If you want to provide quality care to patients while running a profitable healthcare organization to handle the commercial side of medical services, then you should strongly consider earning an MBA in Healthcare Management. Due to today's rapidly changing and increasingly complex healthcare system, MBA in Healthcare Management programs are becoming more popular than ever before for producing effective healthcare administrators who can successfully manage various types of medical-related businesses with skill. As one of the fastest tracks in a slow economy, according to CBS News, the MBA in Healthcare Management degree is in high demand as healthcare companies are desperately seeking more MBAs to fill open positions leading the $2.26 trillion industry. In order to determine whether going back to graduate school is the right move for you, the following is an overview of the MBA in Healthcare Management degree.
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Structure of an MBA in Healthcare Management Program
Ideal for those who aspire to the administrative side of medical services to manage a health-related organization, the MBA in Healthcare Management is typically structured for healthcare professionals who already have several years of experience. After completing the major core courses of the traditional MBA in the first stage, the concentration in Healthcare Management will allow students to create the managerial and decision-making mindset needed specifically for health administration in the public or private sector. Often available on-campus in a convenient evening schedule or online from anywhere at any time, MBA in Healthcare Management programs is not as business-oriented as a traditional MBA, but will still require the completion of at least two to three years of graduate studies related to medical management.
Benefits of Receiving an MBA in Healthcare Management
While all healthcare professionals with strong clinical backgrounds already possess knowledge that is beneficial for the exam room, much of this knowledge does not always translate to the board room when making critical executive decisions. Therefore, the MBA in Healthcare Management is the perfect choice for giving healthcare professionals the fundamental understanding of health policy, technology, finance, accounting, economics, and leadership to make well-informed business moves. Within an MBA in Healthcare Management program, you receive training to form business plans, build effective leadership skills, solve problems in the face of uncertainty, motivate healthcare employees, manage financial risk, and apply contemporary business principles to medical organizations.
In-Demand Careers Available with an MBA in Healthcare Management
As a holder of an MBA in Healthcare Management, you will be a much stronger candidate for receiving leadership positions as well as promotions to top-level executive roles in a variety of healthcare organizations. Whether you are interested in leading a hospital, clinic, nursing home, psychiatric center, rehabilitation facility, pharmaceutical company, or even a whole healthcare delivery system, specializing an MBA in Healthcare Management can take you there. Some of the most sought-after jobs within health administration include Health Analytics Director, Hospital Administrator, Healthcare Finance Manager, Healthcare Consultant, Practice Manager, and Pharmaceuticals Project Manager. Not only are all of these jobs in very high demand, but they also come with a sizeable six-figure annual salary of $101,340 each year, according to the Bureau of Labor Statistics.
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Overall, if you are a healthcare professional without a business background who is striving to obtain leadership in the administrative side of the medial industry, consider pursuing an MBA. Not only will you make more money, but the MBA in Healthcare Management will also assist you in forming a more comprehensive understanding of how your healthcare organization must run in order to succeed in today's marketplace.