Earning an advanced degree in business or healthcare may be one of the surest ways to fast-track a career. For example, business and healthcare management offer high-growth opportunities with excellent earning potential.
Overall, management occupations project job growth of 8% from 2021 to 2031, faster than average, according to the U.S. Bureau of Labor Statistics (BLS). In particular, healthcare management is one of the top 15 fastest-growing occupations, with a growth rate of 28% (as of September 2022). Earning a Master of Business Administration (MBA) in healthcare management positions you for the best of both worlds.
What Sets an MBA in Healthcare Management Apart From Other Options?
The healthcare industry is booming, making it an attractive option for those who want to lead change at a level that improves outcomes for patients and organizations. For aspiring healthcare leaders, the question may be whether to pursue an MBA in healthcare management or a degree that focuses specifically on healthcare, such as a Master of Healthcare Administration (MHA).
A deciding factor may be the range of opportunities supported by each degree. GMAC’s 2022 Corporate Recruiters Survey suggests that candidates with an MBA in Healthcare Management may have an edge.
One healthcare recruiter noted that employers once emphasized “bringing in MHAs for strategic roles. At least in my organization, in the past 10 years, that idea has changed. MHAs have been moved to strictly operational roles while MBAs are selected for strategic roles.”
One reason MBA graduates are in demand in healthcare management roles is the need to manage rapid growth and rising costs. According to Insider Intelligence, healthcare spending in the U.S. reached $4.1 trillion in 2020 and is projected to reach $6.2 trillion by 2028, rising to $8.3 trillion by 2040.
MHA programs focus specifically on the healthcare industry. Candidates with an MBA in healthcare management have the advantage of a deeper dive into business fundamentals and strategic management skills. This preparation can open the door to broader opportunities in healthcare leadership.
How Can Youngstown State University’s MBA in Healthcare Management Advance Your Career?
The Youngstown State University (YSU) online MBA with a Specialization in Healthcare Management program embeds a dual specialization in leadership and healthcare management. Coursework emphasizes strategic managerial-level competencies in key areas such as:
- Fiscal management and the impact on resource allocation in health and human services organizations
- Cost-based decision making
- Supply chain strategy within healthcare systems, which plays a critical role in both preparing for disruptions and driving down costs
- Marketing strategy
- Healthcare reform, including relevant legislation
- Best practices for managing organizational talent
- Effective and ethical leadership in healthcare
Students can graduate from YSU’s MBA in Healthcare Management online program in as few as 12 months, prepared for strategic leadership roles in the healthcare industry. A sampling of the many career options for graduates includes:
- Medical and health services manager
- Hospital administrator
- Medical practice manager
- Quality assurance manager
- Healthcare policy analyst
- Nurse manager
- Chief nursing officer
What Is the Earning Potential for MBA in Healthcare Management Graduates?
An MBA in healthcare management can be ideal for aspiring healthcare leaders from various backgrounds. Whether you already work in a healthcare system or want to transition to healthcare roles, an MBA in healthcare management can equip you with the managerial business background and specialized healthcare leadership skills for success.
An MBA is a sought-after degree with high earning potential. According to GMAC’s 2022 Corporate Recruiters Survey, MBA starting salaries top those with a bachelor’s by 22% to 40%. Overall, GMAC puts the starting median salary for MBAs at $115,000, compared to $75,000 for a bachelor’s degree.
Based on salary data from the BLS, medical and health services managers employed by hospitals earn a median annual salary of $119,450. The top 10% earn more than $205,620 (as of September 2022).
Controlling costs without sacrificing care is a top priority for healthcare organizations. YSU’s online MBA in Healthcare Management program prepares graduates to meet the demand for business-minded leaders with the strategy and management skills to contain costs while achieving improved quality of care and patient outcomes.