Online MBA in Healthcare Management
The field of healthcare management is rapidly expanding due to an aging population and technological developments in the collection, storage, and use of data. Healthcare management professionals are increasingly integral to bridging administrative, operational, and clinical functions in medical facilities. They ensure the privacy and integrity of patients’ medical information, thereby providing a crucial component of patient care.
An online MBA in Healthcare Management can help equip you to take on leadership roles in many levels of organizations such as hospitals, clinics, insurance providers, HMO administrative offices, and long-term care facilities. If you’re considering this degree, this page shows you what you need to get started. You’ll find the basics of what an online MBA program in healthcare management is, coursework required, job prospects, and comparisons to similar degrees.
What is an Online MBA in Healthcare Management?
Modern healthcare is full of complexities and opportunities involving pressing financial, administrative, operational, and technical factors. Medical enterprises urgently need professionals who are grounded in sound business principles and and best healthcare practices. As more data is being created and digitalized, demand is heavy for high-level worker who can optimize and protect sensitive patient information.
An online MBA with a concentration in healthcare management provides advanced education that equips students to acquire, analyze, and safeguard digital and paper-based medical data. This degree program trains people in the latest information management technology practices and organizational workflow. An online MBA can help open doors for you to progress into a lucrative and fulfilling career as a medical and health services manager, health information manager, clinical manager, nursing home administrator, or any of a host of emerging senior-level positions.
With an online MBA program in healthcare management, you can gain extensive insight into the application of technology and information to face the industry’s mounting challenges with confidence, competence, and excellence. Also, you can obtain this sought-after credential without the full-time commitment and expenses of going to a class. There’s no need to step away from work or family commitments; you can fit your studies into your schedule.
When considering an MBA in healthcare management, you should take time to decide on your present and future career goals and then look at the advantages and drawbacks of obtaining the degree in light of your goals. Many people advance in the healthcare sector without an MBA, but the degree can enhance your employment potential. Many healthcare organizations favor candidates with an MBA for current and emerging high-level positions.
Online MBA in Healthcare Management Curriculum
An MBA in healthcare management online gives professionals a broader, deeper perspective on how companies operate and the various factors that influence revenue and growth. The degree helps students cultivate business and soft skills to lead progress throughout a medical facility and the healthcare industry at large. An MBA in healthcare management provides tools to teach you about communication within and among departments in an office or organization.
An accredited MBA program in healthcare management online combines business subjects such as management, marketing, finance, and operations with the business aspect of health care. It’s designed to cultivate a new generation of healthcare leadership equipped to recognize and handle challenges and lead progress in the industry.
Most online MBA healthcare management programs cover these topics:
- Management information systems
- Integrated business operations
- Marketing strategy and planning
- The regulation of healthcare delivery
- Budgeting for healthcare managers
- The medical supply chain
- Managing people in healthcare organizations
- Healthcare law and ethics
Looking deeper at the standard courses reveals the kind of expertise a healthcare management MBA program helps develop:
- Management Information Systems: Students discover the importance of healthcare information systems that facilitate productivity, transaction processing and informed decision-making in regard to patient records, data security, financial planning, and human resources.
- Integrated Business Operations: This course covers how corporate strategy, operations, and information and data management contribute to decision-making.
- Marketing Strategy and Planning: Students review marketing strategies designed to enhance overall growth and performance.
- The Regulation of Healthcare Delivery: Students study topics in healthcare compliance, risk management, internal audits, legislation, Medicare reimbursement, and environmental safety.
- Budgeting for Healthcare Managers: Students learn in-depth about financial planning, decision-making, and implementing operating budgets based on costs, pricing, and key processes.
- The Medical Supply Chain: Students study a supply chain of a medical facility with the goal of reducing expenses and satisfying customers.
- Managing People in Healthcare Organizations: Students learn evidence-backed tools and best practices in the healthcare sector.
- Healthcare Law and Ethics: Students study healthcare delivery ethics, professional liability, death and dying, abuse and fraud, complying with legislative regulations, and reporting practices.
What Unique Career Paths Can I Pursue with an Online MBA Specializing in Healthcare Management?
Graduating from an MBA program with a healthcare management specialization can create opportunities for careers in a wide range of health-related industries. Skilled healthcare management professionals are needed wherever patients receive medical care.
