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How to Choose a Best MBA in Healthcare Executive Degree

January 11, 2017 1:25 pm0 commentsViews: 9
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This article will advise you about what  an MBA in Healthcare Executive degree is, and why it could be a good choice for your career. We will tell you about what you should look for in a quality MBA healthcare executive degree, and also recommendations for online programs.

What Is an MBA in Healthcare Executive Degree?

An MBA in Healthcare Executive degree is an advanced degree that is designed to help healthcare professionals who want to take the next step in their management career. This type of MBA program provides experienced managers in healthcare with the skills to become highly paid and qualified senior executives in healthcare organizations.

This MBA degree often is necessary to develop the administrative and executive skills in business to get to the top of a healthcare organization. Medical knowledge and clinical expertise often is not enough.

Most MBA in Healthcare Executive programs will offer you the in depth understanding of most healthcare management and administration challenges. You will develop new insights into healthcare policy challenges, future healthcare trends, and how these trends will affect healthcare delivery.

These executive MBA programs also address healthcare quality management, with a strong emphasis on patient care. Most programs also will show you how to implement vital, new healthcare technologies that produce more efficient and integrated healthcare.

Depending upon the executive healthcare MBA program you choose, you can expect to take courses in these areas:

  • Healthcare policy, development trends and systems
  • Quality improvement and patient focused healthcare
  • E health and big data analytics
  • Healthcare finance and control

A sample curriculum from the University of Denver, which offers an Executive MBA in Health Administration is as follows:

  • Managerial Accounting in Healthcare Organizations
  • Statistics and Epidemiology
  • Healthcare Management Information Systems
  • Health Sector Supply Chain Management
  • Healthcare Economics
  • Managing Healthcare Outcomes

Why Earn an MBA in Healthcare Executive Degree?

Healthcare executive MBAs are becoming more popular, given how quickly the healthcare field is growing. According to the Bureau of Labor Statistics, there are going to be at least two million more healthcare jobs available by 2024. This adds up to 19% job growth in the field, and it also means that skilled healthcare executives will be needed to manage these new workers. Good executives also will be needed to run the facilities in which these workers work.

With a high ranking position in a healthcare facility comes good pay. Healthcare professionals who complete their executive MBA can receive as much as a 20% increase in salary as soon as they graduate. Also, up to 97% of healthcare executive MBA recipients are highly satisfied with their career choice.

Given these factors, it is fairly clear why many people who are experienced in healthcare are deciding to go back to school to earn their executive MBA.

Also, some of the most popular job areas are seeing major growth for those who have healthcare MBAs.

Healthcare Administrator and Executive Employment Is Booming

Many healthcare and business professionals are choosing to earn their healthcare executive MBA because BLS reports that healthcare executives and administrators are experiencing explosive employment growth.

Government statistics state that these healthcare managers and executives will experience 17% increase in job demand by 2024, which is much faster than average. Experts believe job growth is being driven by the retiring baby boomers, who are retiring in droves, and are remaining active as they age. Millions of these older Americans want to continue to enjoy many activities as they enter retirement. This is driving demand for more healthcare services.

It is expected that employment will grow particularly quickly in health care practitioner offices. Many services that were once offered in hospitals will now shift to these facilities. Also, medical group practice demand is expected to go higher as these organizations get bigger and more complex.

Further demand is being seen due to the widespread, mandatory use of electronic healthcare records or EHRs. This is driving demand for administrators and executives with a good grasp of health information technology and informatics systems.

With all of the higher demand for healthcare jobs and healthcare executives, many students are finding there are many more excellent executive healthcare MBA programs to choose from than just a few years ago.

MBA in Healthcare Executive Online Degree Programs

As you think about earning your healthcare executive MBA, we recommend that you keep these factors in mind as you are looking at different online programs:

  • Who will be your teachers? Having the certainty that your professors are highly qualified and experienced in healthcare leadership is going to be a very critical part of your MBA success. Many top flight healthcare executive MBA teachers are consultants in the field. You also want to ensure that the same professors that teach the program on campus have gotten special training, and teach the online EMBA courses.
  • How flexible is the program? If you are an experienced healthcare professional, you probably are busy with work and personal obligations, in addition to your schoolwork. You will probably want to have an MBA program that is mostly online, with classes that can be taken when you have time. Also, check to see if you can pause your studies for a year or so if you need to; you never know when something could come up.
  • Is the MBA program fully accredited? We recommend at minimum that the university be accredited by the US Department of Education. Also, you should look for a program that is accredited by the AACSB or Association to Advance Collegiate Schools of Business.

If you would like to pursue your MBA in healthcare executive degree, we recommend this online degree program:

Florida Tech

Florida Tech offers an online MBA program in healthcare management that is suitable for aspiring executives and administrators. This program is fully accredited and will provide you with a complete understanding of healthcare issues and business challenges in this growing profession. It is geared toward the medical aspects of IT management, and covers managerial economics, business leadership, healthcare policy, and legal and ethics issues.

You will learn how to apply the newest theories of strong leadership, negotiation and management. You also will gain real world healthcare business experience as you have to form a business plan that is reflective of your career goals and interests as a healthcare executive.

Further, students apply the newest healthcare business principles that are so important for any healthcare organization. Also, you will discover how to plan, motivate and communicate in an effective fashion in a modern healthcare environment.

Most of the students who graduate from this two year program become a healthcare executive, medical office administrator, hospital administrator, or a healthcare finance manager.

Your required classes are:

  • Essentials of Business Development 1
  • Essentials of Business Development 2
  • Managerial Economics
  • Managerial Accounting
  • Financial Management
  • Organizational Behavior
  • Marketing Management
  • Healthcare Management
  • Healthcare Policy
  • Information Management in Healthcare
  • Legal Aspects of Healthcare
  • Healthcare Planning and Marketing

Summary

For business and healthcare professionals who want to become healthcare executives and administrators, we advise that you earn your MBA as a healthcare executive. You will enjoy a career with a large amount of job demand, and a high salary.