Why should I pursue the Wayne State M.D./M.B.A.?
In today's complex health care environment, physicians who combine their medical degree and clinical experience with a Master of Business Administration degree will be highly sought for their interest in patient care management and will be ideal candidates for leadership positions at hospitals, health care systems, and health and medical-related businesses.
You will become a member of a cohort of like-minded physicians, mentors and colleagues with a deep understanding of the challenges posed by systemic inequities and disparities and the knowledge and skills required to lead change.
Uniquely, this dual degree program is completed in four years rather than the traditional five years so that you will not need to delay your transition to residency training.
What can I do with this dual degree?
Completion of your joint degree will open up career pathways that include:
- A unique candidacy profile to match with residency and fellowship opportunities.
- Administrative and leadership positions in clinical care settings
- Pharmaceutical, medical device, health technology and insurance provider management positions
- Health care policy research and policy development.
- Entrepreneurial endeavors ranging from the creation of a private practice to the establishment of a non-profit focused on addressing health disparities, to a potential role as a founder or medical advisor to health care startups.
What are the benefits of doing the program now as opposed to later?
Unlike many programs, the Warrior M.D./M.B.A. is completed in four years. You will not need to step away from medical school for a year or delay the start of your residency training. Having the M.B.A. will also make you a valuable residency match applicant, helping to differentiate you in a competitive pool of applicants.
Am I able to join the program in my second year?
The program requires a decision and initial commitment in your first year of medical school. The Business of Medicine is a prerequisite elective completed in two segments which must be taken in year one. During the elective you will formally apply to the program and upon acceptance start the M.B.A. program in year two.
What is the overall timing for inclusion in this program relative to my M.D. education and years?
- July (M1) - start segment 1 of medical school
- August (M1) - apply to participate in the Business of Medicine 1 elective
- December/January (M1) - interested and qualified students must take and pass the Business of Medicine 1 elective and apply for the M.D./M.B.A. program
- January-March (M1) - interested students take the second half of the Business of Medicine 1 course. Students accepted into the M.D./M.B.A. program will be notified in February/March.
*M.D./M.B.A. courses begin for accepted students at the beginning of segment 2 (M2). No financial commitment is required until M2.
How many students do you enroll?
The M.D./M.B.A. will cap at 35 students per cohort to support success for the students who are seeking dual credentials in four years.
What if I have no business training?
Business, economic or finance training is not required for participation in this program. The curriculum is built to provide a solid business education along with a focus on the healthcare business environment and the management and leadership positions in that environment.
How does this program compare to other programs?
Many dual M.D./M.B.A. programs admit a small handful of students (5 to 10), and the program can take at least five years to complete. This program has been integrated with your medical school curriculum to ensure that you can finish both degrees in four years. Also, once accepted to medical school, first year students have the option to apply for the dual M.B.A degree without first sitting for an additional entrance exam or completing an extensive business school application. Interested students in good academic standing, with a strong work ethic and time management skills, can successfully complete this program in four years.
What is the length of the entire dual program?
How does the program work?
This is a cohort program which requires students take the pre-requisite Business of Medicine elective courses during their first year, prior to admission to the M.B.A. program in year 2. Student must apply to be considered for enrollment in the Business of Medicine elective by late-August of their first year of medical school; this elective class begins during the first week of October. To ensure their success in the program students would not be permitted to take any additional electives during their second year. Students will apply to the M.B.A. program in January; application is then reviewed by SOM leaders to ensure that the student can handle the concurrent dual curriculum. After a review of the students' first year performance, including performance in the Business of Medicine elective courses, students will be admitted to the M.B.A. and begin course work the first week of April. Some students may not be taken into program if there are concerns with their ability to complete the program.
Who directs the curriculum?
The School of Medicine and the Mike Ilitch School of Business have collaborated to make this dual degree program possible. The program was designed to ensure that the medical school teaching and experiences are delivered successfully while also aligning the business school curriculum. A leadership team comprised of faculty and administrators from both schools meet to review student feedback, enhance the learning experience and program outcomes, and ensure that students complete the program on time.
Where are the classes held?
Weekday evening courses are held on the medical school campus. Classes which meet occasionally on Saturday mornings may be offered in the Mike Ilitch School of Business building.
Will the Business of Medicine elective include only dual degree students?
The course if open as an elective to all medical students. However, students interested in the dual degree must complete the two-segment course in their first year. The Business of Medicine elective is an important course for any student who wants to understand the complex and dynamic health care environment that affects caring for patients. Students who do not wish to pursue the M.D./M.B.A. dual degree can continue to enroll in the Business of Medicine elective offerings on a space available basis and subject to their continued academic eligibility as determined by the School of Medicine.
Will this interfere with my pursuit of the M.D. program?
M.B.A. courses are taken during the pre-clerkship and post-clerkship segments of the medical school curriculum. Students who may struggle in medical school will not be allowed to take on the dual degree and this is assessed during application to the program. Students admitted to this dual degree will be asked to make this commitment and to manage their time and complete both their medical and business schoolwork on time and on schedule. Faculty work closely with the students to overcome specific challenges and any concerns that a student is in jeopardy will be addressed directly.
Faculty between programs will work closely to ensure the medical student is successful. The M.B.A. courses have been designed and scheduled with the medical school curriculum and examination schedules in mind. The course instructors are aware of the demands of medical school and are committed to helping the student succeed within the limitations of the medical school calendar. Time for the M.B.A. course work is estimated at approximately ten hours a week in year two and will be concentrated during specific months during the 14-month post-clerkship (e.g., post-M3) segment. This estimate includes both in-class meeting time as well as preparation and completion of assignments.
How do I get into the M.D./M.B.A. Program?
Once admitted to medical school, apply by 8/26/22 for the Business of Medicine elective and once approved, register for Business of Medicine elective during the September 2022 enrollment window.
What if I have not taken the GMAT yet?
No GMAT is required. Your acceptance into the School of Medicine qualifies you for the program based on a short application completed during your first year and satisfactory completion of the Business of Medicine elective prerequisite.
What are you looking for in an applicant?
Students who are interested in becoming exceptional patient-centered physician leaders interested in how the business of health care impacts the quality of care, access to care, and the cost of care. Students are asked to make a commitment to focus on completion of the medical and business schoolwork given this dual degree needs time commitments, discipline, and time management skills.
Will I have time to shadow a senior physician, do research or make M.D. School connections?
Shadowing, research and learning community connections are all built into the School of Medicine curriculum. Students in this program will develop unique M.D. school connections, with other students in their cohort and the many healthcare experts and faculty members delivering the program. Given the time commitments required, extracurricular activities should be limited to ensure focus and success.
What courses are required?
Students will complete all of the M.B.A. requirements. This includes six (6) core courses, and six (6) additional courses as electives. Three (3) of the additional courses required will be credits transferred from the School of Medicine elective track. The three additional courses will include courses in areas such as technology trends, data analysis, and operations/ supply chain management. All courses have been updated and modified to focus on the healthcare sector.
Is there a five- year option?
No. This program is four-years.
What are the costs associated with the program?
Cost for the M.B.A. is an additional $34,000. There is no application fee. Payment for the M.B.A will begin in year two when you are formally admitted to the program, and this amount will be billed in twelve (12) equal installments over the remaining three years of medical school. The program costs is far less than most programs and it is important to note that this dual program is completed in four years unlike all most all other programs.