5 Crucial Business Skills Needed in Healthcare Management

5 Business Skills Healthcare Managers Need

  • Decision Making
  • Collaboration
  • Financial Management
  • Interpersonal Skills
  • Industry-Specific Knowledge

Because there is significant overlap between the two fields, many business skills are necessary for performing quality healthcare management. In fact, degree programs for managing healthcare facilities often require classes in both areas. Below are five of the most crucial skills commonly used in business that healthcare managers also utilize on an everyday basis.

Related Resources: Top 20 MBA in Healthcare Management Online Programs 2018

1. Decision Making

Managers of healthcare facilities are in charge and must make final decisions on a number of matters, just like CEOs of top companies do. This often requires gathering important information and listening to the arguments on both sides before making a decision. In some cases, however, decisions need to be made quickly and on the spot. The best managers are able to strike a balance between weighing a decision and actually getting around to making it. Putting off a decision for too long can have dire consequences, as can acting quickly without weighing the pros and cons.

2. Collaboration

Healthcare managers must work with all members of their staff in order to keep the facility running efficiently and effectively. In business, collaboration is necessary to launch products, complete projects, maintain high levels of productivity, come up with new ideas and more. Collaboration is the job of all managers in any field because their role is to manage other people to accomplish a goal of some sort. Managers must be able to facilitate collaboration between professionals both inside and outside of the organization.

3. Financial Management

Proper financial management is something all healthcare managers and business executives must have some knowledge of. Hospital managers have budgets they must adhere to, and they work with financial professionals such as accountants and advisers to ensure their facilities remain financially stable. This is one of the business skills corporate executives must also have in order to practice good financial management of their companies. In business, financial mismanagement can put the company’s survival in jeopardy, and it can wreak havoc on healthcare facilities and the quality of patient care they provide.

4. Interpersonal Skills

All management positions, no matter the industry, require excellent interpersonal skills. The Bureau of Labor Statistics confirms the necessity of this skill for medical and health service managers. Not only do healthcare managers and business managers alike work with their own staff, but they must interact with clients and other professionals as well. Interpersonal skills are especially important for healthcare managers because they are often working with patients who are upset, sick, hurt or stressed in other ways. This can make working with them a challenge, and requires empathy and understanding.

5. Industry-Specific Knowledge

Finally, individuals pursuing a career in the healthcare management field must have knowledge of scientific and medical subjects. This is important for being able to communicate effectively with doctors, nurses and other medical staff. Understanding of this subject matter helps command more authority and allows better decisions to be made. Business executives also must have industry-specific knowledge in order to make the right decisions for their company. Medical management degree programs often offer a combination of courses in business topics as well as scientific, health-related topics. Professionals in this field must also pursue continuing education in order to remain knowledgeable of trends in the field, new studies and new information.

Running a healthcare facility has many similarities to running a business. However, there are key differences too, such as a strong necessity for empathy, which makes this career a good choice for many. By sharpening business skills, individuals in healthcare management can run better, more successful healthcare facilities.