The Benefits to Choosing a Career in Health Care Administration
What’s the best part of earning your MBA in Health Care Management? In a word, relevance.
The future of health care in America is far from certain. Doctor shortages threaten to limit access to care for countless patients, while changes to reimbursement are disrupting priorities and workflows. New technology is changing the way patients and doctors communicate, how health data is managed, and even the way treatment is delivered. Throughout all this, lawmakers and politicians continue to debate the relationship between government and every element of the health care industry. The only sure thing is that the need for health care professionals is sure to grow, and health care administrators are a critical part of that growth.
The Bureau of Labor Statistics anticipates nearly 17 percent growth in health care administration occupations through 2024.1 By choosing to earn a specialized MBA targeted directly to the needs of the health care sector, students are investing not just in skills and training, but in their relevance to an industry poised for massive growth and unprecedented demand.
An Education with Real Applications
The MBA credential has been a staple of higher education for years. Part of the reason for the popularity of the MBA is its flexibility. The principles of business leadership and management skills taught in these programs are broadly applicable, giving graduates a wide range of career opportunities.2 The needs of the health care industry opens up a whole new set of pathways for MBA-equipped professionals, because whether or not you see hospitals as businesses per se, they have many of the same needs and vulnerabilities of businesses.
From payroll to human resources, inventory management to regulatory compliance, organizations in the health care industry have myriad operational challenges and considerations in common with the business world at large. Unlike almost any other business, however, health care organizations are guaranteed to face a rise in demand. Consumer fads come and go, but all people need medical care at some point their lives. Ensuring this need can be met amidst constant change, scrutiny, and economic fluctuation is a unique managerial challenge that takes a particular combination of training experience to handle. For the health care organization, failure is simply not an option.
That is precisely why health care organizations are actively recruiting leaders and administrators with business acumen and a well-rounded skill set to fill their management roles; that is also why Marylhurst University has developed its online MBA in Health Care Management program. This specialized curriculum offers targeted instruction and practical coursework that combines the business fundamentals of the MBA with the contextual focus of the health care industry. The MBA in Health Care Management is specifically designed to meet the demands of an industry undergoing monumental change.
Security of Opportunity
The amount America collectively spends on health care is expected to grow by more than 5 percent annually, raising its share of total GDP from roughly 17 percent currently to nearly 20 percent by the year 2024. 3 This dynamic growth in spending is going to be fueled in part by swelling demand. As more of the population lives longer and manages multiple chronic conditions, the health system must grow and evolve to accommodate greater and greater numbers of patients.
At the same time, there is a major move underway to control health care costs, and to ensure that the quality of medical services improves compared their cost.4 Hospitals are investing in management professionals who can help turn these ambitions into reality, and help clinical organizations cope with the tensions at play in the industry.
All of this points to a steady growth in demand for capable leaders who can oversee the many operational elements needed to keep up with and guide the organizations providing critical health services. The scale of the need is impressive, but so is the diversity of roles and opportunities available to the Health Care MBA graduate. Whether you have a background in medicine and wish to move into clinical team leadership, or come from the business sector and want to help health organizations adapt and innovate, there are career paths open to you.
Aside from competitive salaries and extraordinary demand, careers in health care management offer the satisfaction of knowing your work directly and indirectly improves the lives of countless others. While traditional businesses deal with customer service, health care professionals provide patient care. The principles of business apply, but on top of saving money, managing change, and leading teams, health care administrators are saving lives and spreading wellness.
The MBA in Health Care Management fills a growing need for talented leaders in a dynamic, fulfilling industry.