Conjecture up an image of a healthcare professional and you’re probably picturing doctors or nurses. However, healthcare is a massive industry and many professionals are involved to keep the system efficiently running. This wide range of professionals includes technicians, aides, therapists, receptionists, EMTs, and even accountants, communications specialists, and human resource professionals.
Healthcare institutions are as organizationally complex as any modern business and require strong administrative leadership. Advanced degrees that focus on managing unique needs in the field, such as Walsh’s online MBA in Healthcare Management, address this consistent demand.
This article discusses four ways an MBA with a concentration in healthcare management can help mid-career professionals and graduates entering the job market.
1. Prepare for the Challenges of Modern Healthcare
Healthcare has changed significantly over recent decades and continues evolving in the face of new technologies, new political realities, and demographic shifts in the United States. Hospitals and other healthcare institutions are looking for educated leaders to help them navigate this oncoming turbulence.
With a healthcare-focused MBA, you’ll receive a comprehensive education in business principles applicable to any management position. This focused degree will allow you to make purpose-driven decisions and prepare you for specific industry challenges. Students learn how to operate within the legal and regulatory parameters of healthcare environments. You will also learn how to manage the financial and economic profile of hospitals, discover how entrepreneurship fits into the sector, and determine ways in which marketing can advance medicine’s public image.
2. Increased Earning & Opportunity
Numerous studies show holding an MBA is directly correlated with a higher annual salary. One reason is that advanced positions are better compensated, and it’s more likely you’ll be able to rise to the top with higher education. Another factor is that advanced credentials allow for more leverage during salary negotiations.
Figures are promising with senior positions in the healthcare field. Medical and health services managers have an average median pay of $99,730 per year, with the highest 10% of earners in taking in more than $182,600, according to the United States Bureau of Labor Statistics [i]. In an industry that projects continued growth over the next decade, career sustainability in the healthcare field will not be an issue.
Aside from higher earning potential, advanced degrees also improve jobseeker desirability. More employers prefer candidates with MBAs because they are better positioned to bring in a fresh perspective and can figure out how to make the business process more efficient. Of course, not all MBAs are alike, which is why a targeted MBA can help you stand out competitively.
3. Online MBAs Offer Better ROI
As a healthcare manager, you will regularly consider return on investment (ROI). ROI promotes evidence-based decision making. As you consider a healthcare MBA, it will also help you determine the value of your investment.
Online MBAs tend to have lower tuition rates than campus. This is largely due to the percentage of campus tuition going toward funding aspects of the university that doesn’t apply to distance learners. Learning online also means you don't have to commute to campus, which saves both gas and time. Students are able to learn from the comfort of their home, office, or local cafe.
You’ll also have the opportunity to choose the best school for you, rather than settling for the most accessible option. The flexibility of online learning allows students to continue working while they complete their education. It’s difficult to appropriately capture how much your time is worth, but peace of mind can be factored into your personal ROI.
4. Graduate Sooner with Accelerated Options
The less time you spend earning your degree, the sooner you can use it. Walsh’s online MBA program in Healthcare Management is designed for working professionals. The accelerated option allows you to complete your degree in as little as one year. Tuition is also affordable and competitive with market rates.
Many students want to earn their degree fast. Walsh’s accelerated track has no log-in times, allowing you to determine your own schedule. This helps students achieve better work, home, and school life balance. Your time is valuable. From an ROI perspective, the sooner you graduate, the sooner you can benefit from your education.