Healthcare Administration MBA Jobs

Well-educated healthcare leaders can find ways to reduce costs while improving service. Image from https://unsplash.com

Angela Miller November 28, 2022

Healthcare in the U.S. today is exceedingly complex. Medical facilities require top-notch hospital administrators to navigate this complicated landscape. Healthcare professionals with master's degrees possess the skills to lead the way.

In this course, participants learn core principles, concepts, and methods of continuous improvement and explore the history of continuous improvement efforts. In a series of lectures, Master Black Belt in Six Sigma Shane Wentz, Ph.D., enables learners to enhance, optimize, and stabilize business processes and to augment quality control through varied methodologies. Participants gain the skills and knowledge to reimagine internal processes, engage in advanced problem-solving, and empower employees. The course covers high-level foundational principles of Lean, Six Sigma, and DMAIC processes before diving deep into Lean Six Sigma methods. Learners will analyze the tools of process mapping, Kaizen (a continuous improvement method/tool deemed a prerequisite for Lean transformation success), Lean (a continuous improvement philosophy that emphasizes streamlined workflows and reducing waste), and the process improvement methodology driving DMAIC: Define, Measure, Analyze, Improve, and Control.

Entrepreneurs fostering new ventures outside of well-developed entrepreneurial ecosystems like Silicon Valley face significant challenges. These markets are unlike Silicon Valley, and they will likely remain so. That doesn't mean they can't nurture and sustain new businesses. In transitioning markets that lack abundant private sector financing, creative approaches from government officials, donors, and business leaders can fill the void to support entrepreneurial activity. Northeast Ohio (where Cleveland and Case Western Reserve University are located) has become a laboratory for such innovative solutions. During our time together in this course, we will explore some of these creative approaches to promoting regional entrepreneurship. Northeast Ohio has seen a massive infusion of government and donor resources for over ten years. In that time, Northeast Ohio has promoted regional development (including job creation and follow-on funding) through alternative methods of financing startups. It has not been easy. The region has made progress, but it remains to be seen whether it has struck upon an enduring formula. A dynamic entrepreneurial ecosystem takes many years, even decades, to develop. Government policymakers and donors typically seek quicker returns on their support programs, which makes long-term support for entrepreneurship challenging. This course includes case studies and first-person testimonials from entrepreneurs who have launched products and services ranging from medical devices to LED lights to whiskey. You will learn how these entrepreneurs discovered and procured resources from various programs and intermediary organizations. You will hear from business people still in the process of developing their companies as well as those whose ventures have flourished. Our focus will extend beyond Cleveland to selected markets around the world, including Greece, Vietnam, Tunisia, Argentina, Rwanda and China. You will learn about international incentives and other supports available to developing startups and small businesses across the globe. This course examines how different communities around the world approach implementing strategies and methods to support businesses. I will ask you to reflect on how to apply the principles we learn to growing entrepreneurship where you live. The social interactive features of the online platform will enable students from around the world to share ideas and learn from one another. Most MOOCs rebroadcast professors’ lectures; this course is different. Don’t expect to see me standing in front of the camera, talking and lecturing every module. Instead, the lectures will be relatively short in length. They have more of the feel of an engaging documentary than a static classroom setting. ## __What type of person takes the *Beyond Silicon Valley* course?__ - Active and aspiring businesspeople in communities looking to initiate new startup ecosystems or bolster existing ones - Current and prospective entrepreneurs who want to learn about funding sources, risk management, and the lifecycle of startups - Professionals who work in government agencies, nongovernmental organizations, philanthropic institutions, and various private funds that fund startups - Anyone curious about how to create and grow startup ecosystems outside the major tech hubs - The principles Beyond Silicon Valley teaches have been drawn from and applied to startups worldwide, from small villages to megalopolises. You'll study success stories spanning the globe from Vietnam to Kosovo to Botswana. ## __What will you learn in *Beyond Silicon Valley*?__ - How and where startups can find funding to get their businesses off the ground - What role government can play in encouraging startups and a healthy startup ecosystem - How anchor institutions such as universities and healthcare systems participate in startup ecosystems - How nongovernmental organizations support startups - How to raise funds from venture capitalists, angel investors, and accelerators - How to navigate challenging periods in the startup lifecycle - The importance of mentoring in successful startups

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It's no secret that rising healthcare costs place extraordinary burdens upon Americans. According to a 2019 Gallup poll, nearly one in five identify healthcare costs as the most important financial problem facing their families. No other category comes close (only about half as many named housing or education expenses).

