Healthcare is one of the fastest-growing industries in the world today and the demand for workers in this field continues to rise. The MBA, or Master of Business Administration degree, is considered the best degree pathway for students looking to get into healthcare management.
If you’re someone who is looking for the right degree program in healthcare managment, then you’ve come to the right place. In this article, we’ll answer every question you have regarding the best MBA programs in healthcare management.
According to the US Bureau of Labor Statistics, the number of medical and health service managers is expected to grow 18 percent by 2028. Not only is this projected growth rate much faster than the average, but professionals in this field also earn a high median salary of $100,980. If you are a conscientious and determined worker who is interested in the business operations of healthcare management, then read on.
Why Earn an MBA in Healthcare Management?
Though a bachelor’s degree prepares you for several entry-level jobs in a certain field, a master’s degree is more common and preferred by employers, especially in this field. The healthcare industry is rapidly growing and employers are looking for outstanding candidates.
A Master of Business Administration is growing in popularity amongst employers. It not only qualifies students for business roles and responsibilities, but also allows them to concentrate in certain niche areas in their respective fields.
For instance, an MBA in Healthcare Management will provide you skills of analytics, leadership, accounting, finance, and overall business savvy while still focusing on the business side of healthcare. Graduates will be able to compete for roles in management, administration, research, and project management at upper-level positions in healthcare facilities.
MBA in Healthcare Management Courses
An MBA in Healthcare Management program places emphasis on business skills and courses, though it also requires students to partake in practicum courses and residencies. Hence, an MBA program in this field often spans a variety of subjects.
Courses cover topics from information systems to human resources, and a mixture of business and medical studies. Featured programs and schools also encourage students to take capstone projects, which allow them to apply the skills they’ve learned in real-world scenarios.
Here are some courses you can expect to take while earning your Master of Business Administration in Healthcare Management:
- Managed Care and Market Structure
- Financial Management of Health Institutions
- Health Care Reform and the Future of the American Health System
- Health Care Entrepreneurship
- Public Health Law
- Health Administration
- Leadership and Organization
- Ethics in Healthcare Management
Furthermore, certain concentrations offered in online MBA programs include hospital administration, global health management, and healthcare finance. Depending on which concentration you choose, you will have several career paths to choose from.
For instance, choosing hospital administration as a concentration may qualify you to be a health system executive. Ultimately, the courses you take will focus on the business side of healthcare administration, though you will be able to take electives, residencies and complete capstone projects to find your niche in the field.
Whatever you decide, make sure you think hard about what you want to do in your profession rather than how much you want to make. This mindset will allow you to perform at a high level and open you up to bigger and better opportunities.
Things to Know Before Applying to an MBA in Healthcare Management Program
In this day and age, more prospective students are choosing to pursue their degree online. Though online programs may be as rigorous as their offline counterparts, they do provide a variety of benefits. For instance, most online programs are asynchronous, which means you can complete your studies whenever and wherever you are most comfortable.
Furthermore, online programs are often smarter choices financially, since you do not have to pay for miscellaneous fees such as commuting fares or boarding expenses. Online programs are the best choice for those who work part-time jobs or have to care for their families.
Moreover, it is important to make sure that you are familiar with all the resources you require to pursue your education to the best of your ability. Are you familiar with the hardware (e.g: printers) and software (e.g: Word, Excel) you’ll be using? Are you comfortable using message boards and online forums to communicate with your instructors or classmates? Making sure you’re fully prepared with the means to get your degree is half the battle.
You should also make sure that the programs and schools you research are legitimately accredited. This ensures that you will not face any issues if you choose to transfer your credits, and ensures the authenticity of your MBA. Is your degree program reputable? Visit school websites, check reviews of your instructors or programs, or contact the schools directly to make sure.
In the end, choosing the right program is a difficult decision, but the most important factors include cost, convenience, and reputation. You may even choose to pursue your degree in a brick-and-mortar setting, though the ongoing COVID-19 pandemic may affect your progress. Doing your research will save you from program remorse in the long run.
Best MBA in Healthcare Management Programs
We have compiled a list below of the best online MBA in Healthcare Management programs for you to start your program research before applying to schools.
University of St. Francis
Program Name: Master of Business Administration in Health Administration
Tuition: $798/credit
Credit Requirements: 36
Admission Requirements: Bachelor’s degree in business, accounting, economics, or a related field; minimum of two years of full-time management experience or qualifying GMAT scores are also required.
