What Is an MBA in Healthcare Administration?

A Master of Business Administration in Healthcare Administration places you at the forefront for careers in a sector with a $3.3 trillion spend in 2016, comprising 17.9 percent of the U.S. gross domestic product, according to the Centers for Medicare and Medicaid Services.

Leadership abilities along with skills in data analyzation and strategic positioning are all developed through an MBA in Healthcare Administration, which allows you to acquire comprehensive, higher-level business skills alongside in-depth studies in current healthcare-specific topics.

All indications are that the U.S. healthcare sector will see continued growth. The CMS projects an average 5.5 percent annual increase in healthcare spending through 2026, with the U.S. Bureau of Labor Statistics (BLS) projecting overall healthcare employment to grow 18 percent over the next decade — faster average than for any other occupation.

An MBA in Healthcare Administration teaches the skills that can help healthcare administrators, executives and medical/health services managers adapt to the challenges the U.S. healthcare sector faces, including its diverse payer population and different models of service delivery, along with ongoing changes to laws, regulations and technology for both administrative and clinical settings.

Lamar University’s fully accredited online MBA program helps you expand your general business knowledge while gaining a greater understanding into current topics specific to healthcare administration. Whether leading a department, group medical practice, nursing home or hospital facility, administrators need a broad skill set to work in healthcare’s changing environment.

Healthcare Administrator Skill Set

Through the coursework, an MBA in Healthcare Administration develops several employer-desired attributes for working as a healthcare administrator, including analytical, communication, strategic and technical skills. A healthcare administrator should be detail-oriented and have the ability to work with other people while leading them to organizational success.

Business-related courses cover topics such as managerial accounting, financial management and strategic management. Advance your skills in financial policies and decision-making while learning to conduct cost analyses and use statistical tools. Delve into marketing strategies and enterprise resource planning, and increase your abilities to communicate with your team. Learn how to collect, analyze and interpret data, and how to present your findings in a manner that supports sound decision-making.

Courses specific to healthcare administration include healthcare economics, healthcare entrepreneurship, healthcare strategy and healthcare information systems. Topics covered include concepts and policies that drive the healthcare industry, with students learning how best to blend theory and practice.

Included with the MBA in Healthcare Administration program is a review of the history of healthcare and how that has developed into different models of delivery. Social issues are discussed, including the question of whether healthcare is a right or a privilege. The coursework includes an in-depth review of topics such as healthcare insurance markets, managed care, for-profit versus non-profit models, efficiencies and costs, and healthcare process outcomes.

Job Outlook Indicates High Demand

The number of positions specific to healthcare administrators, executives and medical/health services managers is projected to grow by 20 percent over the next decade — much faster than average forecast for other occupations, according to the BLS.

An MBA in Healthcare Administration can help you be a part of this growth by giving you the skills to take on a larger role with more responsibility and higher compensation. It also positions you to step into a top executive position, which generally requires a master’s degree.

Those moving up have begun their careers in varied healthcare roles and settings, with the BLS finding that administrative ranks have seen advancement from positions ranging from registered nurses to medical record technicians and administrative assistants. The BLS further notes that master’s degrees have become more common as healthcare workers combine the higher degree with their work experience to meet employer preferences.

The online format for Lamar University’s MBA in Healthcare Administration program provides flexibility and convenience for students who continue to work while taking courses. Employers are looking for experience and a higher education, and students will gain these two key attributes concurrently. With completion of the program possible in as few as 14 to 16 months, you are on the path to more opportunities sooner rather than later.

Learn more about Lamar University’s online MBA in Healthcare Administration program.


Sources:

U.S. Bureau of Labor Statistics: Healthcare Occupations

U.S. Bureau of Labor Statistics: Medical and Health Services Managers

Centers for Medicare & Medicaid Services: NHE [National Health Expenditure] Fact Sheet


 

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