You’ve heard of the Master of Business Administration (MBA) degree and how it advances the careers of business professionals. One of the best-known professional degrees, the MBA was first established by the Harvard Graduate School of Business Administration in 1908. It gives students a well-rounded education in all different aspects of business administration.
More recently, however, the MBA specialization has emerged, and one such example is the MBA Healthcare. The MBA Healthcare helps healthcare professionals who are rising through the ranks gain the business acumen to lead hospitals and other healthcare organizations in today’s unique and challenging environment.
What is the Difference Between an MBA and an MBA in Healthcare Administration?
There’s no question that in today’s dynamic and complex healthcare landscape, leaders must be equipped with the knowledge about health policy and reform, best practices in running a healthcare organization, finances, budgeting and strategic planning to be successful.
In recent years, many leaders have recognized that healthcare as an industry can learn a lot from the business world. Healthcare needs professionals with expertise in finance, marketing, information technology, policy, operations and more. While an MBA program covers these topics, an MBA Healthcare covers the business of healthcare. Unlike the general MBA program, an MBA Healthcare dives deep into the challenges that are unique to the healthcare industry, especially in today’s environment.
The MBA Healthcare is ideal for healthcare professionals who want to gain business skills and knowledge to be more capable leaders of hospitals, healthcare organizations, pharmaceutical companies, startups and other health-related organizations. It offers a foundation of business with a focus on issues confronting healthcare and the skills needed to tackle them. MBA Healthcare graduates are able to lead and collaborate with other professionals to plan and improve healthcare services and systems. They use theoretical knowledge and research to make evidence-based decisions.
What Career Options do You Have with an MBA in Healthcare?
There are many excellent job opportunities for graduates of MBA Healthcare programs. An advanced degree that blends business and healthcare will help you further your career as a healthcare leader, but here are a few typical roles that professionals with MBA Healthcare degrees hold:
- Hospital Administrator
- CFO of a hospital or healthcare organization
- Practice Director or Manager
- Hospital CEO
- Healthcare Consultant
- Healthcare Analyst
- Clinical Manager
A big reason many professionals consider earning an MBA Healthcare is to increase their earning potential. According to the Bureau of Labor Statistics, “medical and health services managers” earn a mean annual wage of $115,160, and a median annual wage of $100,980.
Specific industries with the highest levels of employment in the occupation include:
Annual Mean Wage
- General Medical and Surgical Hospitals $124,180
- Offices of Physicians $108,750
- Outpatient Care Centers $110,530
- Nursing Care Facilities $97,300
- Home Healthcare Services $97,560
The job outlook also looks strong, with an 18% expected growth rate between 2018 and 2028—much faster than average.
Earn Your MBA in Healthcare with American Sentinel
The MBA Healthcare at American Sentinel University prepares students to assume healthcare administration and management roles. Some students have already begun such a path, while others are advancing in their organizations and want the functional business knowledge to further their careers.
At American Sentinel, students can choose from a traditional term-based delivery MBA Healthcare program with 8-week courses or an MBA Healthcare Powered by SIMPath® model, a flexible method that utilizes virtual simulations and allows students to show mastery of competencies (rather than take traditional online courses).
In both programs, students learn about:
- Handling the ethical and political issues in a health care system
- Building and running accountable care organizations.
- Operating a transparent organization and much more.
Explore the curriculum for both the term-based MBA Healthcare and the MBA Healthcare, Powered by SIMPath® here:
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