For those students who want to work on the business side of health care a Healthcare Management MBA may be the best option. Many who are already working in the healthcare industry and are looking for ways to specialize in management may find this option to be a good fit. There are various directions that a healthcare worker can go into with specializations in health and medical services or managerial positions that promise to provide an overwhelming number of employment opportunities.
What Is a Healthcare Management MBA?
The field of Health Management is a concentrated focus on organizational and supervisory areas of health offices, hospitals, and clinics. It covers a wide range of career options. Students who complete this course of study will be prepared to reach out for management positions in hospitals, clinics, care centers, and a number of other medical organizations. The Healthcare Management MBA will prepare students to oversee operations and services in many different types of healthcare facilities.
For most Healthcare Management MBAs, students are expected to have completed a Bachelor’s degree prior to acceptance in the program. Most schools will require a copy of their transcripts that detail all of their undergraduate coursework and their previous scores from the Graduate Record Examination (GRE) or Graduate management Admissions Test (GMAT). In addition to these educational prerequisites, students will most likely also have to submit proof of relevant work experience before they can be accepted into the program.
Types of Courses to Expect
The Healthcare Management MBA will consist of several components. The first component will contain a number of required courses covering the core subjects that are standard in all MBA studies. These common subjects include managerial economics, statistics, healthcare policy, health law, health care accounting, finance, quality management, and human resource management.
The second component will consist of a number of electives in related fields that the student will choose. These subjects will focus on the specifics and details directly related to the healthcare industry.
- Hospital Organization
- Human Resources Administration
- Strategic Planning
- Health Care Law
- Health Economics
- Health Information Systems
There will also be a requirement of either a residency or a fellowship that will give the students a first hand experience and some on-the-job training. This provides them with some actual practical application of the subjects studied in real life situations.
Areas of Specialization
For students who choose to concentrate their studies on a particular area in the Healthcare field there are many options. Specializations in the field of Quality Improvement Managers, Health Care Administrators, Insurance Coordinators, Hospital Associate Directors, and Pharmaceutical Sales Consultants are all possible areas of study that a student can choose to pursue. The healthcare industry is broad and offers a wide variety of specializations for a student to choose from.
Career Path and Salary
A student’s career path will depend largely on the specialization field they choose. Many who have completed an MBA have discovered that their degree is not sufficient to set them apart in this highly competitive field. Many have found that in order to get ahead in this industry, that adding an element of volunteering at a healthcare facility or in some other type of health-related industry can be highly beneficial. The experience that they gain has proven very productive in increasing their value to an organization.
Others have chosen to continue their education to give them an additional bit of leverage in this particular field. It not only enhances their level of knowledge but it also keeps them up-to-date in a progressively growing industry. Certificate programs can keep students and graduates alike current on any new advancements in the healthcare management industry. It also lays the groundwork for those students who wish to focus on research or to pursue a PhD in Healthcare Management.
According to the Bureau of Labor Statistics the growth estimates anticipate a fast 23% growth in the fields of medical industries and healthcare services management. This means that there will be plenty of jobs available for qualified applicants. With the median salary for entry level managers ranging around $68,580 per year, there is large potential for the right candidates.
Students who pursue this course of study will find the field to be competitive if they do not have any previous work experience before completing their studies. Graduates will have to vie for jobs alongside those with Bachelor’s degrees and work experience combined. For those who are seriously pursuing this course of study, getting that additional work experience component will be an extremely valuable asset to have.
Featured Online MBA Programs
Online Healthcare Management MBA
If you want to earn your MBA to advance your career potential, strongly consider earning your master’s degree in healthcare management or administration. There are few sectors of the economy with greater demand than health care. While many MBA graduates tend to gravitate towards finance careers, health care will be experiencing tremendous growth for decades. Some of the best MBA programs for healthcare management include:
- Walden University: With an MBA in Healthcare Management, you will be able to gain more of an understanding of what the healthcare system in the US is. You also will learn about the financial management techniques and information that guide the healthcare organizations in the US. You will study the application of economic principles that are important in healthcare decisions, including the allocation of services and resources. You will take a total of 37 semester credit hours, and can finish this online, no GMAT program in 24 months.
