If you enroll in a Healthcare Management MBA course, you will be embarking in a very interesting study with many potential career options. Healthcare management is becoming increasingly important, as changes in health care laws and provisions mean that the industry has to be managed in the same way as a business. Combining extensive knowledge of this industry with knowledge of business as a whole, therefore, can be very beneficial.
Why Earn a Healthcare Management MBA?
By pursuing a Healthcare Management MBA degree, you will be able to oversee the operations and services within any type of healthcare facility. You will look at the principles of business as part of your core, which includes effective management, finance, and marketing. In addition, you will learn to apply those principles specifically to the healthcare system in this country. You will have an in depth understanding of how medical professionals, insurance companies, and patients relate to each other, and what the impact of those relationships is on the healthcare system.
Schools are entitled to establish their own admission requirements. That said, there is little variation between the different schools. Additionally, MBA programs have some of the most competitive admission criteria of all graduate degrees. A good example is provided by the University of Pennsylvania Wharton, which looks for people who:
• Submit an essay demonstrating why they are interested in the healthcare management concentration
• Have a bachelor’s degree from an accredited institution
• Show a passion and interest in the field of healthcare, and particularly its leadership and management challenges
• Complete an interview with the Admissions Office
• Provide GMAT/GRE scores (some schools waive these for those with extensive work experience)
• Provide TOEFL/IELTS scores if English is not their native language
Most schools will also require submission of a professional resume, as well as numerous letters of recommendation. Additionally, there is an expectation to complete a number of prerequisite courses and to hold a certain minimum GPA.
Curriculum and Courses
Schools can set their own admission requirements, and they can also develop their own curriculum. This is why it is so important to only enroll in a program that is delivered at an accredited school. Do also try to opt for an accredited program, which further guarantees a high quality standard of education. The University of Michigan Ross School of Business has a curriculum that is quite representative of that offered by other high quality schools. Their courses include:
• Business of Biology
• Comprehensive Healthcare Strategies
• Healthcare Markets and Public Policies
• Healthcare Public Policy Residential
• Commercialization of Biomedicine
• Health Care Strategy
• Innovations in Global Health Policy Delivery
• Introduction to Health Informatics
• Managing Health Informatics
• Public Health in Developing Countries
• Health Economics and Public Policy
• Public Policy Approaches to Social Disparities in Health
• Healthcare Fraud and Abuse
• Healthcare Law and Policy
• FDA Law
• Survey of the U.S. Healthcare System
• Cost-Effectiveness Analysis in Health
• Managing People in Health Organizations
• Empirical Methods for Health Informatics
• Law and Public Health
• The Politics of Public Health Policy
• Introduction to Social Welfare Policies and Services
• Healthcare Policies and Services
• Policies and Services for Older Adults
• Strategy for Nursing and Healthcare
• Human Resources
• Quality and Operations Management
• Innovation and Change
What this curriculum demonstrates just how wide and varied the degree program is. In fact, in the Ross School of Business example above, different schools (law, business, nursing, etc) have actually joined together in order to create such an inclusive program.
Career Outcomes and Job Titles
Once you have completed your Healthcare Management MBA degree, you will find that there are hundreds of different job positions available to you. You will be able to look towards positions of leadership and senior management in any type of healthcare organization, including hospitals, insurance companies, healthcare agencies, clinics, private practices, government agencies, and so on. Additionally, there are many opportunities available for you in areas, such as health insurance, biotech, and the pharmaceutical industry. Some of the most common job titles for Healthcare Management MBA graduates are:
• Healthcare administrator
• Quality improvement manager
• Hospital associate director
• Insurance coordinator
• Pharmaceutical sales consultant
Job Salary & Outlook
The U.S. Bureau of Labor Statistics (BLS) reported that all Medical and Health Services Managers earned an average annual salary of $94,500 per year as of May 2015. This is at the bachelor’s degree level, and research has shown that holding an MBA can increase average earnings by around $15,000 per year, meaning you could earn a very interesting income with this particular degree. The BLS also predicts a 17% increase in demand for these professionals from 2014 to 2024, which is much faster than the national average.
Scholarships and Grants
• Military MBA Scholarship, which is up to the amount of $20,000, offered to students who complete an MBA at any of the institutions that participate in the military form of education. These include MIT’s Sloan School of Management, Cornell University’s Johnson School of Management, and Due University’s Fugua School of Business.
• Moss Adams Foundation Scholarship, which is a $1,000 scholarship for women from minority backgrounds who focus on studying business at graduate degree level.
• National Black MBA Association (NBMBAA) Graduate Scholarship, which offers up to $10,000 for members of the NBMBAA. The scholarship is based on merit, and participants must be enrolled in an MBA program and must be African-American.
• Toigo MBA Fellowship, which offers variable amounts to students from a variety of minority backgrounds, including South Asian American, Alaska Native, Native American, Latino, Hispanic, Pacific Islander, Asian American, or African American. The goal of Toigo is to increase representation of ethnic minority populations in top levels of management, be that in healthcare or other industries.
• Golden Key International Honour Society Graduate Scholar Award, which offers $10,000 to graduate students, or those entering graduate studies, who are Golden Key Honor Society members. Students must demonstrate community service and academic achievement in order to be considered for the award.
• European Health Management Association (EHMA)
• American Association of Healthcare Administrative Management (AAHAM)
• Health Management Association
• Healthcare Financial Management Association (HFMA)
• Health Care Administrators Association