amal agarwal, do, mba, facep

If you are a healthcare provider and contemplating a career change then you are probably wondering if you should invest in an MBA ? With the continued interest of healthcare providers seeking administration roles, you will need an advanced degree. As of 2022 I would recommend either an MBA or a degree in data science.

I completed an in person, traditional executive MBA in Chicago c/o 2015. While I had a great experience, the degree did not immediately lead to job opportunities. I will share my experience in a format to answer commonly asked questions. On an almost weekly basis I am asked the questions below:

• Did you get an MBA? Was it worth it?
• Should I get an MBA? They are expensive and so many to choose from…
• Do you think an IVY league MBA is worth it? What about a healthcare or online MBA?
• Maybe I should just start my own business? I know this one doc that….

I recommend using the framework below as a guideline since ultimately this is a personal decision with varying circumstances. Pursuing a degree will require support from family and friends, as it will be time consuming.

1. Why do I need an MBA? – Frankly, many of the people applying for the same job will have an MBA as well as relevant experience. Not having an MBA will make it very hard to even be considered. So consider an MBA as an invitation to apply.
2. What are the various MBA programs?
   1. Full time – the traditional 2 year MBA program with a summer internship between year 1 and 2. This is a full fledged MBA with class 4 days a week and group projects on the weekends. The average student is a few years out of college and I’m not sure how a full time healthcare professional can juggle this, but if you can then go for it. Just do not expect to practice much medicine
   2. Part time – Typically you decide between a weekday night(s) or weekend approach. The MBA is at your own pace and can take up to 5 years. I do not recommend this one as life can get in the way and many people that start it do not finish it.
   3. Executive MBA – Typically 18-21 months program with class every other weekend. Depending on the school many people will travel in for this. It can be expensive but this seems like the best model for a healthcare professional. It is a grind but you will build a strong network and you will complete the program in less than 2 years.
   4. Top tier program – Reputation and name matters to an extent. An MBA is about the network you build, the strength of their alumni and the career placement program. I would ask specifically about previous healthcare providers that went through the program. You could even ask to connect with alumni to learn more. However it is a balance between cost, feasibility and your specific goals.
   5. Healthcare MBA – I am not a fan of this unless you are in an admin position now that recommends obtaining this degree. Working in corporate is less about being the smartest person in the room and more about finding the answers through team work and collaboration. So go to an MBA where your classmates will be from various industries. Learning how to problem solve is the goal here.
   6. Online degree – I recommend against this type of degree. I think it is a watered down experience and most hiring managers will be able to tell you did not get a true MBA experience.
3. Will an MBA lead to a good job? – There are no guarantees as this space is continuing to evolve. If you decide to get an MBA, fully immerse yourself in the program without expectations beyond gaining an education and a new network.

I hope this provides a good framework on how to approach getting an MBA. When considering any program make sure to connect with current and past students to learn about their experience. Making the transition is not a linear one but if you are committed it will be worth it. If I missed anything please leave feedback in the comments.

“Excel at your new job”

Now that you have made the leap with your first job its time to go to work. Adjusting to corporate is not easy, however it can be done. Many of us have made the leap, however not all will excel. Below are a few steps to help you get started. This list is not exhaustive and depending on your role and the company you have joined there are several more work tips. However the list below are common pitfalls I have witnessed personally and as a leader with new MD’s in a corporate setting.

• Take time to learn
  • Take pause to get to know your new team and learn from their experience. Many of them have been doing this a lot longer than you and they will have a lot to teach if you are willing to learn.  Take the time to read through both old and new decks. Learning how a company arrived to where they are today helps understand current goals.

• Do not try to be the smartest person in the room.
  • The excitement to prove yourself is understandable and expected. It is often the case that removing complexity and allowing others to find the solution is more powerful than for you to propose it. So allow others to shine.

• Understand the business goals:
  • Rather than ask your leader what you should do or how you will be measured, try to learn the problems they are trying to solve and/or business objectives they have. Once you understand the business and/or department goals your ability to contribute will increase 10x.

• Manage up.
  • Former US Navy SEAL Jocko Willink said it best, “Don’t focus on what you wish you could change about your boss. Instead, focus on being your boss’s ally. Great boss or horrible boss, my goal is to have a great relationship with that person.” This does not mean be their best friend; it means do the work so they can lead you instead of managing you.

• Stay curious.
  • Try to learn outside of your department or company. If you are in a large company like me, it is very important ot understand what other departments are doing and how we all fit together. If you are in smaller company then try to understand the industry landscape; competitors, potential customers, what the future will look like 5-10 years from now.