According to the World Bank, U.S. per capita healthcare spending is the highest in the world, nearly 10 percent higher than second-place Switzerland. When U.S. Senator Bernie Sanders surveyed his Twitter followers about their most absurd medical bills, the responses included a $1,400 bandaid, a $16,000 kidney stone treatment (that didn't include its removal), and a $35,000 bill for an ectopic pregnancy. One user reported filing for bankruptcy at age 23 after receiving a $250,000 hospital bill.

Unregulated prescription drug costs, inconsistent billing standards, and underinsurance issues pervade a byzantine American healthcare system complicated by local, state, and federal regulations. The end results are discouraging. According to an analysis of 11 high-income nations by The Commonwealth Fund, the U.S. trails far behind on measures concerning healthcare affordability, equity, administrative efficiency, and results.

How do we achieve better healthcare outcomes? Policy change can drive substantial improvements; capable, competent industry professionals can help lead the way. Well-educated healthcare leaders can find ways to reduce costs while improving service.

Healthcare administration represents the fastest-growing subfield of medicine. Demand for qualified healthcare managers is increasing every day. Expertise in healthcare management and administration can prepare business-minded healthcare professionals to address one of our nation's most daunting challenges.

This article focuses on some of the most popular healthcare administration MBA jobs. It covers the following topics:

What is an MBA?
What is a healthcare administration MBA?
What are some common healthcare administration jobs?
Does a healthcare administration MBA deliver a good return on investment?

What is an MBA?

Those looking to upskill to become better managers typically pursue a Master of Business Administration (MBA). First implemented by Harvard University Graduate School of Administration in 1908, the MBA is the original business school graduate degree. MBA programs emphasize management, leadership, and financial skills; they typically include core courses in accounting, management, business law, finance, and marketing.

MBA programs provide a holistic view of business while developing students' soft skills and leadership knowledge. They also offer great networking opportunities and the potential for more lucrative career prospects.

What is a healthcare administration MBA?

Many MBA programs offer opportunities to specialize in one or more disciplines. The most popular include finance, international business, marketing, analytics, and consulting. Healthcare administration is growing in popularity as the demand for MBA-trained healthcare professionals increases.

Some healthcare administration MBA programs begin with a core curriculum and add in healthcare-specific electives; others teach the core from a healthcare perspective. MBA programs require 30 to 50 credit hours over 18 months to three years. Topics of study may include artificial intelligence, healthcare finance, digital innovation in healthcare, healthcare regulation, and entrepreneurship. Earning an MBA with a healthcare administration specialization can broaden your skill set and equip you with the necessary tools to improve processes and practices in the healthcare field.

Admission requirements

Admission to any healthcare administration MBA program requires a bachelor's degree. In addition, you'll need to submit official transcripts from all previous institutions. Applicants with international degrees must have their academic records evaluated by a member agency of the National Association of Credential Evaluation Services (NACES).

Most business schools also require applicants to prove their competency through a Graduate Management Admission Test (GMAT). Be sure to check the deadlines for submitting test scores. Programs may also require an essay discussing your goals and objectives for pursuing admission, letters of recommendation, and/or a professional resume.

Online healthcare administration MBAs

Online healthcare administration MBAs offer an excellent option for those seeking flexibility. Case Western Reserve University's 48-credit hour Online MBA in Healthcare Management offers a unique curriculum pairing traditional MBA coursework with a healthcare core. Students study organizational behavior, managerial decision-making, operations management, healthcare finance, regulatory issues in medical management, risk management, and health economics. The healthcare core of the curriculum comprises 40 percent of the total course load.

