Healthcare Consultant MBA + Online Options

The purpose of this article is to describe what an MBA in Healthcare Consultant degree is, and why it could be a smart move to get this degree in your career. We also will give you information about how to find a good MBA program in this specialty, and we will provide a recommendation on a quality MBA program online in healthcare consulting.

What Is an MBA in Healthcare Consultant Degree?

An MBA healthcare consultant degree is generally an MBA healthcare management or administration degree, which the professional obtains with the intent to work in healthcare consulting.

Healthcare consultants are highly trained healthcare management analysts who either work full time or on a contract basis for many healthcare organizations. Healthcare consultants examine the profits, structure and efficiency of the healthcare organization, and offer strategies and plans to make improvements. A lot of this job is to perform research and to examine large amounts of health care industry data to really understand the problem.

This might involve studying employment data, revenues, and talking to many employees and managers.
Most professionals who are in healthcare consulting eventually earn an MBA in healthcare management. An MBA in healthcare management, administration or consulting will provide you with the essential skills that you need to work as an effective healthcare consultant.

Most commonly, you will focus on the following competencies in a healthcare-related MBA program to become a healthcare consultant:

• Healthcare knowledge and business skills
• Critical healthcare decision making
• Responsible and ethical healthcare leadership
• Team management and collaboration
• Oral and written communication skills in healthcare

Why Earn an MBA in Healthcare Consultant?

Healthcare jobs and facilities are growing quickly in number, as are healthcare corporations. It is believe there will be more than 2.4 million new healthcare jobs available by 2029. The Bureau of Labor Statistics (BLS) expects there will be at least a 15% increase in demand for healthcare occupations. There will thereby be a greater need for qualified healthcare managers, executives and consultants to solve pressing healthcare organizational challenges.

Healthcare industry market research firm IBISWorld notes that healthcare consulting currently is a $7.5 billion business in the US. Hospitals, healthcare systems, post-acute provides, drug and device companies and others are often seeking expert healthcare consultants for project management expertise.

The majority of these projects involve implementing new information systems, or supporting new mergers and acquisitions. These types of projects tend to be worth millions of dollars and are often handled by teams of healthcare consultants. There also are ‘smaller’ one and done healthcare consultant projects that run up to $500,000 per project. All of these possible projects are worth a considerable amount of money, and make healthcare consulting a lucrative field.

BLS doesn’t track consulting salaries separately, but consultants often act as professional advisors in the capacity of medical and health services managers. They tend to be the best educated and most highly educated individuals that come out of those roles. So it stands to reason they are likely to make somewhere near the top of that salary range, or even above. That puts them at or over the top 10 percent average salary rate of $195,630.

Another reason to consider a healthcare MBA and healthcare consulting is the wide variety of organizations in which you can work. There are so many healthcare related organizations who need to find ways to improve operational efficiency and save money. Some of these organizations include:

• Public health facilities
• Health care clinics
• Mental health facilities
• Hospitals
• Nursing homes
• Continuing care centers
• Outpatient care facilities
• Doctors’ offices
• Military hospitals and clinics
• Healthcare charities

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 Consulting Online Degree Programs

There are now many online healthcare MBAs, but which is the best program for you? We advise that you consider the following:

• Does the healthcare MBA program offer classes that teach you skills that you will need in healthcare consulting? If you want to be a healthcare consultant in pharmaceuticals and medical devices, you will want to take classes that offer you background in these fields.
• Who are the professors? If you want to get a healthcare MBA that will prepare you for a consulting career, you want to have professors who are experienced healthcare consultants themselves.
• Can you take your healthcare MBA classes on your schedule or do you need to take classes on a fixed schedule?
• How good and convenient is the online technology used to deliver your classes? You will be using the online system for at least two years to take your classes, so you want it to work well for you.

If you think an MBA healthcare consulting career is for you, we recommend the following online MBA program:

Florida Tech Online

This online university offers an MBA in healthcare management that will provide you with the skills to become a strong healthcare consultant. It is geared towards the administrative and medical issues of information management. It covers many different subjects that will come up in a healthcare consulting career, such as managerial accounting, economics healthcare law and policies, and legal issues.

In this accredited MBA program, you will learn how to apply new and emerging theories of healthcare leadership, negotiation and management. All of these skills will be very important to building a successful healthcare consulting career. You will also gain real world experience that you can take into your healthcare consulting career as you develop a healthcare business plan in your capstone class.

Further, you will learn how you can apply modern business principles that are so important to a modern healthcare organization or device or drug company. Your required classes are:

• Managerial Economics
• Managerial Accounting
• Financial Management
• Organizational Behavior
• Marketing Management
• Healthcare Policy
• Business Information Management in Healthcare
• Legal Aspects of Healthcare
• Healthcare Planning and Marketing
• Strategic Management

More information:

• Campus: Melbourne FL
• Type: Non-Profit
• Accreditation: Southern Association of Colleges and Schools
• Tuition: $896 per credit hour
• GRE/GMAT Required: No
• Minimum Time Commitment: 24 months
• On Campus Requirements: No
• Programs Offered: Online MBA in Healthcare

Summary

Healthcare consulting is a rapidly growing career, and with an MBA in healthcare, you will be able to enjoy a career of solving difficult healthcare organizational challenges.