Successful Traits of Healthcare Executives
It’s no secret that the healthcare industry is expanding. Millions of new jobs, new kinds of medical clinics and services and the integration of technology are all happening at once in an industry growing faster than any other in the United States.
That’s led to a growing need for quality healthcare executives.
The numbers show the demand. The federal government projects a 20 percent increase in hospital administrators by 2026, with more than 72 new managers and administrators joining the profession.
That’s why an MBA program that focuses on producing quality healthcare executives is a popular degree choice in the field. It supports students who need to excel in the areas needed to achieve success in this highly complex profession.
Those areas include the following.
Running a healthcare operation is like any other business. The difference is that the priority is placed on improving patient outcomes and delivering great healthcare services rather than turning a profit. Earning a master’s degree in healthcare administration teaches graduates about the latest strategies for managing healthcare finances. These include the best practices for setting a budget and negotiating contracts with outside vendors.
Even a casual reader of recent headlines knows that public policy on healthcare is in a state of almost constant flux. Administrations need in-depth knowledge on how industry regulations impact a medical operation, as well as laws at the local, state and federal level. Medicare and Medicaid are two of the most important components in this area, but it also includes myriad other regulatory issues.
The impact of technology innovation on healthcare is only just beginning. Most major healthcare operations have adopted electronic healthcare records, but there are a range of issues involving medical devices. These devices use information sharing, artificial intelligence and machine learning. All of which can potentially improve a medical operation and create better patient outcomes. Again, a quality master’s degree program can give students the knowledge they need in this critical area.
Doctors. Nurses. Medical technicians. Building managers. The Board of Directors. Hospital administrations oversee a very complex operation, and answer to often-demanding boards. It’s a complicated and demanding job but rewarding for those with the right temperament and education. That requires understanding the latest techniques in management, getting the most out of employees and running a successful operation in an increasingly diverse global environment.
Finding the Right Program
There are many different master’s degree programs in hospital administration. However, few have the approach taken by Touro University Worldwide. The university offers an MBA in Physician/Healthcare Administration that is aimed both at those who have earned a business degree and want to become healthcare executives as well as physicians who want to work in the business side of the operation.
The TUW program is completely online and requires no textbook. A flexible curriculum offers students the chance to pick courses that will best help their career. The faculty is experienced and has expertise in many specialties within healthcare.
The TUW program offers a great example of how an MBA can help graduates better handle the running of a hospital or other medical operation. By giving students expertise in the areas mentioned above, it can prove an important next step in a rewarding healthcare career.