Florida International University
Program Name: Master of Business Administration in Healthcare
Tuition: $1,000/credit
Credit Requirements: 42
Admission Requirements: Bachelor’s degree; two years of professional work experience; and a minimum undergraduate GPA of 3.0 as well as over 60 credits of upper-division coursework; GMAT/GRE scores may also be requested.
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Concordia University Chicago
Program Name: Master of Business Administration in Healthcare Management
Tuition: $725/credit
Credit Requirements: 36
Admission Requirements: Bachelor’s degree with a minimum 2.85 GPA; official transcripts, two letters of recommendations, and an objective statement.
University of Delaware
Program Name: Master of Business Administration in Healthcare Management
Tuition: $950/credit
Credit Requirements: 44
Admission Requirements: Bachelor’s degree in any academic background with a minimum undergraduate GPA of 2.8; two years of work experience; GRE/GMAT scores are optional based on the candidate’s qualifications.
University of Mary
Program Name: Master of Business Administration in Healthcare Management
Tuition: $550/credit
Credit Requirements: 36
Admission Requirements: Bachelor’s degree with a minimum 2.75 cumulative GPA; official transcripts are also required.
University of South Dakota
Program Name: Master of Business Administration in Healthcare Management
Tuition: $466/credit
Credit Requirements: 39 to 57
Admission Requirements: Bachelor’s degree with a minimum 2.7 GPA; three letters of recommendation; GMAT scores are optional based on the candidate’s qualifications.
Widener University
Program Name: Master of Business Administration in Healthcare Management
Tuition: $1,034/credit
Credit Requirements: 33
Admission Requirements: Bachelor’s degree with a minimum 2.7 GPA unless eligible for a waiver; applicants must also earn a 450 or higher on the GMAT.
University of Massachusetts
Program Name: Master of Business Administration in Healthcare Management
Tuition: $900/credit
Credit Requirements: 45
Admission Requirements: MBA program applicants must have at least three to five years of work experience in their field; a personal essay, a resume, and two letters of recommendation are also required, along with GMAT or GRE scores.
Concordia University Wisconsin
Program Name: Master of Business Administration in Health Care Administration
Tuition: $760/credit
Credit Requirements: 36
Admission Requirements: Bachelor’s degree with a minimum 3.0 GPA; an official transcript; an essay, current resume, and two signed letters of recommendation.
Mercer University
Program Name: Master of Business Administration in Healthcare Management
Tuition: $795/credit
Credit Requirements: 36 to 45
Admission Requirements: Prospective students must submit official transcripts, a current resume, and official GRE or GMAT scores; applicants with a graduate degree may waive the standardized testing requirement.
MBA in Healthcare Management Career Paths
Once you earn your MBA in Healthcare Management, you will be qualified for a variety of job opportunities in several concentrations. Monetary compensation is not determined only by your location, but also by certifications, work experience, and additional skills. Here are some career paths you may consider after earning your MBA:
- Medical and Health Services Manager
2020 Median Salary: $100,980
Projected Growth Rate: 18% (much faster than average)
- Administrative Services Manager
2020 Median Salary: $96,940
Projected Growth Rate: 7% (faster than average)
- Human Resources Manager
2020 Median Salary: $116,720
Projected Growth Rate: 7% (faster than average)
These are just a few career ideas out of hundreds and the main thing to take away is that an MBA in Healthcare Management will qualify you for executive and managerial positions in this field. As you gain more experience, you may receive up to a 30 percent increase in your pay.
MBA in Healthcare Management FAQs
Are there any scholarships or financial aid programs available?
Each program listed above has ample scholarship and financial aid packages available to you. Moreover, here is a website you can use to find several scholarship opportunities, such as the Bachrach Family Scholarship award offering up to $5,000.
Are there any internship programs I can apply to?
We found a website containing the latest work programs that you can apply to, from internships to full-time jobs.
Is there anything else I should know before starting my journey?
Here is a website that is full of resources regarding healthcare managment that you should definitely check out.
Conclusion
In the end, you should always be willing to learn more about your field of interest and how you can obtain your degree easily. You should earn your MBA in Healthcare Management in whatever way works best for you. With the tools and resources provided to you in this guide, we here at CareerKarma wish you good luck.
About us: Career Karma is a platform designed to help job seekers find, research, and connect with job training programs to advance their careers. Learn about the CK publication.
