Healthcare is considered to be the largest industry in the United States. According the Bureau of Labor Statistics (BLS), over 14 million people are employed in the healthcare industry. The BLS further states that they expect an additional 3 million jobs to be created by 2016. This makes healthcare one of the fastest growing industries in the country. The majority of these new positions will be careers that deal directly with patients, such as nurses and doctors. However, there will also be an increase in the management areas of these fields. A master’s of business administration (MBA) that specializes in healthcare will give you the advantage when pursuing these new positions.
What is a Healthcare MBA?
A healthcare MBA is similar to other MBAs, however it varies on its focus. All MBA degrees will include courses that prepare graduates for the management side of business, such as budgeting, decision-making and growing a business. A healthcare MBA will specifically focus on issues that managers in healthcare administration will encounter. Graduates will learn decision-making skills that will impact the operations of the healthcare facility and the quality of healthcare patients will receive.
Healthcare MBA programs are available from most colleges and universities that offer healthcare oriented programs. It will take approximately two years to earn this master’s degree if classes are attended full time. Thanks to the rise of interconnectivity, you may also pursue a healthcare degree online. When browsing online schools, ensure that they are AACSB certified. The Association to Advance Collegiate Schools of Business (AACSB) evaluates a schools MBA program and accredits them if they find that their program addresses real world issues and meets other aspects of their criteria. Find an AACSB online MBA program and know that you will be receiving a quality of education.
Where Can it Take Me?
You have several options to pursue after you have received a master’s in business administration with a focus on healthcare. If you are currently working within a hospital, discuss advancement opportunities with your hospital administrator. This degree opens you up to careers in hospital administration, such as a medical records administrator or assistant administrator. You can also become an office manager for group practices, working closely with the physicians within the practice to streamline procedures and help grow the practice. Insurance companies also have a need for those trained in the healthcare industry. After graduating with a healthcare MBA, you are open to a wide variety of roles within insurance companies, such as a policy adjuster and customer service manager.
An MBA degree that specializes in healthcare opens you up to a wide range of opportunities and options. Even if you decide not to continue with the healthcare path, your MBA will also serve you well when seeking a new career in other business related fields.