Is a Healthcare Management MBA Right for You?

Obtaining a Master of Business Administration is seen as one of the pinnacles of business education, certifying that those with it have demonstrated noticeable leadership and management ability. Entering and completing the program represents commitment that helps separate those with an interest in business management from those with a passion for it. Whether transferring into a new industry or moving up into leadership positions, if you are looking to get into the business side of healthcare, earning a MBA in healthcare can help you get there.

Why Choose Healthcare?

Healthcare may be the most vital industry in the American economy. Almost everyone needs healthcare at some point, even if it is only for a yearly physical. As AllHealthcare pointed out, if you choose to work in healthcare, you’ll be working in a profession where demand will never fluctuate. While every industry sees cutbacks during times of recession, hospitals and other care centers often are not as affected, due to the services they provide the community.
Working in the healthcare industry also can offer a strong feeling of fulfillment on the job. While other industries can also be very rewarding, few compel the gratitude that healthcare service providers receive, as the industry makes a positive difference in people’s lives daily.
Healthcare is also an exciting and dynamic field, one that is often on the cutting edge of technological innovation. This means you always need to be prepared to learn new things in an industry for which modernization is not a threat, but instead can make your job easier.

The Online MBA at D’Amore-McKim School of Business

The Online MBA program at the D’Amore-McKim School of Business is structured with a 50-credit-hour curriculum composed of 13 core courses and five electives.
The 13 core courses are designed to give students a deeper understanding of business management and operations. The five electives allow students to explore various business-related topics and gain focused knowledge from one of eight in-demand concentrations, including Healthcare Management.

What The Healthcare Management Concentration Entails

To obtain an Online MBA in Healthcare Management, you will need to take at least three elective courses from the Healthcare Management concentration. At the D’Amore-McKim School of Business, the four elective courses specializing in healthcare include the following:

  • Introduction to Health Informatics and Health Information Systems
  • Healthcare Finance
  • Healthcare Industry
  • Strategic Decision Making for Healthcare Professionals

These electives can provide you with focused knowledge on how to oversee and administer healthcare facility operations, personnel, and business structure. Part of your education will focus on the historical functioning and development of the U.S. healthcare system, as well as how it operates and is regulated today.
Healthcare has been recently transformed by electronic health records, and the process is still evolving. As a specialist in this concentration, you can expect to learn more about how record management and storage innovations are improving the industry, as well as challenges still faced at many locations.
You’ll also be expected to learn the standard healthcare-specific procedures such as budget management, data analysis and implementation, and effective workflow organization. Despite its service orientation, healthcare must still function like a business and requires the same business intelligence needed to manage businesses in other industries.

Looking at The Potential Job Market

You may be wondering about job opportunities after you have earned your Master’s in Business Administration with a concentration in Healthcare Management. At the D’Amore-McKim School of Business, our courses are designed to prepare you for management opportunities in healthcare facilities, directing healthcare operations, long-term care facilities, and healthcare staffing.

A Master’s in Business Administration can help open doors to leadership positions in the healthcare industry. According to the U.S. Bureau of Labor Statistics, the median pay for management positions in the healthcare sector was $98,350 per year in 2017. This sector of the job market has a fairly healthy outlook, with 72,100 jobs expected to be added from 2016 to 2026. This marks a 20 percent job growth rate, which is well above the national average.
As you explore obtaining an MBA with a Healthcare Management concentration, consider the advantages of earning your degree online. At the D’Amore-McKim School of Business at Northeastern University, you can continue to pursue your healthcare career when you enroll in the 100% Online MBA program. To learn more about our Online MBA program and admission requirements, contact an enrollment advisor today.

 

Sources

10 Reasons to Get into a Healthcare Career – Monster

Medical and Health Services Managers – BLS