finance Department.
3. Supervise all direct reports of the Finance Department.
4. Builds, develops and manages teams capable of carrying out all financial components and contractual obligations such that clear value is added for our internal clients.
5. Must build and develop the organization, processes, procedures and workflows within the Finance Department to support strategic direction.
6. Oversees Finance Department budgets.
7. Interacts regularly with Executive Team, Management Team and individual Department Heads to ensure that financial operational priorities are aligned with overall company direction and that the company provides the necessary support
to the operation divisions.
8. Prepare financials and provide financial reports for all Board of Directors, Executive Committee and other meetings as needed.
9. Develop internal and external communications and reports as needed.
10. Ensures compliance of all finance government, state and federal regulations.
11. Data entry of accounts payables, accounts receivables, cash receipts, deposits, and other financial transactions.
12. Create policies, procedures and workflows for Finance functions to improve operations, decrease turnaround times, and streamline processes.
13. Prepare monthly reconciliations of the all bank and credit card accounts.
14. Prepare monthly reconciliation of the general ledger and all subsidiary legers.
15. Prepare and distribute internal and external operational/financial reports and analyses.
16. Assist with the preparation of the annual financial audit.
17. Carry out other duties, tasks and projects as assigned.

Required Skills and Experience:

  • B.A. or B.S. Degree
  • Masters degree in business administration and/or CPA license preferred.
  • Minimum 5 years of experience in financial management, business administration, or from a corporate perspective required.
  • Strong background and experience in finance and accounting is required.
  • Experience with accounting software (preferably QuickBooks Enterprise Solutions) required.
  • Must have extremely high level of proficiency of Microsoft Office programs (Outlook, Word, Excel and PowerPoint) and experience with internet research.
  • Able to work collaboratively and effectively while handling multiple projects on various timelines in an extremely fast-paced environment.
  • Strong customer drive and dedication to quality and success.
  • Detail-oriented and able to work well independently.
  • Strong project management, communication, prioritization and feedback skills are critical to success.
  • Flexible with work hours, able to travel, and be able to work on evenings and weekends frequently.
  • Strong acumen for the health care industry, analytical thinking skills and a strong and dedicated work ethic are required.
  • Excellent customer service skills.

To apply for this position or for more information about COPE Health Solutions, please visit our website at http://copehealthsolutions.org/careerswithcope/.

Mindshare LA

WHAT IS MINDSHARE?
Mindshare takes place on every on every third Thursday of the month (unless indicated otherwise) and gathers energized people from diverse backgrounds for an evening of inspiration and interaction in Downtown LA. The event starts at 7pm and as the attendees arrive, they can meet new people while enjoying hors d’oeuvres and a stocked, reasonably priced cash bar. The program begins at 8:30, and consists of a few 10 minute talks and performances from a variety of disciplines. You can see a list of our past programs here..

Read Fast Company’s review of Mindshare..

Every month we also showcase new installations and games for our attendees to experience and interact with, created by the great brains at Mindshare Labs.

Read The LA Times review of Mindshare Labs..

Our venue changes from time to time, but we stay focused on the downtown area. You can see the pics from a typical event here if you’d like to get more a feel for the event.

WHEN DID MINDSHARE BEGIN?
Mindshare was created to serve as a platform for networking and the sharing of ideas across a wide range of fields.

The evening consists of presentations, food, drink, art and music, within the ambiance of a stunning loft outside of downtown LA. Founded in 2006 by alum of Art Center, RISD, Caltech, Claremont and Stanford, Mindshare works to foster a sense of community within this vast city.

WHAT IS THE FORMAT?
We offer a consistent format, concocted from some of our most successful elements in the past:
7-8:30pm: INTRODUCTIONS
Attendees gather in the conference space. There is food and a reasonably priced cash bar. There will be chill tunes to set the mood😉
8:30pm-10pm: INSPIRATIONS
There is a projector for the presentations and each speaker gets 5-10 minutes to talk about anything that they find interesting: what inspires them, something they’re working on, a recent adventure they went on, a discovery they made, etc. A musical act often ends this segment.
10pm-1am: INTERACTIONS
Come to enjoy the experience and leave with some new friends and business contacts.