Some of the most popular jobs for healthcare management MBA graduates include:
Medical and Health Services Manager
Medical and health services managers typically oversee a specific department in a medical facility, but they may be in charge of more than one or even all departments. These workers deal with scheduling, budgeting, and informing their team of changes. While many work directly with physicians, nurses, laboratory technicians, and other medical staff, others deal with patients and insurance agents. Industries that hire medical and health services managers include hospitals, physicians’ offices, outpatient care centers, long-term care facilities, and home healthcare services. Other job titles include healthcare executive and healthcare administrator.
- Developing departmental goals and objectives
- Recruiting, training, and supervising staff
- Scheduling workers
- Preparing and monitoring budgets
- Storing and organizing records of services
- Ensuring compliance with regulations and laws
- Representing the facility at board and investor meetings
- Maintaining communication with staff and department leaders
Payscale.com reports that the average annual salary for medical and health services managers is $64,7891, but those with MBAs tend to earn much more. The top locations for this position are California, Texas, New York, Pennsylvania, and Massachusetts. The US Bureau of Labor Statistics projects that employment of medical and health services managers will grow at 20%2, reflecting the anticipated greater need for healthcare services among the aging population.
Health Information Manager
Medical facilities maintain large databases of patient data to ensure legal compliance, cost-effectiveness, and patient privacy. Healthcare information managers oversee the complex system of documentation and verify that the data is up to date, accurate, and in compliance with professional standards and regulations. Often, they manage a staff of information technicians who create and execute strategies for information collection. Demand for this position is growing in hospitals and healthcare-related industries.
- Managing functions and activities of the healthcare department
- Coordinating and supervising coding, transcription, and clerical functions
- Providing educational sessions on topics related to supervised functions
- Recruiting, screening, hiring, and coaching healthcare staff
- Serving as a member of the Medical Records Committee
- Staying informed of new developments in the healthcare field and conveying changes to staff as needed
- Setting the tone of service orientation and responsiveness to customers
- Ensuring efficiency and compliance with regulations
According to Payscale.com, the average salary for healthcare information managers is $56,3433. The top locations for employment include Illinois, Georgia, Texas, and New York. Job growth is expected to reflect that of other medical and health services managers at 20% in response to the exploding demand for healthcare services.
Nursing Home Administrator
Nursing home administrators manage the development and implementation of a long-term care facility’s management system. They oversee the quality assurance processes for resident care, food service, and recreational programs. These professionals serve as liaisons for residents, families, medical staff, and the public. Nursing home administrators also discuss their facility’s budget, expenditures, and operations at board meetings.
- Managing insurance billing
- Developing work schedules
- Maintaining patient records
- Supervising admissions
- Recruiting, interviewing, and hiring medical professionals
- Procuring medical equipment
- Directing 24/7 care
Payscale.com reports that the average salary for nursing home administrators is $88,8344. The top locations for this position are New York, California, Michigan, Texas, Illinois, and Colorado. While the US Bureau of Labor Statistics doesn’t have specific job outlook data, growth in opportunities will likely mirror that of medical and health services managers at 20% with the growing need for long-term care facilities.
In addition to hospitals, hospital administrators work in medical facilities such as doctors’ offices, physical rehabilitation centers, and substance abuse centers. These professionals recruit, screen, and hire new physicians, nurses, and other medical staff. Other duties include overseeing compliance with state and federal laws, implementing policies, and creating budgets.
- Managing staff and daily operations
- Determining goals and costs for service
- Overseeing fundraising and fees for special cases
- Meeting with regulators, the media, the general public, and researchers
- Delegating and coordinating among departments to create specific outcomes and meet organizational goals
Payscale.com states that the average salary for hospital administrators is $87,8735. Top locations for this position include California, Illinois, Maryland, and Texas. The US Bureau of Labor Statistics doesn’t provide job outlook data for this position specifically, but demand is likely to be as robust as that for medical and health services managers at 20%.
Healthcare Risk Manager
Directors of risk management or risk control are responsible for overseeing risk-related aspects of their organization. They manage liability issues, collect risk data, and minimize risks wherever possible. These professionals also relay ideas and issues to senior management and set up risk programs and policies throughout their company. Most work in medical facilities, while others find jobs in governmental agencies and nonprofit organizations. Other titles for this position include vice president risk management, chief risk officer, and director of risk management.
