Monday, May 16, 2016

Some MD/MBA graduates often ask, "should I skip residency?"

The following is a guest post by an MD/MBA who wishes to remain anonymous:

Historically, there has been a cohort of MD/MBA graduates who have planned to go right into the business world (and skip internship and residency completely). Some may spend 1-2 years working in business and may actually "return" to clinical medicine and complete a residency, but those are the exceptions. Others may start residency and drop out before finishing. These days, with the explosion of digital health and other entrepreneurial opportunities surrounding medical school graduates, the temptation to skip residency is probably greater than ever for those with an MD/MBA (and even for those who don't have an MBA).

When MD/MBA graduates seek advice about residency, they seem to get polarizing feedback: Some will strongly urge them to skip residency and get a jump start on their promising career in business. Others will insist that they will not gain the first-hand experience and knowledge of being a physician in a clinical environment. I believe they are both right (in some ways), so the decision must be tailored for each graduate. When an MD/MBA graduate asks me, "should I skip residency?" I always respond, "It depends." Do I sound like a lawyer or what?

There are medical students who have started their own companies and achieved business success before graduating. There are stories of students who were accepted into medical school, but deferred admission to pursue some ventures and found a successful path in business (never to go to medical school). There are medical school dropouts who have become successful business people. Are these examples the exception or the rule? If you happen to be someone with extreme talent, would you know if you're the exception or the rule? If you look in the mirror and see the next Steve Jobs or Mark Zuckerberg, then you're either delusional or extremely talented. Maybe you're both.

Residency can be hard. Grueling. Some people come out of residency feeling like they have been abused or hazed. Times have certainly gotten better with work hour limitations, but we still hear stories of physician residents committing suicide or experiencing major mental health problems.

If you're pursuing an MD/MBA and have no intention of practicing medicine, be sure to speak with a handful of other MD/MBAs who are in the business world. Advice may follow certain trends (geographic, generational, philosophical, etc.) and may vary based on the risk-tolerance of the individual offering the advice. Traditionally, most physicians tend to be quite risk-averse. But, the MD/MBA who has an entrepreneurial spirit (and who also has no student loans and happens to be married to an extremely wealthy spouse) may be quite willing to take major risks.

Skipping residency isn't simply about calculating risks. It's also about having a plan and a series of backup plans (along with supportive family who'll be there if none of your plans work out). Skipping residency is also about managing your perspective about time. You may never plan to practice medicine, but do you want to limit yourself from having the option to practice medicine someday?

So, instead of spending countless hours in an intellectual wrestling match to calculate whether you should pursue a residency, just go for it (and if you get to be that miserable, then just quit!)

Monday, April 4, 2016

Featured Job Posts

Don't miss some of these featured job posts:

Nationwide Independent medical chart reviewer (non - clinical)
Mednick Associates - Wilton, CT
My company supplies board certified MDs & psychologists to conduct disability case reviews and provide their opinions on various cases - to government agencies. This is very...

Senior Medical Associate
Doctor To Doctor Sales Solutions - Greenwood Village, CO
Telecommuting or On-Site Opportunity for Non-Clinical, Physician (MD or DO) We are a growing company seeking an M.D. or D.O. in any specialty who enjoys keeping their clinical...

California Medical Physician, RETIRED PREFERRED, to Consult Patients Part Time (Inland Empire)
Serenity Medical Evaluations - Riverside, CA
Medical marijuana office needs 2 part time physicians: ——shifts flexible for 2, 3, or 4 , four hour shifts a week. ——be comfortable seeing patients and recommending Medical...

IRB Medical Review Board Chairman
Western Irb - Puyallup, WA
For more than 45 years, Western Institutional Review Board® (WIRB) has been at the forefront of protecting the rights and welfare of human subjects during all phases of clinical...

Sunday, April 3, 2016

Pharmaceutical Medical Director Salaries

What happens if you search Google for Pharmaceutical Medical Director Salaries? One of the first websites you'll find is Glassdoor:

Here are some numbers from Glassdoor:

  • Novartis Pharmaceuticals Senior Medical Director $223,317
  • Novartis Senior Medical Director $275,530
  • Merrimack Pharmaceuticals Senior Medical Director $272,324

However, take these numbers with a grain of salt because on average, only two (2) people at each company reported a salary figure. Two. That doesn't seem like enough to generate a meaningful average.

