If you have a strong interest in both business and healthcare, you can combine these interests and earn an MBA in Healthcare Administration. This type of MBA program helps you develop the business skills and gain the knowledge you need to work in a management position within the healthcare industry. Learning more about an MBA in Healthcare Administration degree program can help you decide if this is a good educational choice for you based on your interests and career goals.
What Is an MBA in Healthcare Management?
An MBA in Healthcare Management provides you with an education in business and healthcare. This combination prepares you to take on a leadership role in the healthcare industry, such as hospital administrator. Nurses, doctors, and other healthcare professionals can earn an MBA in Healthcare Administration in order to work toward a more senior or advanced role in a healthcare setting. When you participate in an MBA in Healthcare Administration program, you will learn how to lead others in a healthcare facility and collaborate with communities or other professionals to improve healthcare quality. You will also learn about ethical, regulatory, and legal issues that are specific to the healthcare industry.
The requirements for admission to this type of program vary by school. Typically, a bachelor’s degree from an accredited institution is required for admission to this type of degree program.
How Do Healthcare Administration MBA Programs Differ from Traditional MBAs?
Healthcare Administration MBA programs and traditional MBAs have certain elements in common, covering topics such as business principles, leadership skills, and other relevant business knowledge. However, Healthcare Administration MBAs focus specifically on managing or leading within a healthcare setting, such as a hospital, clinic, or doctor’s office. You will learn about managing healthcare professionals and handling challenges that can come up in the healthcare industry, such as ethical conflicts. You will also develop the skills needed for making evidence-based decisions that affect healthcare systems and services.
A traditional MBA program teaches more general skills and knowledge that can be applied to a wide range of business settings. With a traditional MBA program, you won’t gain the skills and knowledge pertaining specifically to a career in healthcare management.
Is an MBA in Healthcare Management Worth It?
An MBA in Healthcare Management is well worth the time and effort it takes to earn. According to the Bureau of Labor Statistics (BLS), the job growth outlook for medical and health services managers, including health administrators and medical executives, is 32 percent through 2030. This job outlook is significantly higher than the national rate of 4 percent for all occupations. With such a strong job outlook and considerable growth in the healthcare industry, you can expect to have many career opportunities for years to come.
Having an MBA in Healthcare Management is also worthwhile in terms of salary. While the BLS shows that the average salary is $104,280 for medical and health services managers, graduates with an MBA typically earn more than those with only a bachelor’s degree. Putting in the time to earn your MBA can end up leading to higher-paying positions.
What Can You Do with an MBA in Healthcare Administration?
An MBA in Healthcare Administration can open many doors to you in terms of leadership or management roles in hospitals, physicians’ offices, health insurance companies, and other types of healthcare settings. With the growing demand for jobs in the healthcare industry and the increased need for high-quality healthcare services, there is no shortage of positions available for those who have earned an MBA in Healthcare Administration.
Whether you are interested in managing healthcare professionals or serving more of a consultant role in the healthcare industry, you will find a career path that fits your goals. The following are just a few of the careers you can pursue when you have a Healthcare Administration MBA.
Health administrators utilize both business leadership and healthcare-related skills to manage clinics, hospitals, medical offices, and other healthcare facilities. These professionals perform several important tasks as part of their day-to-day job, such as keeping up with regulatory changes in the healthcare industry, overseeing medical billing and other finances, working with doctors on employee schedules, hiring new healthcare employees, and preparing budgets for various departments. Health administrators are responsible for staying up to date on laws and regulations in the healthcare field, as well as on the technology used for managing and overseeing medical facilities. These administrators spend a lot of time collaborating with other healthcare professionals, including nurses, medical technicians, doctors, and surgeons.
Medical executives also combine leadership skills with healthcare knowledge in a healthcare setting. These executives are expected to keep up with changes in the healthcare field on a regular basis, including legal changes, technological advancements, and regulatory updates. Medical executives handle tasks focused on improving the quality of healthcare services or healthcare systems, such as maintaining organized facility records, managing finances, monitoring budgets, recruiting staff, and developing departmental objectives. These executives might also represent the healthcare facility they work for at board or investor meetings. Some medical executives work mostly with other healthcare professionals, while others interact more with health insurance agents, depending on their position and responsibilities.
Healthcare consultants play an important role in helping healthcare facilities improve their services. These consultants are not directly responsible for overseeing changes and improvements or implementing new policies. Instead, they serve as a guide for administrators and managers who are looking for ways to run healthcare facilities more efficiently. Healthcare consultants offer advice and recommendations on managing personnel, managing finances, and handling other tasks that are part of overseeing healthcare settings. Healthcare consultants need to develop strong analytical skills that allow them to evaluate problems in relevant healthcare settings and come up with viable solutions. This involves gathering the information they need and interacting with staff and other personnel to understand the challenges these facilities are facing. Consultants then present their findings and discuss potential solutions with healthcare facility management.
Clinician leaders are often doctors, nurses, or other healthcare professionals who take on a leadership position at a healthcare facility. These leaders focus on coming up with ways to improve healthcare services while also keeping the facility running smoothly and efficiently. Clinician leaders must have strong decision-making and leadership skills to handle this kind of position. The tasks they are expected to do on a regular basis can range from managing staff and handling personnel conflicts to dealing with financial problems or other crises that occur. Clinician leaders make decisions that have an impact on an entire facility, which makes it important for them to have solid business leadership skills, as well as in-depth knowledge of challenges and issues in the healthcare field.
Why Earn Your MBA in Healthcare from Post?
Post University offers an MBA in Healthcare Administration program through our American Sentinel College of Nursing and Health Science. This program gives you the option to earn your MBA in less than 2 years, allowing you to start working toward a management or leadership position in the healthcare industry. Our MBA program is fully online with no mandatory login times, providing you with greater flexibility in terms of your schedule. Our practice-focused curriculum is carefully designed and developed with guidance from top healthcare organizations. We offer affordable tuition, as well as different payment options to choose from based on your financial situation. With monthly start dates, you can begin to earn your MBA in Healthcare Administration right away instead of having to wait for a new semester or school year to start.
If you are looking for a fulfilling management career in the healthcare industry, please contact American Sentinel College of Nursing and Health Science at Post University for more information. We offer an MBA in Healthcare Administration degree program to help you gain the skills and training needed for a leadership position in healthcare.
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Please note jobs, career outcomes, and/or salaries highlighted in this blog do not reflect jobs, career outcomes, and/or salaries expected from any Post program. To learn more about Post’s program and their outcomes, please fill out a form to speak with an admissions representative.