Every year, the competition for job openings gets tougher in the United States, especially given the fact the economy has been in the doldrums in the last couple of years. Though the situation is largely the same even in the healthcare industry, earning a healthcare MBA would give you a fighting chance, which will equip you with skills to lead a healthcare related facility such as a clinic, hospital, or pharmaceutical company. Read on to learn about what it takes to succeed in healthcare management.
The Scope of MBA Programs
MBA programs primarily focus on providing students with a good grasp of the business of healthcare by teaching them how to be critical thinkers, good organizers, as well as great communicators. In addition, students learn the industry’s best practices and current trends and processes in healthcare.
Why Pursue MBA Healthcare Management
As the American population becomes more urbanized, the demand for healthcare service is likely to increase significantly. If this happens, health facilities will obviously require more workers. Figures published by the Bureau of Labor Statistics show that job opportunities for health service managers is set to grow by 22% percent through 2020. This is significantly higher than the average for other occupations. In addition, the average pay for healthcare management professionals stands at $84,270 per year. Depending on your employer, working experience, and education qualifications, you may earn more than the national average wage. Other benefits include job satisfaction as well as the opportunity to build a rewarding career.
Healthcare MBA Coursework
Most programs consist of 36 to 39 credit units. Some of the subjects that you are likely to encounter include managerial accounting, marketing strategies, health administration, healthcare informatics, strategic management, business law, economics for business, managerial economics, financial reporting and analysis, as well as information technology. These subjects help to prepare students to take the lead a healthcare organization effectively.
Upon graduating with an MBA healthcare management, you can choose from a wide range of career opportunities. For instance, you can opt to work as a health services manager. Here, your job description would entail overseeing the day-to-day running of an entire healthcare facility. Alternatively, you may opt to work as a healthcare consultant, which would give you the opportunity to assist healthcare companies remain relevant in a competitive environment. Other popular occupations in the healthcare industry include hospital administrator, practice manager, pharmaceuticals product manager, and healthcare services director of program management. According to the University of Pennsylvania’s Wharton School, 29% of its graduates end up in pharmaceutical and biotech jobs.
Why Pursue the MBA Program Online
Technology has made it easier for students to access education materials online. If you are a busy executive, an online MBA program is likely to provide unparalleled convenience, especially since you would be able to study at your own pace. For instance, you can schedule classes to take place after your work hours. Most online MBA healthcare programs are quite affordable, too. However, this does not mean that the quality of such programs is substandard. In fact, you will take the same coursework as students who attend fulltime physical classes. Another benefit of taking online MBA classes is the ability to access study materials on the go. You can travel outside the country and still attend classes.
To gain admission into a healthcare related MBA program, you require a bachelor’s degree. Most programs accept only students who have attended accredited universities. If you earned your bachelor’s degree outside the US, you have to submit a TOEFL score. In addition, you have to submit GMAT results. However, most programs waive this requirement for board certified medical doctors. You also have to submit your current resume, a statement of purpose, and letter of recommendation.
If your passion is to work as a leader in in the healthcare industry, you must acquire the right skills first if you hope to live your passion. An MBA in healthcare management will provide you with the necessary skill set to succeed in such an environment. Numbers published by the Bureau of Labor Statistics show that the top 10 percent in this field can make up to $144,880. On the other end, the lowest 10% take home an average of $51,280. With the demand for healthcare services rising every year, the outlook for professionals working in the industry is good.