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How to Choose a Best MBA In Healthcare Administration Degree?

January 11, 2017 1:11 pm0 commentsViews:

This article describes what an MBA in Healthcare Administration is and why it is a good choice for furthering your career. We will tell you what you should look for in a good healthcare administration MBA program, and will provide recommendations on some programs that are worth your consideration.

What Is an MBA in Healthcare Administration?

Healthcare is a rapidly growing area of the economy, with millions of jobs slated to be added in the coming years. Many people think only of clinical healthcare workers such as doctors and nurses when it comes to healthcare. But the reality is that healthcare facilities and departments need excellent managers to provide healthcare efficiently and affordably.

An MBA in Healthcare Administration combines a regular MBA degree with a specialization in health care management or administration. People who are interested in working in the business side of the healthcare industry should strongly consider this type of MBA.

In addition to the standard MBA classes in finance, accounting, management, statistics and marketing, healthcare administration students should be prepared to take classes in healthcare planning, healthcare business management, HR management, hospital organization, health economics and healthcare policy.

Depending on the program you choose, you might see a curriculum with these courses or something similar:

  • Public Health Systems
  • Environmental Health
  • Marketing of Public Health
  • Business of Healthcare
  • Economics in Healthcare
  • Financial Accounting in Healthcare
  • International Business
  • Managerial Accounting
  • Operations Management

After you graduate with your MBA, you will be qualified to apply for many excellent upper level management jobs in healthcare, including quality improvement manager, healthcare administrator, insurance director and hospital director.

Why Earn an MBA in Healthcare Administration?

The healthcare field is growing fast, and 19% growth in jobs is expected by 2024. This adds up to at least 2.3 million new jobs, and many of them will be on the administrative side of things.

On the salary side, the median wage for all occupations in healthcare was $62,600 in 2015, which was much higher than the median salary for all occupations in the US economy: $36,000.

After you have earned your MBA in healthcare administration, you will be able to qualify for excellent openings with fantastic long term career potential in these areas:

  • Hospital administrator: You will oversee many different departments in hospitals and other healthcare facilities to make sure that they run smoothly and in a profitable manner. These administrators are important liaisons to committee boards, governing boards and executives. You will likely be responsible for recruiting, training and hiring of many different staff, including both clinical and administrative roles. An administrator in a small hospital may be in charge of the whole building, while an administrator at a big hospital may run a single department.
  • Medical or health service manager: A medical or health services manager plans, directs, coordinates and supervises healthcare service delivery for a health care facility. You may need to work in daily operations, technological services, staff management, and coordinating all of these areas so that the facility works as a team. Most of these managers work for hospitals or doctors’ offices, but a few also work for nursing homes and long term care homes.
  • Health care finance manager: This type of healthcare manager is responsible for the oversight of all financial activities for a medical facility or hospital. This may include daily financial activities, reviewing contracts, budgets, financial reporting, analysis and research. You also must ensure that the facility is in full compliance with all relevant tax and legal regulations. This manager also must be an expert on all aspects of health care financing.

The general employment outlook for healthcare administrators and related professions is excellent, with 17% job growth anticipated by 2024. It is expected that job growth should be especially strong in healthcare practitioner offices. Many healthcare services that once were offered at hospitals are now being offered in the doctor’s office.

MBA in Healthcare Administration Online Degree Options

Earning your MBA in healthcare administration will make you highly qualified for many excellent healthcare opportunities. If you choose this degree, you also will have many good online universities options. An online MBA degree is often the choice for working professionals who want to earn their degree at home on their own time.

To determine which healthcare administration MBA is for you, we advise that you consider these critical factors:

  • Does the university have a good reputation and is the program accredited? Online healthcare administration MBAs come in many different qualities. You want to select a university and program that is highly regarded. Most experts advise that your program should have AACSB accreditation, which is the Accreditation Council for Business Schools and Programs.
  • How much will you interact with faculty and students? A major reason to get an MBA is to network and learn from faculty and peers. These vital social network connections may benefit your career for many years. Good online MBA programs do as much as possible to maximize opportunities for student and faculty interaction. Many MBA programs will have several group projects that ensure student interaction. Another effective way to get students and faculty to work together is to use the cohort format. This means the university has a group of students go through the MBA program as a single class.
  • Does the curriculum and faculty have a good reputation? The coursework should be the same as what is offered in the on campus MBA program, but it should be adapted specifically for online learning. Also, you should demand professors with many years of healthcare business and education experience.
  • Is the program a good value? You should seek an MBA program that has the right mix of nuts and bolts business classes, practical knowledge delivery, and good financial value.

Our review of the available online healthcare administration MBA programs determined that this program is worth your consideration:

Drexel University

The accelerated online MBA by Drexel University features all of the recognition and academic quality of the LeBow College of Business. This is one of the most recognized business research and academic institutions in the US. This online MBA has been accredited by the AACSB, and is ranked among the top 15 online MBAs in the world by the Financial Times.

Drexel University has some of the best MBA faculty in the world, and will help you to master your business fundamentals. You also will learn what your leadership strengths are, as well as your weaknesses, and build both. The staff here also are experts in teaching students to think in a strategic way with quantitative data.

This is a 24 month program that you can complete on a part time basis. This program is organized into groups of 25-30 students. You will study and grow together throughout the MBA program. You also may select a 42 month, flex option to complete your MBa.

This MBA’s healthcare administration concentration is designed for business and healthcare professionals who want to manage healthcare delivery systems. It also is a good choice for experienced managers in the pharmaceutical and life sciences industry. You will learn the regulatory, political, economic and technological forces that shape the modern healthcare market.

Graduates of the online MBA at Drexel will see results in their salary and career advancement; the Graduate Management Admission Council finds that the average starting salary for all MBA graduates was $92,360 in 2015.

This program requires one residency in the program, and you also have the option of participating in a second international residency.

Accreditation

We recommend that your MBA program be accredited by the Association to Advance Collegiate Schools of Business (AACSB). This is the most highly respected accreditation body for business education, and it ensures that your program is of high quality.

Summary

The healthcare administration field is growing quickly, and professionals with a healthcare administration MBA can expect to be in great demand for a variety of good-paying work at the lead of many types of healthcare organizations.