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If you are preparing for a career in the growing healthcare industry or a leadership role in healthcare management, there are several academic paths you can choose from. A Master of Business Administration (MBA) in Healthcare Management is a versatile degree that equips students with practical skills and knowledge in healthcare management and business. These skills can be transferred to many industries.
Admission Requirements for an MBA in Healthcare Management
Admission requirements for an MBA in Healthcare Management vary by school and program. Generally speaking, applicants should have a bachelor’s degree in a related field such as biology, health sciences, or health care administration. They must also meet a minimum average and submit transcripts of any previous post-secondary courses.
Additionally, students may be required to submit letters of recommendation, GRE or GMAT scores, letter of intent, admissions essay, and resume or CV.
MBA in Health Care Management vs. Masters in Health Administration
An MBA in Healthcare Management teaches students general business skills while preparing them to become leaders in healthcare settings. A Master of Health Administration (MHA) prepares students for specialized health administration roles in health care management, clinical settings, and public health and health policy sectors.
MBA courses in healthcare management
Financial direction
In financial management courses, students learn financial market theory, long-term investment management concepts, and legal and regulatory requirements. Courses typically cover working capital management, investment opportunity analysis, government regulation, financial planning, and long-term financing.
Ethical leadership
Ethical leadership courses provide a framework for assessing ethical issues related to management, as well as the decision-making skills needed to address these issues.
Students examine fundamental ethical theories and concepts, components of ethical leadership, codes of ethics, and relevant legal and regulatory requirements. Students develop policies, procedures, and practices that cultivate organizational ethics and socially responsible behavior.
Operations management
Operations management courses analyze the relationship between operations management, operational efficiency, and overall performance. Students learn about the principles of supply chain management and its impact on various business operations. Course topics may include management methods, work systems design, and inventory management.
Marketing
Marketing courses explore marketing principles such as marketing research, segmentation, and consumer behavior. Students learn marketing strategies related to products and services, promotions, sales, prices and distribution channels. They discuss customer relationship management practices, learn how to launch effective campaigns and build customer loyalty.
Career Options for an MBA Graduate in Healthcare Management
Managers of medical and health services
Median annual salary: $101,340
Projected job growth (2020-2030): +32%
Job description: Health service managers plan, coordinate, and oversee the delivery of health care at the facility or department level. They plan and manage the operations of clinics and health programs. These professionals also supervise clinical teams; stay informed of relevant laws, policies and regulations governing clinical operations; and developing corporate plans to address operational challenges.
Health sales/marketing manager
Average annual salary: About $60,000
Job description: Healthcare sales/marketing managers direct all sales and marketing activities of healthcare organizations. They use data-driven insights to develop marketing strategies and campaigns, increase community awareness, improve the organization’s brand, and achieve organizational goals.
Pharmaceutical project manager
Average annual salary: About $95,000
Job description: Pharmaceutical project managers oversee assigned projects and new drug research and development processes. They manage engineers, researchers, doctors and other experts to deliver results on time and within budget. Their responsibilities include creating progress reports, managing timelines, assessing project risks and ensuring compliance with regulatory requirements.
Director of Health Insurance Operations
Median annual salary: $101,340
Projected job growth (2020-2030): +32%
Job description: Health insurance operations managers oversee health insurance programs in several service areas. These areas include account setup and implementation; contract administration, registration and eligibility; billing, customer support; and the handling of complaints. Health insurance operations managers troubleshoot issues in each area and develop policies, procedures, and budgets to support the functional infrastructure.
Frequently Asked Questions About an MBA in Healthcare Management
What can you do with an MBA in Healthcare Management?
An MBA in healthcare management can lead to management positions in the healthcare industry. Graduates can work in medical services, medical equipment or drug manufacturing, and health insurance.
Which is better, an MBA or an MHA?
It depends on your interests, skills and professional goals. An MBA is more versatile and provides students with skills relevant to medicine, non-clinical settings, and fields outside of health care. An MHA prepares students for specialized health administration roles in health care management, clinical settings, public health, and health policy.
Can You Boost Your Salary With an MBA in Healthcare Management?
Yes, earning an MBA in healthcare management can lead to a salary increase. Keep in mind that several factors affect salary, including specialization, professional work experience, education, and geographic location.