- Grand Canyon University: Earn your Master of Business Administration with a focus on Health Systems Management. You will gain the insight that you need to provide transformational leadership to healthcare organizations. This program will focus on how the global economy will affect the decision making process in healthcare organizations. You will learn how to become a more informed critical thinker on health care topics, and you will be well prepared to become an upper level manager in the health care field.
- Capella University: With this online, no GMAT MBA in Health Care Management, you will be able to boost your career potential in the quickly-growing field of health care management. The MBA is the standard credential for most managers in this field. You will finish this two year program with greatly strengthened business and management skills so that you can perform in a highly effective fashion in the health care industry. This program involves 48 credit hours, and you can transfer as many as 12 credits from another university.
- Northcentral University: The major focus of this MBA in Health Care Administration is to help you to develop the most important managerial knowledge and skills in financial management, ethical and legal concerns in health care. You also will learn how to effectively examine and develop strong health care policies. Note that you will complete a final research paper, and you will demonstrate that you have developed the skills to do an investigation on a workplace issue. This program has 42 credit hours that can be finished in less than three years.
- Jones International University: The field of health care is constantly growing and changing. It provides a great deal of challenges to managers and administrators. That is why this MBA in Health Care Management is well suited for professionals in the health care field who want to engage in a comprehensive business degree program that gives them all of the latest tools in critical management. In this no GMAT program, you will come up with a competitive marketing plan for a healthcare facility; examine the medicine technologies of both present and future; and will develop a vision and a mission statement for a major healthcare organization. This program is perfect for someone who wants to have a top leadership role in a healthcare organization.
- Colorado Technical University: This MBA with a concentration in Healthcare Management has a very challenging business administration curriculum and combines it with the most up to date healthcare practices. This no GMAT program is built upon the knowledge that you need to apply the most sound business principles to the field of healthcare. You will assume the role of a highly team-oriented problem solver, and you will apply critical thinking skills to the many different challenges in the management of a healthcare organization today. This online university has been ranked as a top 10 online university MBA program by the International Graduate Forum.
- Strayer University: Earn your Master of Business Administration in Health Services Administration, and you will learn how to apply the most important business strategies to modern health care organizations. You will focus on financial planning and operations management, most importantly, and how to make changes in these areas in your health care organization. You also will learn strategies to address the unique needs of modern health care entities, which you consider such factors as law, quality, ethics and cost. Most students complete this program in less than four years.
- UMass Online: This MBA with a Focus in Healthcare Administration offers you an excellent mix of business and public health classes that cover all of the modern issues that affect the industry of healthcare. This program is an ideal fit for a healthcare professional who wants to be promoted into management. This no GMAT, online MBA program will give you all of the skills that you need to deal with the complex health care questions of today. You will be well prepared for a senior managerial role that can integrate many types of ideas from different specializations. You can earn your degree in 45 credit hours, and do so in two years.
- Regis University: This MBA with a specialization in Health Systems Management is focused on effective operations management in the healthcare system. The curriculum will provide the health care professional with the business knowledge and skills that they need to implement some of the best practices in the industry in the operational field of the healthcare organization. This online degree will help to enhance your career because you will be able to view modern health care operations through the filter of business and operations management. This program consists of 36 total credit hours, and you can finish it in less than two years.
- Western Governor’s University: This is an online Healthcare MBA that will provide you with outstanding opportunities to advance in your field. This MBA in Healthcare Management will give you the knowledge and the skills that you need to earn an upper management position that pays well in many healthcare settings. This is the perfect fit if you are an experienced healthcare professional who wants to earn an MBA to improve your career prospects. It also works well for qualified business professionals who want to enter the booming healthcare management field. This program takes 36 semester hours. You may take up to four years to finish the no GMAT degree.