Healthcare is universal and plays an active role in almost every community in the world. Changing economic, regulatory and consumer demands have accelerated large-scale reforms in healthcare industry across the world. It is the second largest service sector employer, providing jobs directly or indirectly. Healthcare has long been a viable path and in recent years and changes to healthcare reforms have left the industry with a boom in healthcare management and administration. The demand for healthcare management professionals is on the rise.
Why MBA in Healthcare Management?
The U.S Bureau of Labor Statistics had predicted that health care management jobs will increase 17% between 2014 and 2024. An MBA in Healthcare will focus on subjects like hospital management, health promotion, research, and financial management.
A Master’s degree can help you stand out from the crowd with this advanced credential and stay on top of the most up-to date information. Graduates from an MBA in Healthcare Management program can expect to find significant positions.
Jobs are readily available in the pharmaceutical sector, health maintenance organizations, and government agencies.
Top MBA Healthcare Management Careers and Salaries
Owing to high level of demand for expert healthcare managers with an MBA , MBA in healthcare offers a strong career path and good salaries.
The Bureau of Labor Statistics reports that the demand for medical and health services managers will increase by 17% by 2024. It also reports that the median salary in general is $84,000.
The top 10% of the professionals almost always have a master’s degree and earn more than $144,000. Salaries will also vary depending on the type of healthcare management role. For instance: below is the brief summary on career options and salaries for MBA healthcare management jobs.
|Median Annual Salary
|Pharmaceutical Product Manager
|Medical Practice Manager
|Health Informatics Manager
Every school sets its own pre-requisite criteria for enrolling in a MBA program.
Generally the criteria that need to be fulfilled to enrol in a MBA program in Healthcare are:
- Previous college degree: Most of the reputable B school or programs, require that the candidate hold a bachelor’s degree. Students with science or healthcare background are preferred.
- Coursework requirement: Completion of relevant coursework, an internship and final projects
- Test Score : When applying to a MBA program, you’ll usually need to take the Graduate Management Admissions Test (GMAT), which measures analytical writing, verbal skills and math skills.
- Experience: Experience requirement may vary from school to school. Send us your profile to provide you with relevant insights here.
MBA Programs in Healthcare
The combination of an MBA education with specialized training in healthcare management is becoming a popular track for future leaders who want to enter a growing industry that is worth in trillion dollars approx. With many universities offering high-level degrees in this field, students have a variety of options to select from.
There are several factors , which one must consider while analyzing the best master’s programs in healthcare administration. Preferably consider schools that are accredited by the Commission on Accreditation of Healthcare Management Education(CAHME).
Analyse the schools in the areas of length of accreditation, graduation rate, employment rate, peer assessment and last but not least overall cost.
How Can An MBA Help Doctors?
An MBA education can help doctors in multiple ways. The MBA for Doctors can help them to:
- Learn to manage hospital operations and run your own clinic as a business.
- Become a medical officer at hospitals or build your own hospital chain.
- Create medical devices and treatments for illnesses, injuries and diseases with an MBA in healthcare management.
- Become an expert analyst in pharmaceuticals and biotechnology with an MBA in finance specialization.
- Analyze patient data and provide the best care with an MBA in analytics specialization
Cost of MBA in Healthcare
The cost of an MBA in Healthcare will vary depending on the university offering the degree.
Prospective students must thoroughly research the various institutions offering the program, the classes offered and the curriculum being studied to determine if the cost will fit into their educational goals and financial plans.
2017 Top 20 MBA programs in Healthcare across globe
As per Eduniversal Nest Masters ; based on surveys conducted on students and recruiters ranking MBA programs on reputation of program, MBA healthcare management salary/placement and student/recruiter satisfaction, below are the 20 Top Healthcare MBA programs in the world:
|Master of International Healthcare Management, Economics and Policy
|SDA Bocconi School of Management
|Health Sector MBA
|Boston University-Questrom School of Business
|Master of Science in Public Health
|Yale University – Yale School of Public Health
|Post Graduate in Information Management and Healthcare Business Intelligence
|Nova Information Management School
|MBA/MHA in Health Management
|University of California,Berkeley – Hass School of Business
|Executive MBA Healthcare Management
|HEC Lausanne, the Faculty of Business and economics of the University of Lausanne
|MBA in Health Care Management
|University of Pennsylvania – Wharton School
|Master Economie et Gestion de la Santee
|Master Health Policy and Management
|University of California, Los Angeles-UCLA Fielding School of Public Health
|MS Management des Entreprises de Biotechnologies & Pharmacie
|Grenoble Ecole de Management
|Executive Master in Health Economics, Policy and Management
|LSE – Department of Social Policy
|MS Biopharmaceutical Management
|ESCP Europe Business School
|Master of Health Service Management
|Faculty of Medicine, Nursing and Health Sciences
|MBA Health Care
|University of Virginia- Darden Graduate School of Business
|EMBA in Healthcare
|University of British Columbia – Sauder School of Business
|MD/MBA program at Dartmouth
|Dartmouth College- Geisel School of Medicine – Tuck school of business
|MBA Health sector
|University of Western Ontario
|Post Graduate Diploma in Health Management
|University of Capetown
|Master in HIV/AIDS Management
|University of Stellenbosch
|MS Manager des Structures Sanitaires et Sociales
|Toulouse Business school
(Sourced from Eduniversal best Masters ranking)
Few famous alumni of the above institutions or professionals who have excelled in the field of healthcare:
|Operation Coordinator in Ambulatory Services, Tuffs Medical Centre
|SDA Bocconi School of Management, Itally
|Founder & Chairman of Emeritus of Max Group
|Questrom School of Business, USA
|David L. Katz
|Founding Director of Yale Griffin Prevention Research Centre
|Yale School of Public Health, USA
|CEO of Swiss pharmaceutical company – Novartis
|University of California Berkeley, USA
|CEO of Johnson & Johnson
|Wharton School , University of Pennsylvania, USA
|Joel T Allison
|Ex CEO of Baylor Scott & White Health
|Trinity and Harvard University, USA
The healthcare industry is growing quickly and expansion is anticipated for the foreseeable future. In addition to medical personnel, administrative personnel will be needed to manage various health care organizations like hospitals, insurance companies, pharmaceutical firms and others.
If you want to be a healthcare manager or later a CEO, consider the paths that you can take educationally. Study salaries, the cost of MBA programs and time spans so that you are aware of the time and money investment and how long it will take to get to a return on your investment.
Once you have your Masters, you can enter the booming area of Healthcare Management.