Jobs in healthcare management will grow 17 percent between 2014 and 2024, according to the Bureau of Labor Statistics.1 That’s one of the strongest growth rates for any profession.
While many healthcare managers were promoted into their jobs from other positions in the healthcare industry, that trend is slowing. Instead, today’s managers are increasingly likely to enter the healthcare industry by attaining a master’s degree in healthcare management such as Our Lady of the Lake University’s (OLLU’s) online MBA with specialization in health-care management.
A transforming industry
The need for a business education is rooted in the transformational changes under way in healthcare.
Healthcare organizations of all types and sizes are under pressure to contain costs and improve patient outcomes. They are buffeted by skyrocketing costs and rapid changes throughout the entire healthcare ecosystem from patient care and practice management to pharmaceutical distribution and third party payer relationships, and an aging population that needs more services. Health-care managers need business skills to engage effectively in this complex environment.
Healthcare is unique among industries. For example, not only is it highly regulated, but reimbursement for services is determined by third-party payers. Hospital drug formularies are grappling with issues of comparative effectiveness, cost and quality of life.
At the same time, the government is transforming health care from fee for service to fee for outcome. Healthcare policy, laws, finance and management strategies are all in flux, making health care a very challenging industry.
Strong business skills needed
To meet those challenges effectively, today’s managers are increasingly likely to have an MBA degree. Healthcare managers need strong skills in management, negotiation and analysis as they work with research centers, government agencies, physicians, patients, board members, pharmaceutical and insurance companies, and other stakeholders. They need to communicate ideas clearly in a complex business environment.
Because hospitals, clinics and physician practices have unique demands, typically they require managers to have an education specific to healthcare management.2 Many graduates of Our Lady of the Lake University’s online MBA with a specialization in healthcare management, for example, used the degree to advance their healthcare careers or to change careers entirely.
A healthcare management MBA provides the foundation for informed decisions regarding the business, operations and finances of hospitals and other health-care facilities. Clinicians – scientists, physicians and nurses – may not have developed those skills.
Those business skills are an integral part of OLLU’s MBA program in healthcare management. MBA-HCM graduates are familiar with both the business and policy issues unique to healthcare, and so they can ask the right questions to support their organization’s mission and meet the needs of the diverse stakeholders.
OLLU’s MBA in healthcare management degree prepares students for challenges that are specific to managing healthcare facilities and services.
Career options include quality improvement, hospital administration, group practice or clinical department management, insurance coordination, a chief financial officer and pharmaceutical product managers.3 The top-paying jobs (with a mean annual salary of $161,150 in 20144) generally require an MBA.
To learn how you can enter the dynamic field of health-care management, contact Our Lady of the Lake University for information about the MBA with specialization in health-care management.