Earning an MBA focused on healthcare administration can lead to greater job opportunities and career advancement in a field with some of the highest job growth potential.
Not all healthcare administration positions require an MBA. But employers often prefer candidates with a graduate business education. Southern Oregon University (SOU) offers an online MBA with a Concentration in Healthcare Administration for business professionals who want to step into these leadership roles.
Students learn to apply essential skills and knowledge in healthcare settings to prepare for roles such as medical practice manager, risk manager, communications director and hospital administrator.
Who Should Consider an MBA in Healthcare Management and Why?
An MBA in healthcare administration is an ideal option for those who want to make a difference in healthcare at a leadership level. For those who aspire to top-level positions such as hospital chief executive officer (CEO), a master’s is a must.
Four benefits of earning an MBA in healthcare administration include:
- Employers Value MBAs
Employers have a high regard for MBAs in general. According to a Graduate Management Admission Council (GMAC) employer poll, nearly 80% of respondents planned to hire MBAs. Employers in the healthcare industry gave a graduate management education one of the highest value ratings.
- High Earning Potential
A GMAC hiring report shows that MBA salaries are on the rise. Median base salaries for new MBA hires in 2019 reached an all-time high of $115,000. As of 2015, the U.S. Bureau of Labor Statistics (BLS) showed a $20,000 premium for medical and health services managers with a master’s over a bachelor’s.
- Strong Job Prospects
While MBAs are in demand across industries, the hiring projection is highest in healthcare. According to a GMAC corporate recruiters survey, 84% of healthcare employers expected to hire MBAs in 2019, compared with 76% in manufacturing and 77% in finance/accounting, for example.
The BLS backs up this better-than-average job outlook. Medical and health services managers are part of an occupational category with the most job growth, projected at 18% from 2018 to 2028. To look at this another way, the average growth rate for all occupations is 5%.
The use of health information technology (HIT) is only going to grow. SOU’s MBA in Healthcare Administration includes an emphasis on information systems, including emerging technologies, to ensure students build the IT background employers are looking for.
- Career Advancement
For anyone eyeing high-level management positions, earning an MBA is good preparation. According to the BLS, positions at the top level of healthcare management typically require a master’s degree.
A general MBA can prepare business professionals to advance their careers in almost any industry. But for those who want to take on the challenges of today’s complex healthcare systems, an MBA in healthcare administration can open more doors. From practice manager to hospital administrator, abundant opportunities are available in healthcare to lead transformative change.
Learn more about Southern Oregon University’s online MBA program with a Concentration in Healthcare Administration.
Sources:
GMAC: Business School Hiring Report: Corporate Recruiters Survey 2019
U.S. Bureau of Labor Statistics: Career Outlook – Healthcare and Social Service
