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The healthcare industry is always evolving. That means there are many opportunities for those with a master’s of business administration in healthcare.
Evolving Healthcare Landscape: The Need for MBAs
A Master of Business Administration (MBA) in Healthcare provides training to create leaders for a new healthcare landscape.
At Nebraska Methodist College (NMC), faculty prepare students to become business professionals who can offer a compassionate approach to administrative responsibilities.
The healthcare industry is in need of leaders who have the education and skills necessary for guiding organizations through changes, including:
- New federal healthcare legislation.
- An aging population.
- Increased use of online data.
- Technological advancements.
- Evolving pay models.
- A greater focus on prevention and wellness.
Graduates with a master’s in business administration in healthcare have opportunities to work in a various settings, such as:
- Hospitals.
- Surgery centers.
- Clinics.
- Long-term care facilities.
- Medical supply companies.
- Pharmaceutical companies.
- Health insurance companies.
- Other healthcare organizations.
Most roles for healthcare business professionals are for those with a master’s degree in business administration.
Read more: Why You Should Choose a Healthcare Management Degree
The Value of Combining Business Acumen with Healthcare
The healthcare industry is a revenue-generating business. It depends on capable leaders who can balance the demands of achieving revenue goals while meeting customers’ needs.
Experience in business is necessary, but understanding the complex issues the healthcare industry faces will make you an effective leader.
In a master’s program for healthcare administration, students learn:
- Effective communication skills.
- Critical thinking skills.
- Complex problem solving skills.
- Strategic leadership skills for healthcare settings.
No matter where your career path takes you, an MBA in healthcare allows you to have an impact on patient care.
Read more: 6 Reasons to Pursue an MBA in Healthcare Management
Skills and Qualities Needed for a Healthcare MBA Role
Healthcare leaders must have the management skills and industry knowledge to successfully supervise teams. They also need skills that will allow them to coordinate programs, manage departments or facilities and create policies.
Some skills required to be a good healthcare manager are:
- Leadership skills
- Communication skills
- Relationship building skills
- Critical thinking skills
- Knowledge of the healthcare industry
- Compassion and empathy
- Problem solving skills
Challenges and Rewards: Thriving in Healthcare Management
Healthcare management might be the right path for you if:
- You have a passion for business and leadership.
- You like solving problems using data and strategy.
- You have an interest in leading with compassion.
- You want to positively impact people’s lives.
- You’re interested in healthcare.
The decisions you make as a healthcare management professional could impact hundreds or thousands of lives making it a rewarding career.
Working in healthcare management also has the potential for salary growth. Salary ranges vary by state and job position, but the U.S. Bureau of Labor Statistics lists the average salary as $101,340 per year.
But working in a healthcare management position has its challenges, including:
- Leading a team with diverse backgrounds and personalities.
- Solving problems within a healthcare organization.
- Using data to guide decision making.
- Prioritizing revenue.
Comparing Traditional vs. Lesser-Known MBA Jobs in Healthcare
The benefit of earning a master’s degree in business administration in healthcare is that you’ll have many career opportunities.
According to the U.S. Bureau of Labor Statistics, the average job growth rate for healthcare managers will be 28% between 2021 and 2031.
You may choose to take a traditional path into healthcare management and work as an administrator or manager.
Traditional jobs you can get as an MBA graduate with a healthcare emphasis include:
- Hospital administrator.
- Healthcare administrator.
- Clinic coordinator.
- Clinic director.
- Healthcare finance manager.
- Healthcare department manager.
- Quality and improvement manager.
- Medical practice manager.
- Ambulatory care manager.
- Assisted living manager.
But the healthcare industry is vast, which means there are unique healthcare management positions available. Here are six lesser known roles for an MBA in healthcare graduate:
1. Healthcare Statistician: Data-Driven Decisions in Healthcare
Healthcare statisticians work with a variety of data, such as population health data, patient-generated tracking data and healthcare claims, to look for trends and create actionable insights to improve health outcomes.
Working as a healthcare statistician allows you to work for pharmaceutical companies, consulting firms, public health departments, research institutions, governments and laboratories.
2. Medical Device and Pharmaceutical Product Manager: Bridging Clinical with Research and Development
Medical device or pharmaceutical product managers can serve as liaisons between clinicians and the research and development department for healthcare product companies.
These managers are considered technical experts and are deeply involved in developing new market opportunities and commercialization strategies.
3. Health Information Managers: Navigating the Digital Transformation in Healthcare
Professionals in this realm work at the intersection of software designers, health system administrators and providers. They focus on evaluating data to improve a healthcare facility’s information systems and quality of patient information.
4. Clinical Strategist: Shaping Effective and Efficient Healthcare Solutions
Clinical strategists develop and implement initiatives to increase effectiveness and reduce cost.
They may launch pilot programs, prioritize projects and analyze market trends in support of the organization’s mission.
5. Healthcare Entrepreneur: Innovating with an MBA Perspective
Like most business professionals, MBA in healthcare graduates are armed with the skills to create their own business.
In addition, they have a unique insight into the healthcare world, allowing them to anticipate the needs of the industry and develop innovative solutions.
6. Diverse Opportunities: Exploring MBA Careers in Healthcare
An MBA in healthcare not only prepares you to be a leader in the healthcare industry but also throughout the business world. The possibilities are endless.
Read more: What Jobs Can I Get With a Degree in Healthcare Management?
Education and Training: Preparing for These Unique Roles
Stepping into the healthcare industry with an MBA isn't just about traditional roles. It's about harnessing the fusion of business acumen with medical understanding to craft innovative solutions and lead transformative change.
Read more: 5 Reasons Why Healthcare Management Could Be For You
At NMC, students get a professional education on a convenient schedule. The online classes are ideal for working professionals wanting to advance their career in healthcare.
The healthcare management curriculum aims to prepare students to be leaders and innovators in healthcare. Faculty use extensive, real-world experience to help students develop leadership and management skills.
What separates NMC from other healthcare management programs is the emphasis on compassion in the curriculum. NMC students experience a holistic culture of caring and learn how to take that into their careers.
Students at NMC can choose three elective courses in the areas of healthcare administration, informatics and quality improvement. Electives are chosen based on students’ unique interests, professional goals and schedule.
The MBA in Healthcare program at NMC is 100% online. This allows students to meet their educational goals while balancing their professional and personal life. Most courses are eight weeks long.
The program is typically completed in 16 to 28 months, with options for shorter or longer plans of study.
A healthcare management degree prepares graduates for a rewarding career as leaders in the healthcare industry.
Interested in deepening your expertise? Download our MBA in Healthcare Degree Guide and unlock the doors to these exciting opportunities today!
