Advantages of Getting a MBA in Healthcare Management
- Financial Skills
- Advanced Communications Skills
- Procedure and Process Optimization
- Expanded Career Path Options
- Team Leadership Skills
Students who are interested in pursuing a career in health services can gain many significant benefits by augmenting their education with an MBA in Healthcare Management. Hospitals, clinics and many other types of facilities operate much like traditional businesses, so the skills and knowledge transfer seamlessly between them. This academic path prepares students for a vibrant career and also helps them grow on a professional and personal level. While an advanced business management degree is not required for most entry level jobs, it can open up doors and provide individuals with more options for advancing their career.
Related Resource: Top 20 Online MBA in Healthcare Management Program 2018
Perhaps the most significant benefit of a business degree is an emphasis on financial planning and cost-benefit analysis. All medical establishments must be able to effectively manage limited financial resources, so it's essential for managers to make sound decisions that provide good return on investment. A business-oriented education gives students the tools and knowledge they need to take advantage of opportunities and mitigate the risks that accompany high-level decisions. A basic understanding of logistics and accounting also provide a solid foundation for many careers paths in health services management.
Advanced Communications Skills
Managers and business leaders must be able to communicate effectively to do their job. They need to see things from multiple perspectives, including clients, employees and investors, so they can present information in a way that is relevant and persuasive as appropriate. Even if the organization has dedicated communications staff members, managers still need to know how to handle inquiries, establish professional networks and deliver instructions clearly.
Procedure and Process Optimization
Healthcare managers may not participate in hands-on treatment of patients, but their work is just as vital for saving lives as surgeons and physicians. Streamlining the operations of a hospital to ensure prompt and effective care is a critical responsibility. Studying business management and administration gives students an edge when it comes to handling operational concerns in their workplace. There is always room for improvement, and in health services these improvements translate directly into better care for patients.
Expanded Career Path Options
Individuals who are interested in a life-long career in health management should strongly consider pursuing a business degree focusing on health service institutions. The rise of automation has eliminated many of the traditional roles and responsibilities in health services, but it has also lead to a need for trained administrators to oversee these expansive systems. One of the chief benefits of a Master of Business Administration is a more flexible career path for professionals who want to make a positive impact by taking on leadership positions in the industry.
Team Leadership Skills
One of the hallmarks of a business-oriented education is team management and leadership. This includes some of the obvious responsibilities, like interpersonal communication and professional management techniques, but also innovative tactics and methodology for solving complex problems in a creative way. As in any other industry, leaders of a healthcare institution must be able to inspire confidence in their employees and motivate them to work harder to achieve better results for patients in their care.
The Bureau of Labor Statistics projects that employment for health services managers will grow faster than average. For students interested in this career path, the choice between a Master in Health Administration (MHA) and an Master in Business Administration is certainly not an easy one. There are many factors that students must consider before choosing an academic path, so it's a good idea to discuss the options with a mentor who has experience in the field. The benefits of getting an MBA in Healthcare Management are worth considering for anyone who wants to devote their career to big picture thinking and managerial responsibilities in the health service industry.