- Managing business planning, budget development, and staff operations
- Leading staff in efficient utilization of quality processes
- Examining risk data to determine potential losses
- Developing and implementing the risk management program
Payscale.com reports that the average healthcare risk manager earns $114,177 annually6. The top locations for this job are New York, Illinois, Washington DC, Texas, and Massachusetts. The US Bureau of Labor Statistics doesn’t currently provide job outlook data for this career. Nonetheless, its future will likely be bright as healthcare enterprises face rising industry risks such as data breaches, medical malpractice claims, workers compensation injuries, and other financial losses.
Medical Facility Chief Financial Officer
An MBA in healthcare management coupled with expertise in accounting and finance may help you find employment as a chief financial officer in a medical facility. A CFO oversees the budget of a healthcare facility and maintains its financial records. This position also requires you to meet with senior-level management to keep them abreast of the organization’s financial status.
- Designing internal guidelines, control policies, and procedures for accounting, budgeting, and cash and credit management
- Preparing or overseeing the preparation of financial and business reports, budgets, forecasts, and regulatory reports
- Providing and coordinating leadership in the business planning, administrative, budgeting, and accounting functions of the organization
According to Payscale.com, the average salary for chief financial officers is $130,8727. Many job opportunities are in California, Texas, and New York. The US Bureau of Labor Statistics predicts that demand for these professionals across all industries will increase by at least 8%8, and it is likely that jobs for CFOs in healthcare will be greater as employment in the sector is expected to grow by 18%9.
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Should I Get an Online MBA in Healthcare Management?
As you contemplate pursuing an advanced degree, determine if you’re a self-driven learner who can manage time and focus well on your studies. Consider if you can learn mostly on your own without many in-person interactions with faculty or fellow students. You also need to determine if this degree will help you meet your career goals. Of course, you also need to decide if you can commit the time and money necessary to pursue the degree.
Online MBA in Healthcare Management vs. Master’s in Healthcare Information Management
An MBA program in healthcare management and a master’s program in healthcare information management cover similar subjects with the same goal of developing leaders in the healthcare industry, but the healthcare management MBA focuses more on business topics. If you already have a strong business background, an HIM master’s degree may be a suitable path for you. Typical courses in an HIM master’s degree program would include:
- Healthcare Financial Management
- Healthcare Statistics
- Legal and Ethical Issues in Health Information
- Organizational Development and Management for Health Information
- Project Management of Health Information Systems
Frequently Asked Questions
When considering an online MBA program, you should make sure that the program offers what you need to help you on your career path. Prospective healthcare management MBA students should ask these questions:
Is an online MBA in healthcare management worth the time and financial investment?
As mentioned earlier, the multi-trillion dollar healthcare industry is continuously growing, with expectations of increasing opportunities for skilled leadership. The market is more than willing to pay handsomely for qualified professionals with MBA credentials. If you find an affordable MBA program and complete it within a few years, you have a high possibility of finding work that will pay off your investment in a short time.
Do I need experience in healthcare before pursuing an MBA in healthcare management?
Healthcare workers are intelligent, hard-working individuals who typically respond to superiors who understand the in and outs of the industry. Without experience or a strong personality, you may have difficulty garnering respect. The most influential people in healthcare all have an extensive clinical background. Healthcare managers can succeed without experience, though.
Are online healthcare management MBAs always at accredited institutions?
At DiscoverBusiness.us, you will find online MBA programs with national accreditations from AACSB, ACBSP, or IACBE and a CHEA-recognized entity. Every online healthcare management MBA program is different, but the ones we list are fully accredited.
How long does it take to get an MBA in healthcare management?
Many online MBA programs are designed to be completed within two years. You can find accelerated MBA programs that last six to eight weeks, but they require a substantial time commitment. Either way, online MBA courses are more flexible than traditional classes, and much depends on how much time you can devote to studies. You will need at least 10-15 hours of focused study time per week. Pursuing an MBA in healthcare management calls for a high level of self-discipline, time management, and persistence, yet the professional and academic achievement can prove to be well worth any effort or sacrifice.
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