"Are you an MD or DO thinking about an MBA or MMM?" 

"Before you plunk down $60,000 and two years of your life for an MBA, get clear about whether an MBA can help your career" 

Learn how to get a high return on any business education investment, and how to choose a program (not necessarily an MBA) that best fits your unique situation."

From: Francine R. Gaillour, MD, MBA, FACPE

Executive and Career Coach for Physicians

Executive Director, Physician Coaching Institute

Executive Director, Association of Physician Speakers, Experts and Consultants

Dear Physician Colleague:

Ten years ago I was where you are now:  Wondering whether I should get an MBA.

I was working as a Healthcare Technology Marketing executive for a company that developed electronic medical records so I was already pretty well-versed in the management and leadership.  

But I kept coming back to the big question:  Should I get an MBA?

It would mean an investment of $50,000 including tuition and travel -- most of which would come out of my pocket.  And it would also mean time away from my work and family---no matter which program I chose.  

Even though I was financially prepared, the same set of questions kept nagging me: Was it "worth" the nearly $50,000 dollars I would spend between the tuition, plus the travel?  

• Would the MBA pay off in terms of my career? 

• Would I advance my career?  

• Would I earn more? 

• Would it translate into anything else that was "tangible"?  

• What would I learn that I didn't already know from my work in the corporate world? 

And I also asked questions those questions of physicians who had earned their MBA, their MMM, MPH.  

I wrestled over not only those questions, but these ones as well: 

• Would getting a Business Management Certificate serve the same purpose?  

• Would an MMM serve the same purpose? 

• What are the pros and cons? 

• Should I go to a local MBA program or a national program?

Of course every MBA program director was quite convinced that an MD with the MBA was the "hot ticket." But I also knew that physicians were the "hot ticket" that business schools want to attract.  They were "selling" so I could buy --- and I couldn't completely trust them to give me the straight scoop.

 The indecision was driving me crazy, until I created my own "decision analysis tool"  . . . 

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What I learned and mistakes I observed can benefit you . . .

Fast forward now to February 03, 2008. It's been almost 10 years since I earned my MBA and I can honestly say that my investment paid off --- but it was NOT a "chance thing."

Before deciding on a business program, I deliberately put myself through a methodical decision analysis -- and  because of that I avoided the numerous MBA investment "mistakes" I have since witnessed many of my physician colleagues commit over the years.  Mistakes such as:

1) Doing an MBA for the wrong reason and making no change in your professional life as a result, thus taking time off from practice with nothing to show for it.

2) Doing an MBA when another program would have been a much better "fit", thus wasting 2 years and a big chunk of change.

3) Doing the MBA, but completely missing out on the #1 value of the experience that most people don't know because you are focused elsewhere, and 

4) Doing the wrong type of program for your personality type and situation and having a less than optimal learning experience, thus wasting a good portion of your educational investment

 

The #1 Piece of Advice I Give to my Physician Clients about getting an MBA . . .

Seven years ago I launched my professional consulting and coaching business, and have had the pleasure of working with and coaching well over 500 physicians and physician leaders  in one-on-one setting, groups and workshops.  These are physicians who are "moving" up, expanding their career, and making professional change and transition. 

Through my work as an executive and career coach for physicians--and because I spent so many years in the healthcare corporate world prior to that--dozens and dozens of physicians have sought me out for career advice---including advice about whether to get an MBA.   

Not only have I written over 100 articles on the subject of physician career transition and professional development, but I have been featured nationally---by AMA News, Physicians Practice, MD Options, Physician Executive Journal to name a few---on the topic of physicians transitioning into business and leadership---and the value of an MBA.

Over the past seven years I have listened to and counseled many physicians--including my private Platinum level Executive Coaching clients--who, like you, want to be very sure about the wisdom of spending $50,000 to $90,000 for the typical MBA program, NOT a trivial amount of money, no matter what your specialty is!  

When I counsel them, I ask them 15 specific questions that I created for the sole purpose of helping them GAIN CLARITY about advanced business education.  Then I walk them through a personal Decision Analysis about their MBA decision.  

Invariably these physicians find the coaching process enlightening and energizing.  They achieve peace of mind and renewed energy as they move forward with their decision. 

The results of this Decision Analysis are: a) some go on and earn their MBA; b) other physicians go 180 degrees and decide against it, and c) still others decide on an alternative route for advanced professional education.  

They follow the path that is right for them.  And that is what you will do as well once you have clarity about your specific journey. . . 

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Why I created this Special Toolkit:  So you can decide what path is right for YOU

At this point in my business, my coaching practice is too busy for me to respond personally to the many requests for advice I get from physicians who want to pay me for 2-3 hours (at $450 an hour) of one-on-one coaching focused on the single topic of career development and whether "to MBA or Not to MBA."  

My consulting time now is spent exclusively with my private clients who invest in developing their career through my Platinum Executive Coaching Program (a minimum 6-month commitment) or through my Mastermind Groups and Coaching Club Success Circle (a minimum 3-month commitment).

However, I still care very much that YOU make a wise decision about whether and how to develop additional business skills and education.

My mission is to help as many physicians as possible to expand their career, reinvent how they "doctor," and find ways to express their full repertoire of talents and skills in order to create professional fulfillment.  

The Benefits for You . . .

In order to coach you through this important financial, career and family decision, I created "Physician, Is MD-MBA in Your Future?"  decision analysis toolkit.

The toolkit operates like a self-coaching resource, and here are the benefits you will get as you go through it:

• Get clarity around why you want to get an MBA - are your reasons the "right reasons"?

• Walk through the few essential decision points - steer yourself into a program that is the best fit for you

• Learn alternative ways for you to get advanced business education that is just shy of a full MBA, and yet has the same "career empowering" effect---but is vastly less expensive than an MBA

• Get "pointers" that will enable you to get the most of whatever business program you decide on

• Start thinking "beyond the MBA" and about your career strategy as a whole.

Here is what's included:

If you've been pondering whether you should get an MBA, don't make that investment of time and money without doing your homework.   

I am looking forward to walking you through the most important questions you should be asking yourself before you commit to 1-2 years of time away from your family, and $50,000 to $80,000.

Sincerely,

Francine R. Gaillour, MD, MBA, FACPE

p.s. If you are a physician who wants to expand your career in business or leadership, or wants to create additional sources of revenue, or find a fulfilling "niche" within or outside healthcare, then getting advanced training in business is definitely an option worth considering. What route you decide on, when you time it, and what you actively plan to get from it, though, will forever affect your career path. 

Be smart about it and take advantage of "lessons learned" from other docs  That's what this toolkit is all about. 

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