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An MBA in Healthcare Administration Prepares Leaders For the Challenges of 21st Century Healthcare
Published Date: 04-30-2020
Driven by the medical needs of an aging population, healthcare has experienced explosive growth in the past decade. The healthcare industry is now the largest employer among all industries in the United States.
That rapid growth has led to the need for more experienced, qualified leaders.
That’s apparent in numbers from the U.S. Bureau of Labor Statistics (BLS), which projects an 18% increase in the number of medical and health services managers between 2018 and 2028. Salaries also have risen. In Wisconsin, the median annual salary for a healthcare manager reached $107,920 in May 2018.
The BLS also reports that one of the typical degrees for healthcare managers is an MBA.
Carroll University’s MBA in Healthcare Administration is designed to produce graduates who will excel in this important and growing field. Graduates from the program move on to jobs in areas such as:
- Hospital and clinic administrator
- Medical department manager
- Health information manager
- Medical facility chief financial officer (CFO)
- Policy analyst
- Pharmaceutical brand manager
The Advantages of an MBA in Healthcare Administration
Every type of medical facility faces the difficult task of making operations more efficient while also making patient care more effective. MBA graduates are uniquely positioned to take on this task because they not only learn the latest business strategies, but also how to apply them to real-world situations.
Some of the specific advantages include the following.
A Focus on Finance
Healthcare operations are under immense pressure to bring costs under control. MBA graduates understand the financial issues that can impact the bottom line and the delivery of services. Carroll University MBA students can choose to take additional courses that provide in-depth knowledge on financial and budgeting issues facing healthcare operations. MBA students also graduate with knowledge in areas such as risk management, budgeting, financial forecasting and workforce efficiency.
Management and Leadership Skills
An MBA remains the best path for those who aspire to leadership positions, including those who specialize in healthcare administration. In addition to the hard skills of finance, budgeting and data analysis, MBA students also develop the soft skills that every leader needs to succeed. These include excellent communication and collaboration skills.
The skills learned in an MBA program are transferable into all industries. For example, the curriculum in the Carroll University MBA in Healthcare Administration program includes core courses in economics, accounting, decision making and business law. These skills are also transferable within healthcare itself, preparing MBA graduates for work in doctors’ clinics, hospitals, nursing homes, community centers and more.
Because of the unique nature of today’s healthcare industry, earning an MBA in Healthcare Administration makes graduates particularly attractive for leadership roles. Those who aspire to lead a healthcare organization should consider an MBA as one of the best ways to achieve their career objectives.
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