At Amgen, there were 6 reported salaries: Medical Director Amgen $222,661

That figure is similar to the average Medical Director salaries reported by UnitedHealth Group (7 reported salaries from UnitedHealth Group employees): $229,086

What about a different source such as Salary.com? Let's look at their "Medical Director Salaries" page (which appears to include data from the Aerospace & Defense, Biotechnology, Business Services, Edu., Gov't. & Nonprofit, Energy & Utilities, Financial Services, Healthcare, Hospitality & Leisure, Insurance, Media, MFG Durable, MFG Nondurable, Pharmaceuticals, Retail & Wholesale industries):
The median annual Medical Director salary is $252,773 with a range usually between $230,915-$277,006. However, the salary for someone with the title Medical Director may vary depending on a number of factors including industry, company size, location, years of experience and level of education.
That range of $230k to $277k is reflective of 25-75% of Medical Director salaries. If you broaden the range to include 10-90% of Medical Director salaries, then you're looking at a range between $211k to $299k. 

There's one final and interesting factor to consider: in the clinical world, most medical directors are either MDs or DOs. They are physicians. But, in the business world, a "Medical Director" may be a PhD, a PharmD, an NP, someone with a master's degree, etc. You don't have to be a physician to hold the "Medical Director" title in the corporate world (of course, this also depends on the industry). 

Wednesday, March 30, 2016

ACRP Virtual Career Fair - March 31, 2016

Looking for a career in clinical research?

Don't miss the ACRP Virtual Career Fair - March 31, 2016

The ACRP Virtual Career Fair is an opportunity to chat with recruiters from a broad range of companies and institutions.

Find out more, and register, at:
https://app.brazenconnect.com/events/ACRP033116

Saturday, March 26, 2016

Don't miss the 2016 Annual Meeting: American Association for Physician Leadership

American Association for Physician Leadership
2016 Annual Meeting: Leadership in a Culture of Health
April 15-17, 2016 in Washington, DC
More information here
(and the Spring Institute runs April 13-15)

Monday, March 14, 2016

Local MIT Enterprise Forum (MITEF) meetings in your area

Even if you're not a member of the MIT alumni network, you can still get plugged into local MIT Enterprise Forum chapter meetings in your area. Some states (like California and Pennsylvania) have several chapters. There are international chapters in several countries including Greece, Lebanon, Mexico, Spain, and others.

The MIT Enterprise Forum (MITEF) is a global organization of dedicated professionals with local chapters, affiliated with the Massachusetts Institute of Technology (MIT) through MIT Technology Review.

Find the list of local MIT Enterprise Forum chapters here: www.mitef.org/chapters

If you happen to live in the greater Philadelphia / Princeton region, then mark your calendars for the

MITEF PHL, MIT Club of Princeton, NJ Tech Council, & PCCI
@ Princeton University

May 10, 2016


Wednesday, March 9, 2016

Supervisory Medical Officer, GS-0602-15

Supervisory Medical Officer, GS-0602-15 – closes Tuesday, March 22, 2016

This position is being announced by the CMS Center for Medicare and Medicaid Innovation, State Innovations Group.

Job Title: Supervisory Medical Officer
Department: Department Of Health And Human Services
Agency: Centers for Medicare & Medicaid Services
Job Announcement Number: CMS-CMMI-DH-16-1583676

SALARY RANGE:$128,082.00 to $160,300.00 / Per Year
OPEN PERIOD:Wednesday, March 9, 2016 to Tuesday, March 22, 2016

Working in the Center for Medicare and Medicaid Innovation (CMMI), State Innovations Group (SIG) you will serve as a Supervisory Medical Officer responsible for overseeing the clinical and medical aspects of all the models of care that are tested or are proposed for inclusion in the SIG's portfolio. Specifically you will:

· Responsible for overseeing the clinical and medical aspects of all all-payer models of care that are tested or are proposed for inclusion in SIG's portfolio.

· Provide clinical leadership in implementing, communicating, and spreading national healthcare strategies and initiatives.

· Plan the overall workload distribution, sets priorities, and prepares schedules for completion.

· Consult with state and federal representatives, healthcare providers, clinicians, beneficiaries, other payers, and community agencies to inform and educate stakeholders about all-payer models.

· Identify new techniques or procedures to improve APM operations and established standards and controls within APM to ensure the mission of the CMMI is met.

Link: https://www.usajobs.gov/GetJob/ViewDetails/424633400/ (Open to US citizens)

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