Why Pursue a Healthcare MBA?

Healthcare is like no other field, with astounding growth projections driven by a multitude of factors, including demographics, technology and an increasingly complex system with many moving parts. The pandemic requires even more leadership to curb the spread and plan effectively for a future contagion.

The Southern Illinois University Edwardsville Master of Business Administration in Healthcare Administration Specialization online program prepares graduates to be exemplary leaders in healthcare administration possessing the precise combination of core business acumen and industry expertise sought by employers nationwide.

The curriculum has been developed by leading industry professionals who bring theoretical knowledge and real-world experience. These leaders populate the SIUE advisory board, along with alumni who ensure that the program is continually refined.

The program delivers foundational management skills and advanced applications in organizational decision-making, accounting, information systems and technology, managerial economics, corporate finance, quantitative analysis, marketing and government policy. Specialized courses span health economics and policy, managing organizational change and healthcare financing.

The 100% remote program can be completed in 12 months. The abbreviated time frame benefits working professionals with full-time careers as well as employers staring at the shortage that awaits without accelerated, specialized MBA programs to fill the talent gap.

America Needs MBA-Trained Healthcare Leaders

U.S. per capita spending on healthcare far exceeds that of other developed nations, yet equitable access and outcomes lag, particularly in low-income urban areas. Patients are getting less time and information from providers and are less confident in their treatments, and often they’re shuffled between providers when they switch jobs and insurance plans. While online resources take up some of the slack, provider-patient relationships are less than ideal.

Meanwhile, the cost of pharmaceuticals is rising, disproportionate with other countries, even though many of the manufacturers are U.S.-based. Incentives for doctors to overprescribe medicine, rather than focus on preventive care, are systemic and contributing to the opioid epidemic.

The 2020 pandemic reveals just how inequitable access to healthcare is and how much change is necessary. But solutions are coming, from big data, disease research, biotechnology and more effective drugs and treatments. Working with government to ensure equitable access to these solutions, along with the increased quality of life these solutions may afford, is a responsibility shouldered by the new generation of healthcare leaders with both business and industry-specific training.

Career Outlook

The U.S. Bureau of Labor Statistics anticipates 133,200 new jobs in medical and health service management between 2019 and 2029. This is in addition to the current 422,300 jobs in the field in 2019. The 32% projected growth rate is much faster than the average for all careers.

Median pay for medical and health services managers is $100,980 per year, per 2019 BLS data, or $48.55 per hour, with a typical entry-level education of a bachelor’s degree. However, master’s degrees are common and many employers prefer them, especially for positions of increasing authority starting at middle management.

Career Opportunities

Professionals who hold a specialized MBA in healthcare can handle just about any business function of any organization in this wide-ranging field. Settings include hospitals, medical practices, long-term and urgent care facilities, government agencies, NGOs, nonprofits and insurance companies. Functions include finance, operations, marketing, HR and product management.

MBA in healthcare graduates often assume leadership roles in health systems. Jobs for recent graduates may include healthcare consultant, strategic project manager for a health services organization, or pharmaceutical brand manager.

Graduates also may choose healthcare administration, where they focus on day-to-day operations. Jobs include hospital administrator, director of operations for an outpatient care facility or nursing home, a medical practice manager, or executive director for a long-term care facility.

If you are ready to acquire the skills necessary for management in the healthcare sector and excited about applying state-of-the-art training in your profession, then you may find a bright future in healthcare leadership with a specialized MBA.

Learn more about SIUE’s MBA in Healthcare Administration Specialization online program.


Sources:

U.S. Bureau of Labor Statistics: Medical and Health Services Managers

U.S. Bureau of Labor Statistics: Outlook for Medical and Health Services Managers

U.S. News & World Report: Online Master’s Degree in Health Care Administration

U.S. News & World Report: Top Jobs for MBA Grads in Health Care

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