What are some common healthcare administration jobs?

The sprawling healthcare industry provides ample opportunity to shine as a practitioner, manager, or leader. Leadership roles abound in healthcare facilities such as clinics, surgical centers, hospitals, pharmaceutical manufacturers, medical networks, medical device manufacturers, nonprofits, and insurance agencies.

You can put your management skills to the test in the following positions:

Corporate development associate: Corporate development associates assist in planning and overseeing fundraising initiatives and events. They earn an average annual salary of about $90,000.
Health information manager: Health information managers collect and maintain information and oversee record-keeping, ensuring that all information is shared and stored legally and ethically. The average annual salary for health information managers is around $95,000.
Health services manager: Health service managers plan, direct, and facilitate medical and health services. They stay abreast of the latest technology and can adapt nimbly to new healthcare laws and regulations. They may also recruit, train, and supervise staff. They earn an average annual salary of about $92,000.
Healthcare consultant: Healthcare consultants advise healthcare organizations based on their experience and knowledge of relevant healthcare literature. They help organizations improve performance, collect client operations information, and develop needs assessments. You'll earn an average annual salary of about $120,000 as a healthcare consultant.
Hospital administrator: Hospital administrators plan departmental activities, evaluate doctors and other employees, create and maintain policies, oversee staffing decisions, and help develop procedures for medical treatments, patient services, public relations, and quality assurance. Their average annual salary is around $88,000.
Pharmaceutical project manager: Pharmaceutical project managers plan and oversee projects to ensure they are completed on time and within budget. They designate project resources, monitor the progress of various initiatives, prepare budgets, and communicate with stakeholders throughout the process. They earn average annual salaries of $134,000.

You may also pursue a senior management role, such as:

Hospital CEO: Hospital CEOs serve as senior leaders and are the hospital's highest-ranking executives. They approve major decisions and shape core organizational policies, philosophies, and values. They establish and guide the hospital's vision and strategies. They earn average annual salaries of $185,000 and typically earn substantial additional income in incentive pay.
Hospital CFO: Hospital CFOs are senior-level company executives responsible for overseeing the hospital's financial operations. They develop and implement annual budgets and spending plans. They also ensure that financial matters comply with legal standards and regulations. The average annual salary for CFOs is around $162,000, with significant additional pay in incentives.

Education level is one of many factors influencing your healthcare management salary. The Bureau of Labor Statistics (BLS) reports that healthcare managers earn more in some settings than in others. A healthcare manager based in New York, New Jersey, Washington, or Massachusetts can expect to earn more than $135,000 annually. Those in Arkansas and Montana typically earn less than $100,000 per year.

Does a healthcare administration MBA deliver a good return on investment?

Two years of MBA tuition can set you back anywhere from $20,000 to nearly $200,000, making it difficult to calculate a single return on investment for the degree. More-expensive degrees typically return higher salary boosts; a Stanford Graduate School of Management graduate can expect to earn more than $100,000 more per year than the average MBA graduate. A pay increase like that can wipe out the extra expense of attending Stanford pretty quickly.

According to MBA.com, starting salaries for MBAs exceed starting salaries for those with bachelor's degrees by 22 to 40 percent. Pro rate that over a career, and you should see a substantial return on your MBA tuition. And that's before you consider the opportunities open to MBAs but not to those with a bachelor's. If you're angling for top management or executive position, an MBA or similar degree (such as a Master of Healthcare Administration) will be required by many employers.

For most people, a healthcare administration MBA delivers a solid return on investment. It boosts salary and the prospects for higher-responsibility roles that pay more in a growing field. With an aging population taking more workers out of the labor force and increasing demand for senior healthcare services, demand for healthcare administration professionals seems likely to grow steadily in the years to come.

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