Top MBA in Healthcare: Why Do Doctors Want an MBA?

Top MBA in Healthcare - GyanOne

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 ?

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 in Healthcare - GyanOne

Top MBA in Healthcare

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 .

RoleMedian Annual Salary
Hospital CEO$166,000
Hospital Administrator$110,000
Hospital CFO$155,000
Pharmaceutical Product Manager$92,000
Medical Practice Manager$81,000
Health Informatics Manager$84,000

Enrollment Criteria:

Every school sets its own pre-requisite criteria for enrolling in a MBA program.

Generally the criteria that need to be fulfilled to enroll 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.

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, salary/placement and student/recruiter satisfaction, below are the Top 20 MBA programs in Healthcare in the world:

Program nameSchoolCountry
Master of International Healthcare Management, Economics and PolicySDA Bocconi School of ManagementItaly
Health Sector MBABoston University-Questrom School of BusinessUSA
Master of Science in Public HealthYale University – Yale School of Public HealthUSA
Post Graduate in Information Management and Healthcare Business IntelligenceNova Information Management SchoolPortugal
MBA/MHA in Health ManagementUniversity of California,Berkeley – Hass School of BusinessUSA
Executive MBA  Healthcare ManagementHEC Lausanne, the Faculty of Business and economics of the University of LausanneSwitzerland
MBA in Health Care ManagementUniversity of Pennsylvania – Wharton SchoolUSA
Master Economie et Gestion de la SanteeUniversite Paris-DauphineFrance
Master Health Policy and ManagementUniversity of California, Los Angeles-UCLA Fielding School of Public HealthUSA
MS Management des Entreprises de Biotechnologies & PharmacieGrenoble Ecole de ManagementFrance
Executive Master in Health Economics, Policy and ManagementLSE – Department of Social PolicyUnited Kingdom
MS Biopharmaceutical ManagementESCP Europe Business SchoolFrance
Master of Health Service ManagementFaculty of Medicine, Nursing and Health SciencesAustralia
MBA Health CareUniversity of Virginia- Darden Graduate School of BusinessUSA
EMBA in HealthcareUniversity of British Columbia – Sauder School of BusinessCanada
MD/MBA program at DartmouthDartmouth College- Geisel School of Medicine – Tuck school of businessUSA
MBA Health sectorUniversity of Western OntarioCanada
Post Graduate Diploma in Health ManagementUniversity of CapetownSouth Africa
Master in HIV/AIDS ManagementUniversity of StellenboschSouth Africa
MS Manager des Structures Sanitaires et SocialesToulouse Business schoolFrance

(Sourced from Eduniversal best Masters ranking)

Few famous alumni of the above institutions or professionals who have excelled in the field of healthcare:

NameAchievementUniversity/School
Natalia WojdakOperation Coordinator in Ambulatory Services, Tuffs Medical CentreSDA Bocconi School of Management, Itally
Analjit SinghFounder & Chairman of Emeritus of Max GroupQuestrom School of Business, USA
David L. KatzFounding Director of Yale Griffin Prevention Research CentreYale School of Public Health, USA
Joseph JimenezCEO of Swiss pharmaceutical company – NovartisUniversity of California Berkeley, USA
Alex GorskyCEO of Johnson & JohnsonWharton School , University of Pennsylvania, USA
Joel T AllisonEx CEO of Baylor Scott & White HealthTrinity and Harvard University, USA

Conclusion:

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.

Want to check out more on MBA Healthcare?

MBA for Doctors and Healthcare Professionals



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