An MBA For Aspiring Health Care Leaders

Health care leadership is the rising star of the business industry, and has fast become one of the hottest career paths across the country. With the economy constantly in battle to hold its own, much of the business world has found itself falling on hard times and many Americans have lost jobs over the past decade as a result of this. Surprisingly, one area that hasn’t suffered this setback is the world of healthcare, which might explain by the BLS has stated that the healthcare industry is facing a future growth of 12-32% over the next decade. This is a hugely climbing rate, promising much greater than average expansion, and thousands of new jobs available and waiting for MBA graduates. Acquiring an MBA degree in healthcare provides the foundation for a fast track to management and executive status in hundreds of professions across the globe.

Making Medicine Modern

You might be surprised to learn that even doctors, nurses, and dentists have taken the plunge and returned to the world of academics in order to earn an MBA in healthcare. Of course, this education type isn’t necessary in order to be a practicing clinician in the medical field, but it is necessary to work on the management side of this industry as a nursing manager, hospital administrator, or dental director. Students and professionals who aspire to be a leader in their industry can rely on the advanced integration of insightful theoretical coursework and hands on tactical experience that comes together in an MBA program to provide what’s needed for success in advanced roles throughout this career path.

The Best Candidate For Leadership In Healthcare

The applicants for healthcare MBA programs come from a wide range of categories, from men and women of multiple cultures and backgrounds to various job experience and educational backgrounds, but it takes a certain kind of a person to be a really good fit for this career path. Working in a managerial or director role within the healthcare community takes a certain level of focus, organization, and dedication to your field, but it also requires some serious analytical skills and the ability to solve advanced problems in a timely fashion using creative thinking and appropriate decision making. These candidates should have a drive to help others while also having a natural flair for business and finance as many of the roles obtained after graduating with an MBA degree include not only managing the day to day processes that go on within the hiring organization, but also the finances, policies, and staff.

Getting Your MBA In Healthcare

Many schools across the United States offer MBA degrees in healthcare, in both full-time and part-time learning options. This is a highly convenient feature of the program because many MBA students are mature and have families or jobs that they need to make time for while they’re studying. Although there are multiple universities to choose from to complete your degree, a few of the top schools providing this kind of MBA are Johns Hopkins University, University of North Carolina, Harvard University, Georgetown University, University of Barcelona, University of Southern California, University of Michigan, University of Washington, and Hofstra University. Many of these schools provide scholarships, or have information about scholarships, grants, and other funding that can be used to pay for tuition, materials, and other fees that the programs require. Each school has its own set of standards for admissions so application fees and required document lists may differ from institution to institution.

Program Characteristics

Although the programs differ from school to school, much of the information being learned is very similar. Most full-time MBA degrees run for 2 years or 22 months, and each year is split into separate courses. Year 1 usually covers the basics of a solid business foundation, while year two provides insight into the healthcare industry, and courses are given, still with a business feel, but with a medical focus as well. During the second year an assignment is usually required either between students and faculty members, or within a group of students; in many cases this final project acts similarly to a final exam, and there are high expectations for the completed product. Some MBA programs that are part-time require more time to finish and may take a combination of 3 years or 33 months. Although the 3 year program is structurally very similar, there are differences, specifically in the third and final year when all of the work processed throughout the first two years is put into action within a workplace and hands-on experience is gained, monitored, and evaluated by your professors.

Experience Leading To Greatness

One of the differences that sets a healthcare MBA apart from undergraduate degrees and other college courses is that it gives you the amount of time necessary to work while studying and gain some real life experience to put on your resume. As the healthcare industry continues to move and grow, more and more recruiters are hiring directly out of college, and showing that you’re ready to work in your chosen field, and have relevant experience that makes you a good fit for a particular company means that you have the ability to become successful very quickly. Moving up the corporate ladder takes time, but it also takes skill, knowledge and patience, and an MBA in healthcare certainly expresses those very characteristics.

Being Successful in What You Love

Whether you’re dedicated to becoming a hospital CEO which can earn a salary of $166,000 per year, a Hospital Administrator earning $110,000, or a Pharmaceutical Product Manager with a possible yearly salary of $92,000, there are plenty of opportunities to do what you’re passionate about, and make money in the process. One way that you can guarantee yourself that you’ll find a position in your chosen career and that it will be rewarding for you is to research possible job options before you even register to take the degree program. Look into average salaries, how many people are hiring in that profession in each year in your area, whether you might need to move to find work, and how each school compares in regards to time, tuition, benefits, and hands-on work experience.

Resources:

  • http://www.hbs.edu/healthcare/
  • http://www.yale.edu/printer/bulletin/htmlfiles/som/m.b.a.-for-executives–leadership-in-healthcare-program.html
  • http://mhadegree.org/10-best-mha-degree-programs-in-the-world/