Healthcare as a vocation is extremely resourceful and full of opportunities. The surge of joining the healthcare industry is swelling, and this implies that competent Business Managers will be necessary to tackle the Medical professionals! It is not a joke because the Bureau of Labor Statistics states that there will be a rise of close to 22% for healthcare and medical services managers in the coming decade, which is higher than the average for the last decade.
Prerequisites
Even though the prerequisites may vary with each university, the surge of the healthcare industry is rising continuously each and every year resulting in the demand of MBA’s in Healthcare Management. MBA Healthcare Management is required to have some knowledge of the healthcare industry and preferably a bachelor’s degree from science, health or economics background. Some universities like Vanderbilt University Owen Graduate School of Management offer a joint MD/MBA program with which the physicians acquire the management and leadership skills.
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( votes)Apart from this a GPA score of 3.0 is required for an individual to get enrolled in a MBA Healthcare Management Program. Moreover, universities such as George Washington University require the candidates to clear Graduate Management Admission Test and TOEFL before joining their online MBA Healthcare Management program.
Types of MBA Healthcare Management Programs
Universities offer various kinds of specialization programs under the Master of Business Administration course. Healthcare Economics, Healthcare Informatics and Healthcare Finance are some of the common specialization courses that focus on the leadership and management qualities as its core competencies. Universities on their part provide grooming to the students by giving them the right training as to how the health care services may be delivered ethically, creatively and satisfactorily.
Most MBA healthcare programs need students to have completed the following courses segregated under three subheadings like – core courses, leadership courses and advanced specialty courses.
Core Courses
Core courses give students an insight to apprehend the business world entirely and how it operates. Hence, students must have acquired degrees in finance, Financial Management, accounting, managerial economics or have statistics and calculus at the undergraduate level.
Leadership Courses
MBA courses cater to those who aspire to join the management positions. Leadership classes in lieu of the MBA program may prove to be very fruitful for the student.
Advanced Courses in Specialty
Advanced specialty classes only give more detailed information. Healthcare risk management, healthcare law, health care policies, health care economics, management of medical groups, and healthcare and information system are some of the degrees that universities offer as specialized courses.
Job Prospects
Healthcare MBA’s most sought after jobs are those of the Hospital Administrators, whose job profile is to recruit and hire doctors, develop budget plans, make policies and take up new techniques and equipment for treatment. The salary of a Hospital Administrator is $111,000 on an average. In case you have an MBA degree and some marketing training, you could be the Pharmaceutical Project Manager for Pharmaceutical companies. The job role engulfs analysis of investments, research of the market, and development of promotional strategy. The median salary is $92,000.
Apart from this, after successfully completing your course you could be a Practice Manager, dealing with billing, budgeting, staffing, ordering supplies and regulatory compliance; Hospital CFO, who caters to the financial management; Hospital CEO and this engulfs a lot of responsibilities pertaining to direct the planning and execution of the hospital; Healthcare Consultant and Health Information Manager.
Top Institutes Offering Healthcare MBA Across the Globe
The WU Executive Academy offers Professional Healthcare Management in German. They have been accredited by EQUIS, FIBAA and AMBA. It uses state of the art technology and offers their student’s profound information regarding the health care system both national and international domains.
In Boston, USA, Simmons School of Management offers Simmons Healthcare MBA that is a part time program. It has been accredited by AACSB and CAHME that offers an extensive healthcare curriculum for performance oriented results in real life.
Canterbury Christ Church in the UK has similarly quite a reputation when it comes to their Healthcare Leadership and Management MBA program. This program has been formatted such that the students are given practical information with the help of project work, personal development plans and action plan in the real scenario globally, inter-professional, multi-disciplinary and business oriented organizations.
Frankfurt School of Finance and Management do offer their MBA International Health Care Management program that prepares students to transcend national boundaries and think globally of the management needs.
You could also apply for a distance education degree from the Cyprus Institute of Marketing for the Health Unit’s Management program. The course can be availed any time of the year and focuses on research methodology, health promotion, financial management, hospital and Clinic Management to name some.
Last, but not the least comes Ateneo Graduate School of Business that offers their MBA in Health that has been noted for its availability, affordability and accessibility in the present health industry. It boasts of creating some of the most competent health executives in the Philippines.
The courses offered by these universities and institutes are quite reputed, unique and exceptional under the field of MBA Healthcare Management.
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