Why Is an MBA Important in Healthcare?
The healthcare field has a business side that healthcare workers focused on patient care might not know much about. However, this business side is a crucial part of how hospitals and other healthcare facilities and organizations operate. Making sure the day-to-day operations of these facilities and organizations run smoothly can help ensure patients have access to and receive quality healthcare services. Healthcare management also plays an important role in keeping facilities and organizations in good standing overall, so they stay in operation.
What Do People with an MBA in Healthcare Management Do?
People who have an MBA in healthcare management are leaders in the healthcare field. These individuals manage hospital departments or entire hospitals, physician’s offices, and other medical organizations. Professionals with an MBA have studied and developed the skills needed to be a strong leader in healthcare, such as business ethics, accounting, budgeting, health systems administration, and other aspects of healthcare management. These individuals understand the complexities involved with managing healthcare organizations or departments and can handle their jobs confidently and efficiently.
What Jobs Can You Get with a Healthcare MBA?
Several career paths can open up when you earn a healthcare MBA. Depending on your career goals and interests, you can choose from a wide range of careers. Some of the healthcare MBA jobs available include health administrator, clinician leader, and consultant. Health administrators, also known as hospital administrators or health services managers, have a variety of responsibilities. These often include overseeing finances and budgeting, staying updated on regulatory changes in the healthcare industry, and recruiting candidates for administrative or clinical positions. Clinician leaders are nurses, physicians, and other clinical healthcare workers who act as leaders in their facility or organization. In addition to providing patient care, these individuals can handle the business side as well, such as dealing with operational or financial issues. Consultants with a healthcare MBA evaluate healthcare facilities and organizations and recommend ways to improve or optimize their day-to-day operations.
Benefits of Getting an MBA as a Healthcare Worker
Taking the time to earn a healthcare MBA can provide you with important advantages that enhance your career. The skills you’ll learn in an MBA program can help you expand your job opportunities or work toward your long-term career goals. When you get an MBA, you can expect to enjoy the following benefits.
- Learn the Business Side of Healthcare
Going through an MBA program means you’ll gain an in-depth understanding of the business side of healthcare. This can allow you to take on leadership positions in this industry and understand the importance of keeping healthcare operations running as efficiently as possible. When you’re familiar with the business side of healthcare, you can do your part in keeping your healthcare organization or facility running smoothly.
- Bring a Patient-Care Perspective to the Business Side
Those who only have a business understanding of healthcare might not fully understand how their decisions could affect patient care. As a healthcare worker, you’ll be in a good position to see both sides of these issues. You’ll have opportunities to bring your perspective as a healthcare worker to the business side of your organization or facility, allowing you to make better informed decisions.
- Develop Solid Management and Leadership Skills
MBA programs focus on teaching students to be effective leaders. This involves learning about and developing solid leadership and management skills. When you’re part of an MBA program, you’ll work on building these skills, such as communication, decision making, problem solving, and team-building. You can then apply these skills to your healthcare MBA job in order to thrive and enjoy a successful career.
- Earn an Excellent Salary and Benefits
When you have an MBA as a healthcare worker, you might have an opportunity to earn a higher salary and gain access to excellent benefits. According to U.S. News and World Report, the average MBA salary with bonus pay in 2020 was $101,034. At the highest-ranking business schools, MBA graduates had an average salary and signing bonus of $172,265. Keep in mind that MBA salaries can vary widely depending on position and experience, among many other factors.
- Improve Healthcare Systems Through Decision-Making
Having an MBA in healthcare administration means you can play an important role in improving healthcare systems. As an administrator or manager, you’ll be in a position to make decisions about healthcare systems. You might make decisions that improve healthcare quality at your facility or organization or that help your organization or facility run more efficiently.
- Have a Positive Impact on Communities
A healthcare MBA can allow you to make improvements to your local community. When you work in healthcare administration, you might have the opportunity to focus on making healthcare services more accessible to underserved areas in your community. You might be able to help improve the health and well-being of your community as a whole through your position as a healthcare leader.
- Gain Emotional Rewards
Earning your MBA can provide you with emotional rewards. Knowing that you’re doing your part in improving the healthcare industry through your decision-making and other responsibilities can offer a sense of pride and accomplishment. As a healthcare worker, you’ll also be going above and beyond to improve healthcare quality and access to services through your work in healthcare administration.
- Have Transferable MBA Skills If Needed
Having a healthcare MBA doesn’t mean you have to stay in the healthcare industry. If you decide to leave the industry some day and build a career in another field, your MBA skills are transferable. You can use your leadership skills and all the other skills you developed in your MBA program to thrive in a management or leadership position in another industry. Earning your MBA is a solid investment in your future, no matter what type of field you end up working in.
- Earn an MBA Online in a Part-Time Program
Earning an MBA doesn’t have to involve quitting your job or making other major adjustments to your current situation. You can explore options for part-time MBA programs that can easily fit into your daily schedule. Keep in mind that online MBA programs are also available. These programs offer a convenient way to earn your MBA with online classes, so you don’t have to worry about going to and from class in person or being on a tight school schedule. You can do your online classes and work on assignments and projects at your own pace.
When you’ve earned your MBA, you can look forward to advancing your career in the healthcare field. This can help you build your ideal career. If you’re exploring your options for MBA programs, contact The University of Tennessee at Chattanooga today. We can provide you with more details on the MBA program offered at UTC’s Gary W. Rollins College of Business. This degree program has different options available, including a fully online MBA program and a flexible MBA program with both in-person and online classes. Both options offer the opportunity to earn a concentration in healthcare administration. Depending on your situation, you can choose a part-time MBA program that allows you to keep working full-time or attend a full time MBA program.
