An MBA in healthcare will prepare students to become a leader of various types for many healthcare organizations. If you work in business and healthcare, an MBA in healthcare can help you to understand more about the business side of healthcare so that you can move into an upper level management position.
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What Is Healthcare Management?
Healthcare management is at the heart of the business of healthcare. Professionals who work in healthcare management are responsible for budgeting, scheduling and looking for ways to enhance patient care. In healthcare management, you will spend time managing and coordinating health services in hospitals, clinics and nursing homes, all of which is instrumental in making patient live longer and more productive lives.
Opportunity
One of the fastest-growing fields of employment in America today is healthcare. Overall, healthcare occupations will see 18% growth in demand through 2026. This is much faster than average. Experts at the Bureau of Labor Statistics report there will be 2.4 million new jobs through 2026. Healthcare jobs will grow faster than any other field. This growth is largely being driven by our aging population who are demanding more complex healthcare services.
Career Paths
The most common path of employment for a professional with an MBA in healthcare is medical and healthcare manager. This professional also may be called a healthcare executive or healthcare administrator. These high paid workers are responsible for planning, directing and coordinating medical and health services for healthcare facilities, a clinical area or a doctor’s office. See also Healthcare Management Careers
It is anticipated that employment for medical and health services managers will rise by an impressive 20% through 2026, which is much faster than average. As of 2016, there were 352,000 of these workers employed in these areas:
- Hospitals: 36%
- Offices of doctors: 11%
- Nursing and residential care: 10%
- Government: 8%
- Outpatient care: 7%
Salaries
Medical and health services managers make a very good salary. The Bureau of Labor Statistics states the median salary in this field is $98,500, with the top 10% earning more than $176,000. BLS also states the following median salaries for these industries. See also Healthcare Management vs Administration Salary Outlook
- Hospitals: $107,200
- Government: $106,200
- Outpatient care centers: $89,900
- Doctors’ offices: $89,700
- Nursing and residential care facilities: $82,900
Online Healthcare MBA Degree
A big advantage of attending business school today is you can earn your healthcare MBA mostly or entirely online. This advantage means that you can attend a variety of different programs across the country, and also complete your degree remotely while you continue to work full or part time.
Southern New Hampshire University
You can gain a competitive advantage in the healthcare field as you master business management knowledge and tools in the Master of Business Administration in Healthcare Management from Southern New Hampshire University. As healthcare business continues to grow more complex, the skills that you will learn in this online MBA program in healthcare management will ready you to excel in a healthcare leadership role in clinics, medical offices and hospitals.
This accredited program will give you a good grasp of the business of healthcare, with a real world and academic foundation in healthcare matters, trends and practices. The program also features intense courses in traditional business administration topics – accounting, finance, leadership, marketing, operations and IT.
Subject areas that you will focus on are:
- Organizational, social and ethical challenges that healthcare workers face and how to handle these challenges
- Introducing and managing clinical information systems, as well as their effects on patients
- Current trends in health informatics subjects and how technology can be used to enhance patient care
- Healthcare industry trends, such as quality care efforts and population health management
Required courses in the healthcare management concentration are:
- Healthcare Informatics
- Topics in Health Administration
- Social and Organizational Issues in Healthcare
Bachelor’s Degree
An MBA program is a graduate degree, so you must earn your master’s degree. However, many students and professionals may choose to enhance their chances of being accepted into a good MBA program by earning a Bachelor’s Degree in Healthcare Management from Western Governors University.
This accredited, online bachelor’s degree will prepare you with the skills, knowledge and confidence to serve as a dynamic healthcare leader in hospitals, doctors’ offices, nursing and residential care centers and government offices that work in healthcare. One of the benefits of the WGU degree is that you can move through the program as quickly as you master the material. It is estimated that 83% of graduates finish the program in less than two years.
Healthcare-related coursework includes:
- Technology Applications in Healthcare
- Financial Resource Management in Healthcare
- Healthcare Quality Improvement and Risk Management
- Healthcare Research and Statistics
- Healthcare Delivery Systems
- Healthcare Values and Ethics
- Healthcare Operations Management
MBA Degree
George Washington University
George Washington University offers a Master of Business Administration in Healthcare that draws unique insights from top GWU faculty leaders based in Washington DC. This two year, online program has been a pioneer in the healthcare management and MBA industries. It is designed to help professionals improve their business management skills specifically as they deal with complex healthcare management and administration issues. Students can build their perfect curriculum by choosing courses in business, medicine and health sciences, nursing, public health, international affairs and law.
GWU’s online MBA is accredited by the AACSB – the Association to Advance Collegiate Schools of Business, which is the top business education accreditation institution in the world.
The innovative curriculum is intended to teach you the basics of business management, while also challenging you to think strategically about healthcare problems. Your coursework will include tough courses in project management, finance, ethics and healthcare law and regulations. Students also can complete a certificate offered by the School of Medicine and Health Sciences to round out your education:
- Healthcare Quality
- Health Sciences
- Regulatory Affairs
- Integrative Medicine
- Clinical Research Administration
- Clinical Research Practice
- Clinical and Translational Research
Admission Requirements
All universities will have their own specific requirements for their MBA program. You can expect these types of requirements at many universities:
- 3.0 GPA may be required
- GRE or GMAT scores required at some universities
- Three professional or academic recommendations
- Transcripts
- Resume
- Writing samples
Curriculum
Each MBA program in healthcare can have its own specific curriculum. Some of the most common courses for a healthcare MBA include the following:
- Managerial Finance
- Leading Teams and Organizations
- Managerial Statistics
- Management Communication
- Introduction to Financial Accounting
- Healthcare Immersion
- Training Systems Management
- Advanced Business Research
- Essentials of Project Management
- Managerial Economics
- Operations Management
Financial Assistance
Students who want their MBA degree in healthcare can find many grants and scholarships to help them to afford it. Some of the best scholarship options are as follows. Also make sure you check with the department where you are taking your MBA program; there may be individual scholarships available for only attendees of that program:
- AAUW Career Development Grants
- Charles T. Bauer MBA Scholarships
- Credit Suisse MBA Fellowship Program Americas
- Dennis W. and Jane B. Carlton Fellowship
- Forte Fellows Program
- Gerardo Werthein Scholarship Fund
- Little Family Foundation Scholarship
- M&T Bank MBA Fellows Program
- Military MBA Scholarship Program
- National Black MBA Association Scholarships
Certifications
To be a successful business management professional in healthcare, you may consider earning the following certifications:
- Certified Associate in Project Management
- Certified Business Analysis Professional
- Certified Supply Chain Professional
- Project Management Professional
- SAP Certified Application Associate
Associations
If you are interested in a healthcare business career, you can benefit from belonging to some of these healthcare management associations:
- American Association of Healthcare Administrative Management
- American College of Healthcare Executives
- American Health Information Management Association
- Healthcare Administrators Association
- The Healthcare Financial Management Association
- The National Association of Healthcare Access Management
If you decide to obtain your MBA in healthcare, you will be highly qualified for many high-paying and popular jobs in healthcare administration and management for many years in the future.
References
- Medical and Health Service Managers. (2017). Retrieved from https://www.bls.gov/ooh/management/medical-and-health-services-managers.htm
- Healthcare Occupations. (2017). Retrieved from https://www.bls.gov/ooh/healthcare/home.htm
