More doctors seek MBAs to navigate the business of medicine

Medical education
More programs offer a dual M.D./M.B.A. degree as doctors respond to changes in the healthcare industry.

More physicians are putting both M.D. and M.B.A. credentials after their names. That makes sense in a changing healthcare world, where doctors have new responsibilities that range from managing electronic health records to recognizing the cost of care.

That makes sense in a changing healthcare world, where doctors have new responsibilities that range from managing electronic health records to recognizing the cost of care, according to Marketplace.

To deal with the business of medicine, doctors are seeking an M.B.A. degree and there are more programs available that offer a dual degree. In 2000, there were fewer than 20 such programs, but today the number has more than doubled, according to the report.

Training brings new thinking to practices and can help doctors spot inefficiencies and provide better care at lower costs. "There is a greater interest in thinking about topics like process improvement and how we increase working in teams together so they can solve problems faster," Harvard Business School professor Rob Huckman told the publication.

Physicians who don’t want to go back to school for help with the business and regulatory challenges of running a medical practice, can also find online education courses. Medical schools are also offering resources so that their medical students learn about business before they go into practice.