Few industries in the United States offer more opportunity than healthcare. Growth has been consistent in the past few decades, and it’s only expected to accelerate in the coming years as the population ages and more people take advantage of preventative healthcare.
For those hoping to become leaders in healthcare, an MBA with a health administration management concentration positions them for success. By combining an in-depth education in the best theories and practices of business with detailed knowledge on the unique challenges of the healthcare industry, these programs continue to grow in popularity.
Here are some reasons why earning an MBA with a focus on health administration management can provide a significant boost to your career.
1. The Expertise
MBA programs vary in what they offer. However, those with a focus on healthcare administration place graduates in an excellent position to quality for leadership positions. The MBA program with a concentration on health administration management offered online by Touro University Worldwide provides graduates with the skills needed for problem-solving in healthcare management. Graduates also have a deep understanding of the complex and unique structure and needs in the healthcare system. Their drive for providing better quality care while managing costs is a hallmark of the program’s values.
2. The Demand
With the explosive growth in healthcare, the need also has grown for those who can provide the leadership and guidance needed for success in the industry. Given the complexities of the job, becoming a top candidate requires the blend of business and healthcare education provided through an MBA program. The federal government projects 20% growth nationwide in the health administration field by 2026, according to the U.S. Bureau of Labor Statistics (BLS).
3. The Variety of Choices
Those who have expertise in both business and healthcare are prepared for leadership positions in a wide variety of healthcare facilities. For example, healthcare administrators are employed in:
- Physician clinics
- Long-term healthcare facilities
- Outpatient clinics
- Research facilities
- Government agencies
4. The Pay
Compensation for healthcare managers has increased as the industry has grown. Salaries vary greatly depending on the area where you intend to work. Nationwide, the mean average pay for healthcare administrators was $98,350 in May 2017. The top 10 percent in the field earned more than $176,000.
Pay is highest in cities such as Boston ($148,930), New York ($137,980), Los Angeles ($113,540), Chicago ($118,540), and Houston ($118,590). States with the highest number of hospital administrators include California, New York, Texas, Ohio, Pennsylvania, and Florida.
5. The Future
Securing a leadership position in healthcare administration places MBA graduates in an industry that is only expected to grow. Part of this is driven by heightened awareness among consumers of the value of preventive healthcare services. Another enormous factor is the aging of the United States population. By 2035, there are expected to be more people over the age of 65 (78 million) than there are those under the age of 18 (76 million).
All these factors make earning an MBA with a concentration on health administration management worth the effort for those who have their minds set on taking leadership positions in the healthcare field.