In a country where 15 percent of the economy comes from medicine, a dual degree program gives newly minted physicians much needed management background.

Four IU School of Medicine students who received their medical degrees May 8 also earned master’s degrees in business administration from the IU Kelley School of Business at the IUPUI campus. Their graduation has marked the successful completion of a unique partnership forged between the schools nearly three years ago.

“The combined degree will give me the ability to recognize business-related issues and management opportunities in medicine,” said Benjamin Henkle, who joined Emilie Powell, Timo Dygert and Steve Fountain in the dual program.

Five years of full-time study are required to obtain the M.D./M.B.A., instead of the minimum six years that normally would be undertaken if they were pursued separately. Typically, IU medical students spend three years in full-time study before they begin to integrate business courses.

“Although it required some strategic scheduling, juggling the two-year program was not a difficult task,” Henkle said. “In fact, because my final year of medical school was stretched over two years, I was able to complete more medical electives, and this put me in a better position to choose my medical specialty.”

IU was among the first to establish an M.D./M.B.A. program in the nation. About 50 universities have a similar program.

“The M.D./M.B.A. is a logical combination to have on the IUPUI campus where so much of life sciences, business and entrepreneurship come together,” said Roger Schmenner, associate dean and professor at the IU Kelley School of Business. “Management principles don’t exist in a vacuum—the ability to apply business training to specific industries and occupations is critical.”

Combining medical and business degrees is a natural partnership, said Dr. Robert McDonald, a volunteer associate professor at the IU School of Medicine who also serves as course director for the program’s Physician-Leaders Forum. The forum brings together Indianapolis-area doctors and business leaders who share their experiences in training sessions with students.

“Medicine is 15 percent of America’s overall economy and many of these companies are significantly large,” said McDonald. “The average physician does not understand how to participate in these complex management processes. If you’re practicing with several physicians, you are in a situation where management training (at the M.B.A. level) is entirely appropriate.”

http://www.medicine.iu.edu/~gradschl/combined/MDMBA/index.html

http://kelley.iupui.edu/evemba/JointPrograms.cfm