Intersection of Healthcare and Business: Why Pursue an Online MBA in Healthcare Administration

On the surface, it may seem like the worlds of healthcare and business are completely separate. However, upon closer inspection, you will find that these fields are uniquely intertwined. In fact, amid an ever-changing healthcare landscape, the need for thoughtful, forward-thinking business professionals has never been greater within the healthcare field. 

Those who may be interested in a business career with a healthcare focus may want to consider pursuing a healthcare MBA degree. 

What Is an MBA in Healthcare Administration?

A Master of Business Administration in Healthcare Administration is a specialized graduate degree program that focuses specifically on developing business management and leadership skills within the scope of the healthcare field. According to Coursera, the healthcare MBA degree is designed to prepare students for career opportunities in the healthcare field. Such opportunities consist of hospital administration positions, healthcare facility management positions, and healthcare financial management positions. 

The Business of Healthcare

The healthcare field is commonly associated with the field of medicine, largely because most healthcare professionals work directly with patients to provide them with the care and treatment they need. That said, there is another aspect to this industry, which is the business side of healthcare. The American health care system is incredibly complex, and it consists of medical providers, insurance providers, and patients. While some healthcare facilities are for-profit companies and others are non-profit organizations, all healthcare facilities must work to streamline business operations while simultaneously improving patient outcomes. This requires business leaders who specialize in healthcare administration to have a unique set of business, healthcare, and interpersonal skills to succeed. 

What You Can Do With an MBA in Healthcare

One of the most significant MBA benefits is the fact that graduates are often able to seek higher-level, leadership positions within their chosen industry. Per reports from Indeed, graduates with an MBA in Healthcare are often qualified to pursue positions such as: 

• Healthcare Administrators 
• Hospital Managers 
• Clinical Office Managers 
• Corporate Development Manager 
• Health Information Manager 

That said, the benefits of an MBA in healthcare are vast in terms of career opportunities. Understanding such benefits is key to deciding where you ultimately would like to be down the road. 

Role of Healthcare Administrators

Healthcare administrators are responsible for overseeing the business activities of a healthcare facility. The U.S. Bureau of Labor Statistics (BLS) states that healthcare administrators are commonly employed at hospitals, clinics, nursing homes, and medical practices. Most healthcare administrators are employed full-time, and while a bachelor's degree is required for most entry-level positions, an MBA in Healthcare can provide a candidate with a competitive advantage. 

Managing Healthcare Facilities

Healthcare administrators are responsible for managing the day-to-day business operations at healthcare facilities. Some common management responsibilities include: 

• Creating a work schedule for staff that optimizes patient outcomes. 
• Recruiting and retaining top talent in the medical field. 
• Soliciting feedback from patients and adapting accordingly to improve patient outcomes and experiences. 
• Monitoring compliance standards and ensuring that the facility remains in compliance with all regulations. 

Directing Effective and Efficient Operations

At a time when many healthcare facilities are facing staffing shortages and patient needs are greater than ever before, healthcare administrators and managers must be exceptionally skilled at directing effective and efficient operations. Healthcare administrators are often responsible for collecting data and evaluating daily operations to see where improvements can be made. This is in terms of both the work environment for staff and the patient experience for those seeking care at the facility. 

Implementing Healthcare Policies and Regulations

Healthcare facilities must remain in compliance with all legal guidelines and regulations, which tend to change frequently. Healthcare administrators and managers are often responsible for monitoring all regulatory changes, and adapting accordingly to ensure that the facility always maintains compliance. In addition, administrators also must create healthcare policies for staff and patients to ensure that everyone can enjoy a safe and secure environment within the facility. These policies often must shift to adapt to changing cultural norms and expectations within the public. 

Improving Patient Care and Satisfaction

Patients have a lot of choices when it comes to seeking care, which means that healthcare facilities must be committed to constantly improving the patient experience to compete against other local facilities. Prioritizing patient care and satisfaction is crucial from a business perspective. By actively improving patient outcomes, the facility enhances its ability to attract top talent within the medical community and retain patients over the long term. 

Benefits of an MBA in Healthcare Administration

While there are several MBA benefits to consider, there are additional benefits associated with a specialized MBA degree, such as an MBA in Healthcare Administration. 

These are some of the benefits to consider as you explore the healthcare MBA program at Lindenwood University: 

Career Advancement in Healthcare

One of the most significant benefits associated with any MBA degree is the fact that this sought-after graduate degree program allows business professionals to advance within their chosen field. The MBA degree offers students advanced coursework focusing on specialized business topics. Additionally, it includes leadership skill development, uniquely equipping them for upper-level positions within their field. 

