MBA in Healthcare Management
An MBA degree is a graduate degree designed for students who aim to work in business. However, there are MBA specializations that allow you to focus on different fields as you learn business skills, including Healthcare Management. Healthcare is an important sector in each country, and having the skills to run agencies such as medical offices, hospitals, or pharmaceutical industries, is crucial for a successful healthcare system.
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An MBA in Healthcare Management offers a curriculum that focuses on helping you develop skills that apply to the health and care industry. These skills include decision-making, financial resource management/budgeting, staff management, and marketing. MBA programs generally have experiential learning as their main focus, so you will be able to learn on the go.
Why an MBA in Healthcare Management?
MBA in Healthcare Management degrees are mostly sought by professionals interested in creating a career in a healthcare organization or agency. Healthcare management professionals serve in a variety of directing and coordinating roles, so if you are wondering why an MBA in Healthcare Management would be worth it, consider the following:
High Demand for Healthcare Managers
A few decades ago, patient care providers such as doctors or nurses managed their own administrative affairs, which are now handled by trained health administrators. The Bureau of Labor Statistics reports show that the demand for healthcare managers is expected to increase by 32% by 2029.
Skills
Healthcare managers must develop all skills necessary to ensure an effective care management administration. An MBA in Healthcare Management allows you to develop such skills through diverse business and healthcare management courses. By the end of your degree, you will develop analytical, budget management, effective communication, critical thinking, technical, and, most importantly, leadership skills.
Earnings
Obtaining an MBA with a concentration in healthcare management offers a yearly average salary of $82,900. Generally, your salary potential depends on your chosen university and MBA healthcare program, prior work experience and job history, and desired work sector. Of course, certain careers across this industry can help you get ahead and increase your earning potential.
These include the following positions:
| Job Roles | Average Annual Salary |
|---|---|
| CEO | US$ 153,400 |
| Managed Care Finance Director | US$ 143,160 |
| Nursing Director | US$ 113,000 |
| Clinical Program Director | US$ 107,900 |
| Health Insurance Operations Manager | US$ 101,420 |
| Consultant | US$ 83,620 |
Career Development
The scope of an MBA in Healthcare Management includes positions in various roles across different industries, but mainly in the healthcare industry. Due to the growth of the healthcare sector, the MBA in Healthcare Management program has emerged as one of the most popular options among MBA degrees. There are various careers across the healthcare industry for students graduating with an MBA in Healthcare Management. See the following:
- Hospital CEO
- Hospital Administrator
- Pharmaceutical Product Manager
- Medical Practice Manager
- Health Informatics Manager
- Public Health Policy Analyst
- Health Insurance Operations Director
- Finance Executive
- Human Resources Executive
- Healthcare Associate
Top MBA in Healthcare Management Programs
You can find some of the best MBA in Healthcare Management programs at the following universities:
- Cornell University
- University of Virginia
- University of Pennsylvania
- University of Michigan
- Yale University
Best Countries to Do an MBA in Healthcare Management
Some countries pay Healthcare Management professionals higher salaries than others. Apart from the lucrative benefits, some countries also offer better working conditions. So, if you are wondering which country is best for healthcare management jobs, consider the following:
| Country | Average Annual Salary |
|---|---|
| The United States | US$ 101,000 |
| The United Kingdom | £46,500 (US$ 57,934) |
| Canada | CA$ 80,200 (US$ 58,820) |
| UAE | AED 334,800 (US$ 91,165) |
| Switzerland | CHF 175,000 (US$ 196,110) |
| Australia | AU$ 115,000 (US$ 76,105) |
| India | 0.5 Laks ( US$ 55,170) |
Cost of Tuition for a Healthcare Management MBA?
The cost of tuition for an MBA in Healthcare Management mainly depends on the following factors:
- The country where you pursue your degree.
- The university you choose to attend.
Below, you can find the cost of tuition in some of the best countries to pursue an MBA in Healthcare Management:
| Country | Average Cost of Tuition for an MBA in Healthcare Management |
|---|---|
| The United States | US$ 61,800 |
| The United Kingdom | £35,300 (US$ 43,665) |
| Canada | CA$ 70,000 (US$ 51,400) |
| UAE | AED 120,000 (US$ 32,675) |
| Switzerland | CHF 36,000 (US$ 40,280) |
| Australia | AU$ 57,300 (US$ 37,925) |
| Germany | €30,000 (US$ 33,100) |
Eligibility Criteria: Is an MBA in Healthcare Management Program Hard to Get Into?
Entering an MBA in a Healthcare Management program is not quite easy. To be eligible for admission, you must meet the minimum criteria your target university sets. Most universities set the admission criteria themselves, so you might find different requirements in different universities. As a result, before applying to your preferred university, you must ensure you meet at least the minimum requirements, which are mostly the same across different universities. These include the following:
- Be in possession of an undergraduate degree in a relevant discipline (awarded by a recognized university).
- Demonstrate great academic records and skills.
Specific criteria that you might be required to fulfill when applying for an MBA in Healthcare Management include the following:
How Long Does It Take to Earn an MBA in Healthcare Management?
Students often wonder what is the fastest healthcare MBA. For example, the duration of an MBA in Healthcare Management depends on the study mode you choose to pursue your degree. A full-time MBA usually takes two years to complete. However, some universities offer part-time and online MBAs in Healthcare Management, and their duration varies from one to three years to complete.
Learn More About an Online MBA.
Which is Better, an MBA in Hospital Administration or an MBA in Healthcare Management
An MBA in Healthcare Management is a more general degree that teaches you about business processes and healthcare management matters. An MBA in Hospital Administration is a degree that focuses on individual departments and budgets. Therefore, choosing the best between the two degrees is an individual choice that depends on your goals and interests.
Related: Graduate Health Administration Degrees.
Which Bachelor's Degree is Best for MBA in Healthcare Management?
If you already know that you wish to pursue an MBA in Healthcare Management, the best bachelor’s degree you can pursue is a bachelor’s in Health, Nursing administration, or clinical and academic majors. Usually, undergraduate degrees take three to four years to complete and allow you to gain theoretical knowledge in your chosen field and practical experience through internships and different fieldwork.