When we think of the healthcare field, we often think immediately of doctors, nurses, nurse practitioners, and other caregivers who diagnose illnesses, prescribe medications, perform surgery, and otherwise provide most of the direct care for patients. However, while all these caregivers are vital to the effective operation of our healthcare system, there are many others who work in healthcare but are more often forgotten. Effective healthcare also requires cost management, research into patient care practices, sound hospital administration, insurance analysis, and much more. It takes individuals with specialized training in both healthcare and business to perform these tasks. A quality healthcare MBA program provides this training.
What Is a Healthcare MBA?
As far as specialization for the MBA, healthcare administration and management is a growing field. Medicine has become more of a cooperative effort over the past few years. Gone are the days when local doctors would pay regular home visits to the patients under their care. Today, patients are far more likely to visit a practice made up of several physicians. Patients may also participate in managed care organizations. Running these larger entities efficiently takes expertise in management that an MBA in healthcare can provide.
An MBA in healthcare management is designed to meet the need for healthcare administrators and managers through a comprehensive business education. Students in an accredited healthcare MBA program study management theory and practice and its application to healthcare administration. In the course of their studies, students learn how economics, finance, social sciences, politics, and more all interact for both good and ill in the larger healthcare system. Equipped with such knowledge, MBA healthcare graduates can make positive changes in healthcare delivery to improve medical care for all.
An accredited healthcare MBA has been recognized for the quality of its program by a recognized accrediting agency. When the MBA in healthcare program is located within a larger university or college, accreditation is twofold. First, there is accreditation at the institutional level. A recognized regional accrediting body signs off on the quality of the institution as a whole, meaning that the school offers an effective education across all its programs.
Second, there is accreditation at the departmental or school level. Individual business departments, programs, or schools are accredited by the Association to Advance Collegiate Schools of Business (AACSB). This subject-specific accreditation guarantees the quality of the business program in particular, and thereby proves that a school’s MBA in healthcare management or other discipline provides a well-rounded education that will do graduates much good over the course of their career.
The Typical Accredited MBA Program
Normally, an MBA healthcare degree requires two years of full-time study beyond the baccalaureate level. Students take many courses in healthcare management and general business concepts. They will then finish their degree with a capstone project, thesis, internship, or some combination of the aforementioned tasks. Although specific requirements may differ from school to school, the following list of courses for Union Graduate College’s MBA in Healthcare Management is typical of most healthcare MBA programs:
- Introduction to Health Systems
- Health Systems Management
- Health Operations
- Health Systems Marketing
- Managing Ethically in a Global Environment
- Mathematics of Management
- Introduction to Probability
- Statistical Models for Management
- Financial Accounting
- Managerial Accounting and Finance
- Principles of Economics
- Health Care Finance
- Health Economics
- Health Informatics
- Structural Dynamics in Health Care
- Legal Aspects of Health Care
- Health Policy
- Strategic Issues for Health Care Organizations
- Various Elective Courses
Benefits of an MBA in Healthcare
There are many benefits of an AACSB accredited online healthcare MBA. First, the degree makes it possible for you to find a job in healthcare if you want to work in the field and yet lack medical training. Working as a manager, you can do as much good as doctors and nurses can by making the right decisions that the MBA in healthcare prepares you to make.
The AACSB accredited healthcare MBA also improves your earning potential. Graduates with an MBA tend to earn a higher salary than those who only hold an undergraduate degree. Furthermore, you will generally earn more over the course of a lifetime if you have an MBA.
Finally, the sheer number of career options that a healthcare MBA prepares you for is a good reason to take the degree. Careers open to those with an AACSB accredited healthcare MBA include:
- Clinical Manager
- Nursing Home Administrator
- Heath Information Manager
- Assistant Clinical Manager
- Lab Supervisor
- Nurse Supervisor
- Why Choose an Accredited MBA?
- Accredited Executive MBA
- Medical and Health Services Managers