Within the healthcare sector, graduates who earn a healthcare MBA degree may be qualified for leadership positions, such as healthcare administrators, practice managers, health information officers, hospital CEO, or hospital CFO positions. 

Leadership and Management Skills for Healthcare

An MBA degree program with a concentration in healthcare administration can help you develop the specialized skills needed to manage a healthcare facility. 

Some of the top leadership and management skills for healthcare administrators include: 

• Decision-Making — Healthcare leaders must be able to make effective decisions that provide positive outcomes for the entire facility. They must be able to weigh the needs of the staff, the demands of the business itself, and the expectations of patients as they make choices for the greater good of the hospital or medical practice. 
• Team Building — Healthcare administrators must be able to work with staff at all levels to create a positive workplace culture. By actively working to create a positive work environment, healthcare administrators will be able to attract and retain top talent while also improving patient outcomes. 
• Communication — Managers and administrators must be able to communicate effectively with both staff members and patients. Clear, consistent, and accurate communication is essential in the healthcare field, which is constantly subjected to changing laws, regulations, guidelines, and patient expectations.

Increased Earning Potential and Job Stability

Several graduates with an MBA in Healthcare Administration find that they can increase their earning potential over the course of their career. The BLS notes medical and health services managers earn a median annual salary of about $104,000 per year. In addition, the job outlook for these positions is incredibly positive, with the BLS anticipating a 28 percent job growth rate between 2022 and 2032. This anticipated job growth rate is much faster than average when compared to all other occupations. Graduates who complete a health care MBA program are likely to secure a position and enjoy long-term job security and stability, as it's expected that there will be increased demand for these specialized positions for years to come. 

Future of Healthcare Administration

The future of healthcare administration is bright, with many new job opportunities on the horizon. Furthermore, those pursuing careers in this field are likely to enjoy a long and vibrant career, one in which the changes of the digital age will greatly shape the trajectory of their career and their responsibilities daily. It's an exciting time to consider a career in healthcare administration, and the need for qualified professionals with adept leadership skills has never been greater. 

Increased Demand and Need in Healthcare

In the wake of the global pandemic, and at a time when healthcare facilities are facing dire staffing shortages, the need for qualified and skilled healthcare administrators has never been greater. The BLS anticipates that there will be about 54,700 job openings for medical and health services managers each year between 2022 and 2032. Most healthcare facilities are looking for dynamic and motivated managers willing to: 

• Develop effective policies that will help improve the overall culture at the facility and boost patient outcomes. 
• Apply their knowledge of the healthcare industry with their business acumen, ultimately providing a business-focused, patient-centered approach to healthcare. 
• Improve the reputation of the facility to attract the most qualified practitioners and medical providers as well as retain patients for the long-term.

Technological Advancements and Data-Driven Decisions

Over the course of the past several decades, technology has completely revolutionized the field of healthcare — and those changes are not going to slow down anytime soon. The digital revolution is in full swing, and advancements in technology will continue to redefine the healthcare experience for providers, payers, and patients. 

In the near-term, artificial intelligence, virtual reality, and data harvesting are expected to play a significant role in the field of healthcare. Healthcare administrators are going to need to know how to make data-driven decisions in the age of AI to provide patients with streamlined care and improved outcomes. Moreover, managers are going to need to know how to leverage technology to alleviate the burden on staff members without compromising patient care to quell burnout and retain the most qualified providers in the medical field. 

Changes in Healthcare Reform and Regulations

As the healthcare industry continues to adapt to the changing times, healthcare administrators will be faced with constant changes due to healthcare reform and regulatory changes. Some hot topics within healthcare reform and regulatory activity include: 

• The cost of prescription medication, with many patients finding it difficult to access the medicine they require at a price that they can afford. 
• Medicare changes, which may include access to telehealth and other benefits. 
• Behavioral healthcare coverage, with patients and providers demanding that individuals receive better coverage for mental healthcare to provide them with the comprehensive, well-rounded care that they need to enjoy the high quality of life that they deserve. 

By being aware of trending topics and monitoring legislative changes, health services managers and hospital administrators will be able to effectively maneuver this ever-changing landscape. 

Explore the Health care MBA Program at Lindenwood University Online

At Lindenwood University Online, we offer a dynamic MBA degree program designed to prepare you with the skills and knowledge needed for an ever-evolving business climate. Within this online graduate degree program, you can choose a Healthcare Administration concentration, allowing you to specialize in this growing sector. 

Request more information about our online MBA degree today.