• Ask for help and over communicate
  • Medicine trains us to make the tough calls and limit communication until necessary. In a corporate environment it is better to over communicate and ask for help early on. It provides transparency on the work you are doing, and encourages collaboration.

• Take meeting notes
  • Taking notes shifts you from a passive to an active listener. In addition to organizing your thoughts, the team will find your notes helpful after the meeting to review and add comments to.

In June of 2005, just after completing my third year of medical school I sent a cold email to Ross Jaffe. I found him online while researching MD MBA’s working in healthcare venture capital. I must have sent a 100 cold emails and Ross was one of the few to respond. In bold are a few parts that stuck with me but the entire email is worth reading a few times. The exchange, unedited below.

From: Ross Jaffe
To: Amal Agarwal  
Sent: Thursday, June 16, 2005 5:05 PM
Subject: RE: meeting

Amal:

I received your message.  Given my schedule and dozens of similar requests that I receive from physicians and medical students, I am not able to speak to you in person or carry on a long e-mail correspondence.  I will offer you a few thoughts for what they are worth.

Not knowing you, I am hesitant to advise you on how to pursue your career.  It strikes me that the fundamental issue you have to decide whether you really want to be a physician or not.  That is a question that you alone can decide.

Although I had a long-standing and active interest in health policy, I completed my medical training and residency before going to business school.  Before and during business school, I had thought that I would pursue a career in running a health care organization, the public sector, or academic medicine, and that the business training would provide additional insight into the issues I found most interesting in medicine: the organization and delivery of healthcare.

The opportunity for me to go into venture capital was pure chance — one of my professors gave my name to a former colleague of his who was at a VC firm looking for someone with a healthcare background — I did not decide to pursue a career in venture capital. They made me the offer that I wanted, which was to work for them 4 days a week and practice medicine one day a week.  I took the job initially as a planned two-year “residency in business” since I felt that business school didn’t make me a business person more than medical school made me a doctor — it takes the experiential learning process of medical residency to make one a physician.  VC turned out to be a great job for me — allowed me to use both my medical knowledge and business training on a daily basis, is intellectually challenging and rewarding as the technologies that our companies develop make it into patient care — so it turned into a career, which is not what I expected to happen when I took the position originally.

I am not sure that my career path is easily replicable.  The venture capital world of today is very different than it was in when I joined Brentwood Venture Capital.  In 1990, there  were only a handful of people with medical training working in venture capital; today, almost every firm that is active in healthcare has a physician on its staff.  I joke that I would never hire me now — but would look for a physician with both real clinical experience and with some business experience — and those physicians are out there now.  I personally do not believe that an MD degree alone without clinical training is very valuable in investing — but a combination of both clinical experience and business experience is useful in an investor. 

I hope that these thoughts are helpful.  One piece of informed consent:  my thoughts are free to you, and may be worth what you paid for them (i.e., nothing).  You should discuss your career options with a number of people, and then triangulate on a path that you think will be best for you. Good luck!

Ross

Ross Jaffe, MD
Managing Director
Versant Ventures

From: Amal Agarwal
Sent: Wednesday, June 15, 2005 9:14 PM
To: Ross Jaffe
Subject: meeting

Dear Dr. Jaffe,

I am writing to you because your career path is similar to what I would like to accomplish.  I am currently a 4th year medical student at Des Moines University.  Prior to medical school I attended Washington University Olin School of Business majoring in Finance and Accounting.  My goal is to enter the world of finance either doing private equity or venture capitalism. 

I wanted to ask you for some guidance about how to proceed.  While I value my medical degree, will other firms value it enough to consider me as an applicant?  Also do you feel it would be benefical for me to complete a residency prior to coming to wallstreet?  I know you are extremely busy and would very much appreciate any advice you have to give.  Thank you for your time.

Sincerely,

Amal Agarwal

Part 3 "The Path to Corporate"

After deep reflection it was clear that I desired a career in corporate America. I recalled an email exchange during my time in medical school with Ross Jaffe after I sent him a cold inquiry about his career path. His feedback stuck with me throughout the years and helped shape the career I have today. 10 years later I had my ah-ha moment and decided to make the transition. However, as most of us know, the path from clinical medicine to corporate America is not a linear one. Before we discuss how to begin the transition I want to share they why and the what.

