Today’s complex health care environment has created a demand for savvy leaders who can tackle the challenges posed by healthcare reform, including providing high-quality patient care in a cost-effective manner to survive in a competitive marketplace.
As a result, nursing and other healthcare professionals seeking advanced education are pursuing degrees in Masters of Business Administration with a healthcare management specialization to gain an edge as they elevate their careers to the next level.
The benefits of an MBA with a healthcare management concentration are plentiful.
Gain core and specialized knowledge
An MBA that specializes in healthcare management offers a combination of core courses in addition to specialty classes that arm candidates with the practical and critical thinking skills to manage the unique issues facing healthcare organizations, such as controlling costs without sacrificing the safety or quality of patient care.
For example, Our Lady of the Lake University in San Antonio, Texas, offers an online MBA with a healthcare management specialization that provides a combination of traditional business management courses along with specialty healthcare courses. The curriculum includes specialization courses in healthcare law and ethics, healthcare finance, management of healthcare institutions, healthcare planning and policy, and managed care for commercial, Medicare and Medicaid populations.
Boost your earning potential
The U.S. Bureau of Labor Statistics forecasts a 17 percent employment growth for medical and health services managers from 2014 to 2024, much faster than the average for all occupations. Medical and health services managers in 2014 had a median salary of $92,810, according to federal statistics. PayScale cites salaries ranging up to $213,308 in 2016, depending on the job title, size of the institution and its geographic location.
Experts anticipate an increased demand for medical services in the coming years given the nation’s large, aging baby-boom population and the increasing number of people who have health insurance, thanks to healthcare reform. The demand for leaders with advanced business administration and management skills will grow as well.
Step into a leadership role
Individuals holding an MBA with a healthcare management specialization are prepared to step into advanced management careers in the healthcare industry. Graduates have the knowledge and skills to move into leadership positions at hospitals, outpatient care centers, nursing homes, health maintenance organizations, home healthcare services, medical clinics, group medical practices, healthcare agencies, government agencies and insurance companies.
Among the positions they are qualified to fill are practice administrator, director of operations, practice manager, executive director, nursing home administrator, healthcare administrator and chief nursing officer.
Understanding healthcare reform
Professionals who hold an MBA specializing in healthcare management are attractive candidates to healthcare organizations that want to remain at the forefront. Passage of the Affordable Care Act has dramatically altered the delivery of health care across the nation. Healthcare institutions that fail to adapt in this fast-changing and competitive environment will not survive. The future success of any healthcare organization hinges on the ability of its leaders to understand and navigate the changing medical landscape, from the shift to prevention, chronic disease management and population health to changes in the way providers are reimbursed for services.
Get started on your own terms
It has never been easier to earn an MBA with a healthcare management specialization, even if you’re a busy working professional. To learn more about Our Lady of the Lake University’s online MBA program with a healthcare management specialization call 855-275-1082 to speak with an admission advisor or request more information. Courses are offered in an asynchronous format, which allows students to complete the work on their own schedules. Take the first step toward a rewarding career in healthcare management.