No matter what specialty you may choose, getting a Masters of Business Administration sets you up for success in a variety of career paths. If you’re interested in working in a hospital, a medical insurance company, or other healthcare-related setting, it’s a good idea to consider getting a healthcare MBA. You’ll learn how to manage staff, to take on leadership roles, and to manage a budget within a healthcare environment. There are many nuances to healthcare, and getting an MBA in healthcare means that you’ll have a leg up on the competition before you even enter the job market.
Healthcare in the United States is a business, plain and simple. It’s key that healthcare administrators understand healthcare strategy, operations, accounting, economics, and insurance models. Unlike many businesses in the United States, healthcare administration is growing fast. It’s important to have education specific to the field in order to stay competitive.
An Industry in Constant Flux
Healthcare is constantly changing. If you’re interested in working in healthcare management, it’s important to get a degree that will teach you about the latest in healthcare trends. When you work towards your MBA in healthcare, you’ll be learning about the latest management technologies and trends in the healthcare field, in addition to all the knowledge that comes with a standard MBA.
Many students who pursue their MBA in healthcare already have experience working in the industry. If you’ve worked as a nurse, physician’s assistant, hospital administrative assistant, or an upper-level executive in healthcare, you likely already have some knowledge of how healthcare management works. This can give you an advantage on the competition when it comes to applying for an MBA in healthcare. That being said, if you don’t have this type of experience, don’t let that fact deter you from applying; there are many types of leadership experience that can help guide you towards success in achieving your MBA in healthcare. If you’re passionate about business, and passionate about healthcare, an MBA in healthcare will be a great fit for you.
When you finish your MBA in healthcare, you’ll be proficient in a number of areas, including:
- Explaining and applying business concepts in a healthcare setting, with a deep understanding of the nuances of healthcare systems
- Putting your problem-solving abilities to work to solve complex, uncertain, and sensitive situations in the healthcare realm
- Motivating and leading your team
- Expressing yourself professionally in both written and oral form
- Putting management theories to test
An MBA in healthcare will make you a valuable asset to any hospital or medical insurance company.
Salary Outlook and Career Path Options
If you’re interested in a career in the healthcare field, it’s key to have graduate-level education under your belt. Studies show that healthcare administrators with master degrees tend to out-earn their colleagues with fewer years of education by nearly $15,000 per year.
Your personal salary, of course, will depend on the area of the country in which you are seeking employment, the type of position you acquire, and your level of experience in the healthcare field. It’s expected that the need for graduates of MBA in healthcare programs will grow by 20% between 2016 and 2026. By keeping your thumb on the pulse of the latest trends in healthcare education, you’re giving yourself a leg up for years to come.
Let’s talk about the range of salaries you can expect to see after you complete your healthcare MBA online.
Hospital Chief Financial Officer
Median Salary $166,000
A CFO is responsible for all of the financial operations of a hospital, and typically has a large team to manage. Hospital CFOs are responsible for keeping financial records, helping the financial team prepare for yearly audits, negotiating contracts with suppliers and employees, finding ways to save the hospital money, and helping to hire for other key executive roles.
Median Salary $110,000
A hospital administrator can have many different tasks to keep the daily happenings of the hospital running as smoothly as possible. Hospital administrators may work to help their healthcare facility stay in compliance with federal, state, and local regulations; hire hospital staff; work with local teaching colleges and universities to place interns and residents; develop budgets; create hospital policies; and find ways to improve the flow of daily operations.
Medical Practice Manager
Median Salary $88,000
A medical practice manager is basically a smaller scale hospital administrator. As a medical practice manager, you can expect to spend time working on hospital paperwork such as budgeting and billing, working with personnel issues such as hiring and discipline, creating and adjusting work schedules, taking inventory of and ordering hospital supplies, and working to ensure that hospital policies are compliant with regulations.
Health Informatics Manager
Median Salary $84,000
A health informatics manager is one of the most important jobs in a modern hospital. The informatics manager is responsible for ensuring that health information is flowing properly through electronic channels. This requires an extremely high level of knowledge of HIPAA laws, and a passion for information technology. While a health informatics manager must have a high level of medical knowledge, they also need to have a high level of computer knowledge. Many people who have an IT background and decide to get an MBA in healthcare choose to go on to careers as health informatics managers.
Your Healthcare MBA: Curriculum Details
While pursuing your MBA in healthcare, you’ll take a number of different classes that will teach you about business, healthcare best practices, healthcare technology, and leadership. You’ll study a variety of different fields, including data-driven decision-making, financial management, ethical leadership, accounting, audit management, marketing, the management of large organizations, communication, strategy, and economics.
Leadership is one of the most important aspects of any healthcare MBA online education, and your chosen program’s curriculum will likely help you to develop those skills. Administrators, CFOs, CEOs, and other healthcare professionals are constantly faced with the task of being a good example to those whom they employ and of making tough decisions about what’s best for the company. By learning more about your own personal leadership style, about what a motivational leader looks like, and about the employment of leadership techniques, you’ll be effective at your job and at the creation of a pleasant work environment for the people you manage.
After you achieve your MBA, your colleagues will look to you to make sense of data in the workplace. An important part of our MBA in healthcare curriculum is to teach you how to look at data and break it down into easy-to-understand terms for people who aren’t as number savvy. You’ll also learn to take that information and use it to make informed decisions for the betterment of your organization.
Of course, you’ll need to understand the latest in healthcare economics in order to make informed, financially sound decisions for your company. Your healthcare MBA will keep you on top of the latest money-saving trends in the industry, giving you real-world strategies to help you use your knowledge to make a lasting impact on your workplace.
You’ll find your MBA education to be timely, exploring the latest trends and issues facing the healthcare field today. Many professionals get their MBA in healthcare while already working in the healthcare field. This means that it’s important for MBA programs to provide training and ideas that can be put to practical use the next day at work. Theory is important, but best practices are also incredibly valuable when it comes to getting the most out of your education.
In addition to standard coursework, you’ll also complete a capstone project, which will serve as a hallmark of all that you’ll have learned throughout your MBA education. Typically, a capstone project involves working in a small group to solve problems for a simulated health care environment. This is where you can really let your past experience and innate leadership skills shine.