A Master of Business Administration (MBA) in Healthcare Administration can prepare you for a high-level career at the forefront of an ever-expanding sector. The Centers for Medicare and Medicaid Services (CMS) reports that the national health expenditure (NHE) grew to an unprecedented $4.1 trillion in 2020, accounting for nearly 20% of the U.S. Gross Domestic Product (GDP).
Taking on an administrative leadership role in such a large industry sector requires a unique set of specialized skills and knowledge. The leadership abilities, data analytics competence and strategic management skills you will need can all be developed through earning an MBA in healthcare administration. This degree allows you to acquire comprehensive, higher-level business acumen alongside in-depth knowledge in current healthcare-specific topics.
While the COVID-19 pandemic likely led to a spike in NHE, all indications are that the U.S. healthcare sector will see continued growth. CMS projects a 5.4% annual average increase in NHE through 2028, reaching $6.2 trillion that year. The U.S. Bureau of Labor Statistics (BLS) projects overall healthcare employment to grow 16% between 2020 and 2030, resulting in roughly 2.6 million new jobs, more than any other occupational group.
An MBA in healthcare administration teaches the skills that can help healthcare administrators such as healthcare executives and medical/health services managers adapt to the challenges the U.S. healthcare sector faces. These include diverse and shifting payer populations, evolving models of service delivery and ongoing changes to laws, regulations and technology for both administrative and clinical settings.
Lamar University’s fully accredited online MBA program can help you expand your general business knowledge while gaining a greater understanding of specialized healthcare administration subjects. Whether leading a department, group medical practice, nursing home or hospital facility, administrators need a broad skillset to navigate healthcare’s changing environment.
Healthcare Administrator Skill Set
Through rigorous coursework, an MBA in healthcare administration develops several employer-desired attributes for working as a healthcare administrator, including analytical, communication, strategic and technical skills. In addition to having these skills, BLS notes that healthcare administrators (categorized as medical and health services managers) should be detail-oriented and have the interpersonal skills needed to work well with other people while leading them to organizational success.
Business-related courses cover topics such as managerial accounting, financial management and strategic management. Through these studies, students can advance their skills in finance and decision-making while learning to conduct cost analyses and use statistical tools. Further courses delve into marketing strategy and enterprise resource planning (ERP) systems. And the study of managerial applications of data analytics helps students learn how to collect, analyze and interpret data and present findings in a manner that supports sound decision-making.
Courses specific to healthcare administration include healthcare economics, healthcare entrepreneurship, healthcare policy and finance, 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.
Lamar University’s online MBA in Healthcare Administration also explores the structures, systems and social issues impacting modern healthcare, including the question of whether healthcare is a right or a privilege. Healthcare insurance markets, managed care, private versus single payer models, efficiencies and costs, healthcare process outcomes and other contemporary topics are reviewed in depth.
Students in Lamar University’s healthcare administration program can further select from a number of elective courses focusing on leadership development, healthcare delivery management, human resources and employment law. Through elective study, students have the opportunity to tailor their degree to match their career aspirations.
Job Outlook Indicates High Demand
Employment of healthcare administrators, executives and other medical and health services managers is projected to grow by 32% from 2020 to 2030 — much faster than the average forecast for all occupations — according to BLS.
An MBA in healthcare administration can help you be a part of this growth by giving you the skills needed to take on a larger role with more responsibility and higher compensation. It also positions you to step into a top executive job, for which a master’s degree is often preferred by employers.
Those rising to administrative-level healthcare positions begin their careers in varied healthcare roles and settings. BLS reports that medical and health services managers have advanced from positions ranging from registered nurses to medical record technicians and administrative assistants. 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 of 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 online MBA students can gain these two key attributes concurrently. With completion of the program possible in as few as 12 months, this degree can fast-track your path to rewarding opportunities in healthcare administration.
Learn more about Lamar University’s online MBA in Healthcare Administration program.