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How to Choose a MBA in Healthcare Leadership Degree?

May 1, 2021 1:34 pm0 commentsViews: 351

The purpose of this article is to tell you about what an MBA in Healthcare Leadership is, and why it may be a viable choice for your future career. We also will provide you with information about what you should look for in a good Healthcare Leadership MBA program. Last, we will offer you a recommendation for a high quality program to get an MBA in Healthcare Leadership.

What Is an MBA in Healthcare Leadership?

Today’s healthcare systems require much more of its leaders than in years past. Healthcare executives and leaders need to have a good grasp of economics, health care policy, IT management systems, patient care, legal and ethics issues, worker collaboration, and an overall understanding of how everything fits together as a whole.

An MBA in Healthcare leadership will provide you with vital skills and competencies so that you can work as an effective manager in executive healthcare leadership. It is designed for high achieving professionals who want to enhance their skills.

This MBA is well suited for aspiring or current health care leaders and executives who want to move up into a higher healthcare leadership position. It also is a good choice for an experienced doctor who wants to lead a hospital or medical practice. It also is a wise choice for a senior healthcare manager in companies including pharmaceutical makers, medical suppliers, health insurance and HMOs. Other graduates may go on to run academic medical centers, community hospitals or even transition into healthcare consulting.

Depending upon the program that you choose, you can expect to focus in these general areas:

  • Study the newest models of healthcare leadership to identify strengths and weaknesses to focus on
  • Gain knowledge in critical areas of healthcare leadership and administration
  • Participate in a capstone experience that allows the student to integrate healthcare leadership knowledge with high degree of competence in managerial work.

Some typical classes in an MBA in healthcare leadership program might be:

  • Mastering Leadership in Healthcare Organizations
  • Analysis of Healthcare Markets and Health Policy
  • Healthcare Financial Management
  • Healthcare Economics
  • Health Information Management and Informatics
  • Quantitative Methods and Healthcare Operations Management

Why Earn an MBA in Healthcare Leadership?

Healthcare jobs are becoming more plentiful; it is anticipated that there will be more than 2.4 million additional healthcare jobs that need to be filled by 2029. This means that there will be at least a 15% hike in job demand for all healthcare jobs. Clearly, there will be greater need for healthcare executives and leaders to manage growing healthcare facilities.

It makes sense to gain an MBA with skills in healthcare leadership because there will be strong job demand and high salaries. For example, the median pay for healthcare executives and administrators was $104,280 as of May 2020. And the top 10% of earners made at least $195,630 per year.

It also is anticipated that job demand will increase by 32% for healthcare executives and leaders. There will be no shortage of jobs in this field anytime soon.

Outpatient Services – Great Opportunities for Healthcare Leaders

Experts think that there will be a large growth surge in healthcare practitioner offices. Why is this happening? According to healthcare experts, there has been a decline in inpatient hospital services in the past decade. According to a 2020 report from business and health services consultancy Deloitte, between 2011 and 2018, outpatient revenues grew at a compounded annual rate of 9 percent compared to only 6 percent for inpatient services.

That lead to the aggregate share of outpatient revenues jumping from only about 28 percent to nearly half of all hospital income in 2018. And the trend is likely to continue so that outpatient services surpass inpatient in terms of total revenues.

All of this is being driven by increased health care costs. It is expensive to admit patients into hospitals. Outpatient care is cheaper. Also, with improvements in technology, more services can be offered on an outpatient basis. Finally, Medicare, Medicaid, and even major private insurers are increasingly pressuring systems to adopt value-based contracts, which shift care to outpatient settings.

This all means that there will be a strong increase in need for healthcare leaders and executives running outpatient clinics and healthcare practitioner offices. A professional with an MBA in healthcare leadership will be well suited to enjoy a very robust and exciting career in these facilities.

May 2020 Bureau of Labor Statistics salary and job growth figures for Healthcare Occupations and Medical and Health Services Managers represents national data, not school-specific information. Conditions in your area may vary. Data Accessed May 2021.

MBA in Healthcare Leadership Online Degree Programs

In the last 10 years, more and more excellent online MBA programs have become available. But how do you know if the program is well suited for your demands and needs? Experts advise that you consider these tips:

  • Does the program offer the specialties you want? More MBA programs offer many concentrations as well as the chance to combine various specialties. If you want a healthcare leadership or executive position, make sure that the program has plenty of elective options and other offerings in this MBA specialty. Ideally, look for an MBA program that has a strong focus on the healthcare management and leadership area.
  • Check the quality of the resources available online. You should have access to the same resources, teachers and curriculum as the full time, on campus program. You should be able to access the same financial assistance and career counseling options too.
  • What type of technology does the program use to deliver online classes? You might expect that every program offers only the best online technology to teach your classes, but you should make sure that the interface is of high quality and you are comfortable with it; you will be using that online interface, chat boards, and more for two years or more.
  • Who is teaching your classes? If you want to get a good MBA in healthcare leadership, you really should be taught by an expert in healthcare leadership, someone who has both in class and real world expertise in the field.
  • How flexible is the MBA program? Can you take all of your classes at any time you like, or do you take some classes at a set time? Either way is fine; it all depends upon your preferences and schedule. Some students may prefer the companionship of taking classes at a fixed time with other students; others may prefer the flexibility of taking classes on their own, whenever they like.

If you are thinking about getting an MBA in healthcare leadership, we recommend that you consider this excellent online program:

Viterbo University

If you are looking for a very high quality, almost entirely online MBA in Healthcare Leadership, look no further than Viterbo University, a private university based in Wisconsin. This is a 20 month program that is made for working professionals that include healthcare administrators, nurses, doctors, and healthcare executives who want to hone their leadership and business skills. Graduating with this degree will open up new horizons in your healthcare managerial and executive career.

This program is done entirely online, except for two, 2.5 day intensive sessions when you will come to campus and work in person with your professors and fellow classmates. You will enjoy small classes, healthcare leadership activities that are designed with the program’s unique and innovative, online learning environment, and a fully asynchronous schedule so you can take your classes on your schedule.

Your classes include the following:

  • Foundations of Health Care Leadership (2 credits)
  • Health Care System (3 credits)
  • Leadership in Organizations (3 credits)
  • Population Health (3 credits)
  • Health Care Finance (3 credits)
  • Health Care Outcomes and Process Improvement (3 credits)
  • Health Care Seminar: Informatics and Analysis (2 credits)
  • Legal and Ethical Issues in Health Care (3 credits)
  • Management Communication (3 credits)
  • Strategic Management (3 credits)
  • Complex Systems Change (3 credits)
  • Health Care Capstone (3 credits)

Summary

The healthcare leadership and executive field is growing quickly, as the number of healthcare workers and facilities are becoming more numerous as the US population gets older and demands more healthcare services. You can be assured that earning an MBA in healthcare leadership will offer you no shortage of excellent career opportunities that pay very well.