Healthcare management is an exciting field for professionals who want to opt for non-traditional roles apart from pure medical designations. It is an expanding field that offers professionals the opportunity to practice their management skills in medical facilities. Healthcare managers play an integral role in the up-gradation of medical facilities while providing them with administrative and managerial support. In this role, they need specific education that trains them well to tackle organizational challenges in the daily operations of healthcare facilities. Therefore, an MBA in healthcare management is an excellent way to land top management positions in the medical field.
Here are seven reasons to get an MBA in Healthcare Management.
Path of Financial Stability
A career in healthcare management is overall promising. However, an advanced degree becomes more rewarding and offers a stable career path with better chances of growth and promotions. Experienced healthcare administrators earn higher as compared to entry-level professionals. A practice administrator with an MBA earns $73,289, whereas a healthcare administrator with a bachelor’s degree earns $66,092 per year. There is a difference of approximately $7,000 on an annual basis. By taking the route of advanced education, healthcare care service providers can raise their earning potential. An online degree is an excellent option to pursue higher studies while continuing professional commitments. In addition, the online MBA program cost is considerably lesser than on-site programs.
Filling the Gap
With the rise of the aging population and the retirement of existing healthcare staff, the healthcare industry faces a shortage of staff. In addition, medical facilities have become advanced with the need for recruiting specialists who exhibit expertise in both healthcare services and management. As a result, job opportunities in healthcare are continuously expanding to meet the industry’s unmet needs. The United States Bureau of Labor Statistics states that career prospects in healthcare are bright and will grow by 16% from 2020 to 2030.
Diverse Job Opportunities
An MBA in healthcare management offers a diverse range of job opportunities in the medical industry. It extends beyond the traditional role of a healthcare provider and plays an integral role in the administration and management of healthcare facilities. Advanced methods in the medical field led to the birth of new career options in insurance, digital health, management analysis, and statistics. The ACHE considers the present job market “an exciting time for health care management.” In addition, it enlists non-traditional roles in various sectors, including home care agencies, consulting firms, and long-term healthcare facilities.
Enhanced Interpersonal Skills
Communication is a critical factor in accessing and upgrading healthcare services and delivering high-quality patient care. Healthcare managers need excellent interpersonal skills to communicate effectively with their subordinates and other people. Being the supervisor, they have to identify the system loopholes and see things from different perspectives. An MBA in healthcare management is the best tool that polishes the communication skills of healthcare staff. After getting an MBA degree, they can interact with clients, investors, and employees more effectively and persuasively. In addition, they can also deliver instructions, establish rapport, and resolve issues efficiently and quickly.
After getting an associate degree, the primary roles in the healthcare sector usually involve administrative work. For example, it may include data entry and scheduling of a doctor. However, an MBA in healthcare management unlocks the door to career opportunities for leadership roles. For example, a medical practitioner may recruit and manage an entire team of healthcare service providers. Being in a leadership role, graduates in healthcare management oversee the whole operation of the medical facilities. Chief Executive Officer, Chief Financial Officer, and Nursing Home administrator are some of the designations you can earn after having an MBA in Healthcare management.
Mastering Financial Skills
Financial skills are what you need to show while staying in leadership roles. You cannot run a medical facility up to a high standard if you don’t know how to use its revenue and resources. An MBA trains you in financial planning and cost-benefit analysis of medical facilities. With limited financial resources, managing and utilizing revenue soundly becomes crucial. A manager with an MBA in healthcare management has the expertise to manage financial constraints in making a medical facility optimized effectively. All medical facilities prefer to recruit managers who can deal with limited financial resources and generate a good investment return. A business-related education integrated with healthcare provides the tools for managers to expand their knowledge and utilize opportunities coming their way to remove obstacles.
Optimizing the Healthcare System
Healthcare managers generally do not deal with patients directly unless they receive feedback and resolve issues. They do not deliver patient care now, but their role is as significant as doctors and nurses in saving patients’ lives. The rise of technology and automation in the healthcare sector paved the way for many non-traditional roles. Managers with an MBA are better equipped with modern skills to streamline the operations of medical facilities. They know how to ensure the delivery of quick and effective patient care and its importance in the long run. Having an MBA in healthcare management gives managers in medical facilities an edge over other professionals. Professionals who are enthusiastic about expanding their careers in healthcare must consider pursuing an advanced degree to learn the modern skills and tools of the trade.
If you want to excel in a non-traditional career in healthcare, an MBA in health management is what you need. Unfortunately, competing for health care jobs at the international level is challenging. However, you can quickly land a great job by embarking on the journey of an MBA in Healthcare.