Why admin and/or corporate:

1. Continual growth, learning and development (climb the ladder)
2. Ability to work across several departments and collaborate with individuals of various backgrounds
3. Macro and system wide impact to positively impact care for patients and healthcare providers
4. Improved compensation (this varies greatly on what you do and your current specialty but generally speaking most providers salaries remain stagnant maybe increasing with inflation)

What are some non-clinical roles

1. Hospital Administration
2. Provider mgmt.
3. Entrepreneurship
4. Investing: Equity research, PE, VC
5. Payer
6. Pharma
7. CMO or data analytics role

I am sure there are additional roles but the list above is a good example of the various career paths one could take.

Next steps

1. Share your goals: It is tempting to go about this road on your own. Sharing your desire to change your career requires a degree of vulnerability and humility. The risk of failure is high. Do not do this in a silo. Tell your family and friends your desires. Share it with your colleagues. It keeps you accountable and it may lead to referrals.
2. Informational interviews: Reach out to individuals in your network and ask to learn about the work they do, the problems they are trying to solve and what they enjoy about their work. Do not ask for a job, a resume review or even advice. This is informational to learn, if asked you can share.
3. Network like its your job: Most of us do not look the idea of networking. You have to put yourself out there and engage in what feels like a forced conversation. Reposition the narrative to network like you it is your job and your next paycheck depends on it. Tips on how to network coming soon.
4. Update your CV and LinkedIn: I have seen hundreds of resumes from physicians applying to corporate roles. The best ones are less than 2 pages and emulate a business resume. The worst one I saw was 97 pages and listed every publication they were a part of over a career of 40 years.
5. Start applying for roles: Applying online for a role is easy, having your application reviewed is not. I am not convinced applying online without an internal referral has much chance. Leverage your network and connect with someone at the company so they can help your resume get looked at.
6. Become an advisor: there are tons of early stage companies in healthcare that would value a clinical opinion. You may not receive any compensation but you will meet great people, learn about problems people are trying to solve, and it may lead to interesting opportunities. The start up community is a great one to be plugged into
7. Consider an advanced degree: I do not recommend a degree lightly as they are costly both in time and money. However, if after steps 1-5 you are finding gaps in your skill-set that a degree will fill then consider a degree. But do not expect anything in return outside of a paper certificate, additional debt and of course the value of education. I thoroughly enjoyed my time in MBA school but I was taken aback at how little influence it carried when applying for jobs.

Part 2 “Know Thyself”

In part 1 of making the leap we discussed three causes of burn out; a stagnant career, financial stress, and lack of self care. Before you hang up your stethoscope or begin looking for another clinical job, consider taking a break to reflect.

It is natural to be reactive and look for change, after all we are trained to treat. Before we jump to solutions, I recommend taking 11 consecutive days off from work. I recognize this could further your financial stress since 11 days off might equate to loss of income, but the investment will be worth it.

Why 11 days? It takes the average American 4 days just to stop thinking about work when on vacation. So this should allow a full week to decompress and time to reflect on your career goals. https://swnsdigital.com/us/2018/11/it-takes-4-days-of-vacation-to-actually-unwind-study-finds/

During this time do not travel as the goal is self-exploration not island hopping. I recommend staying put in your home to remove as many new variables from the equation. If you have a family spend time with them. I took our kids to and from school, had lunch with my wife, and took our 3 year old to the park before daycare. I also used this time to read, journal and exercise. I read both fiction and non-fiction. Oh and resist the urge to work or take call.

On day 5 start blocking 2-3 hours a day to journal and reflect. This step is crucial and this is where you will really learn about yourself. A few tips that will help journal effectively:

• Do not type, get a notebook or loose paper and let your hand do the writing. Do not think about what sounds good just write with the intention that nobody will ever read this. Just let your hand go without any expectations and do no worry about it being legible or grammatically correct.
• The first few times just write and see what comes out. It will be both therapeutic and enlightening.
• After the first few days start asking yourself some questions. A few questions below to get you started:
  • Why did I get into medicine and my specialty
  • What do I enjoy
  • What do I not enjoy
  • If I were not a doctor what would I do
  • What would I do if money were not an issue
  • What am I good at and what could I make a living at
  • What do I love about my life, what would I change
  • Am I happy? If not what would make me happy

The goal from this 11 day hiatus is to give yourself a break from the last several years of going 120 mph. It is also to learn about what is important to you so you can course correct. Many of you will come to the conclusion that a break is what you needed. However, a handful of you may realize you need a change, either a new practice setting or a new career. If you are interested in a new career, part 3 will discuss how to make the transition.