The business side of healthcare often goes unseen but is massively important to the proper functioning of the system as a whole. Healthcare administrators work at the intersection of health policy and business. They manage healthcare policy and continually tailor it to improve the patient experience.
Earning an MBA with an emphasis in healthcare administration prepares future healthcare leaders for this growing field. Not only is the market massive, but several career path options open up for individuals who earn an MBA that specializes in healthcare administration.
Below are five diverse careers you can pursue with an MBA degree in healthcare administration:
- Healthcare Consultant
Healthcare consultants provide guidance and advice to healthcare facilities to promote proper policy and help them reach their goals. Healthcare consultants use strategic thinking to optimize the patient experience while remaining cost-effective.
Average Salary: $84,208 - Medical Services Manager
Medical Services Managers plan, direct, and coordinate the business activities for healthcare providers. They can manage an entire healthcare facility or a specific department.
Average Salary: $101,340 - Nursing Home Administrator
Nursing home administrator manage the business and organizational functions of nursing homes. They prioritize the quality of the facility and the safety of its residents. Nursing home administrators ensure that resident care is meeting or exceeding standards.
Average Salary: $122,756 - Health Insurance Operations Manager
Health insurance operations managers supervise the operations of health insurance companies on a broad scale. This can include account management, client support, and enrollment eligibility.
Average Salary: $104,966 - Pharmaceutical Project Manager
Pharmaceutical project managers supervise the process of drug development from beginning to end. They manage the project timeline, budget, its staff members, and create reports.
Average Salary: $102,158
As demonstrated above, the typical range for an MBA degree in healthcare administration salary varies based on the field, seniority level, years of experience, etc. Those with a bachelor’s degree in healthcare administration earn an average of $65,00 annually. However, individuals with an MBA degree in healthcare administration earn an average of $82,938 annually. Furthermore, as the number of years of experience and expertise increases, so does compensation. To put it simply: investing in your education pays. There are several MBA in healthcare administration degrees to choose from, and in an enormous field such as healthcare, it is important to choose the right degree that aligns with your values and educational needs.
What can you do with an MBA?
What to Look For in MBA in Healthcare Administration Programs
Earning an MBA with an emphasis in healthcare administration equips individuals with advanced knowledge and real-world skills to succeed in the business of healthcare. Not all programs are created equal, and there are certain attributes to look for to ensure a program is the right fit for you.
A Strong Leadership Component
Earning an MBA degree in healthcare administration will position you to be an effective business leader. You should ensure the curriculum has a strong component for building leadership skills that are transferable to the business world.
Possessing leadership skills in healthcare administration is a vital component to keep operations functioning smoothly. A good leader will encourage and embolden staff to pursue and achieve their goals. A strong leader in healthcare administration is especially needed now, in the aftermath of the COVID-19 pandemic. Healthcare workers are looking to their leaders for direction and stability in such uncertain times.
Personalized Faculty Support
Individual students often have a set of preferences regarding how they like to learn. Some favor an independent educational course, with asynchronous work and the ability to study independently. Some students favor a more collaborative environment, with hands-on instruction from professors and the ability to regularly interact with classmates.
Regardless of where you fall on this spectrum, it is important to be surrounded by supportive faculty and peers when you need guidance.
At Southern, our faculty supports and cares for our students on a professional and personal level. Each teacher is invested in the education and betterment of each student. Our faculty members take time to invest in each future leader, so that they may become well-rounded and compassionate professionals.
Cutting-Edge Curriculum to Address the Relevant Needs of the Healthcare System
Recent advancements, new technological innovations, and the effects of the COVID-19 pandemic have changed the healthcare realm drastically. Leaders in the healthcare sphere must be equipped with the most recent and relevant knowledge that has been brought about through these changes. That is why a cutting-edge curriculum that addresses the pressing needs and integrates revolutionary innovations in healthcare is essential to a quality program.
Innovations such as electronic healthcare records (EHR) are transforming the way healthcare systems manage patient data. This enables providers to know a patient’s entire medical history, enabling them to make an accurate diagnosis with comprehensive background knowledge. EHRs also improve efficiency in healthcare settings, which is often a major goal for a healthcare administrator. As these systems and others become more sophisticated, educational programs must consistently educate their students on the newest innovations.
Furthermore, many frontline healthcare workers are experiencing burnout as a result of the COVID-19 pandemic. Many are looking to their leaders for encouragement and support. A recent consensus statement published by the Administration for Strategic Preparedness and Response outlines 10 essential leadership imperatives to guide healthcare leaders during the post-emergency stage of the COVID-19 pandemic:
- Acknowledge staff and celebrate successes.
- Provide support for staff well-being.
- Develop a clear understanding of the current local and global context, along with informed projections.
- Prepare for future emergencies (personnel, resources, protocols, contingency plans, coalitions, and training).
- Reassess priorities explicitly and regularly, and provide purpose, meaning, and direction.
- Maximize team, organizational, and system performance and discuss enhancements.
- Manage the backlog of paused services and consider improvements while avoiding burnout and moral distress.
- Sustain learning, innovations, and collaborations, and imagine future possibilities.
- Provide regular communication and engender trust.
- In consultation with public health professionals and fellow leaders, provide safety information and recommendations to government, other organizations, staff, and the community to improve equitable and integrated care and emergency preparedness system-wide.
These action items are no small feat and require a strong and compassionate leader to implement them. Choosing a healthcare administration emphasis in a program that is backed by foundational leadership will empower you to achieve the aforementioned objectives as a healthcare leader.
At Southern Adventist University, we structure each of our academic programs to combine your passion with God’s purpose. Grounded in Christian values, our MBA In Healthcare Administration program empowers students to the highest level of servant leadership.
There are many options to consider when selecting an MBA program in healthcare administration. It’s a good idea to talk to an experienced counselor who can guide you and help you find the right program.
