Healthcare MBA Programs, Rankings, Online
- Healthcare MBA Rankings – Selecting the Right School
The Healthcare MBA is a specialization within the MBA program, designed for students that want to apply a primary field of study to a particular sector of the healthcare industry, such as finance, marketing or IT. When researching MBA schools and programs, there are some important factors to consider:
Program Rankings
Surveys show that the number one factor when choosing a business program is its reputation and ranking. And while attending a highly ranked b-school by no means guarantees success, it’s important to know where a program stands so you can be sure you’re receiving a valued, high quality education. Some resources for finding program rankings are:
- Businessweek – A list from Bloomberg Businessweek that ranks and profiles the best part-time and full-time MBA programs.
- US News and World Report – US News analyzes more than 1200 graduate programs across all disciplines, including healthcare.
- Princeton Review – Princeton Review surveys over 19,000 students at 294 business schools to compile a list of the best business schools.
- Financial Times – Financial Times provides a comprehensive list of management program rankings.
It’s important to remember that there are other factors that collectively weigh more than the ranking of a healthcare MBA program. Consider a program’s culture, classroom size and setting, and how the program matches up with your long term career goals.
Accreditation
Accreditation for MBA schools is administered through private groups such as the Association to Advance Collegiate Schools of Business (AACSB), the Accreditation Council for Business Schools and Programs (ACBSP) and the International Assembly for Collegiate Business Education (IACBE). Attending a MBA program from an accredited university is important for students because it increases the value of their business degree and for employers because they get employees that have had a quality education. Some questions to ask when looking at a program’s accreditation are 1) how long has the program been accredited and 2) who are they accredited by?
Cost
Graduate programs aren’t cheap, and tuition will vary based on a multitude of factors, such as program length, location and school ranking. Some programs, such as the Baruch/Mt.Sinai Graduate MBA Program, cost $15,000 dollars a year, while others, such as Yale, have an all inclusive, two year cost (In Yale’s case, $142,000). A Healthcare MBA is a major investment, but there are plenty of resources to help you pay your way through school. Below are some of the top resources for healthcare MBA scholarships and loans:
Begin searching for scholarships as soon as possible, and apply to as many as you qualify for. Be sure to visit each university’s site and check for private scholarships, grants and awards.
- Top Reasons to Pursue an MBA in Health Care
The Healthcare MBA is a widely sought after graduate degree, designed for working professionals who want to expand their knowledge of healthcare management. The program is both demanding and time intensive – yet there are more working professionals racing back to earn their MBA’s than ever before. Why?
MBA Graduates Will Always Hold the Competitive Advantage
Despite the hard economic downturn in the last decade, one thing still holds true – those who pursue higher education have an easier time obtaining employment than those without. GMAC, the Graduate Management Admissions Council, says that 88% of 2010 MBA class members report they have a job after graduation and three quarters of them consider their graduate business degree essential to finding that job. It’s no surprise that more than 95% of students reported that the MBA degree is an “outstanding value” and an investment that more than pays for itself.
High Job Satisfaction
Healthcare MBA holders are more likely to work towards their dream job that satisfies their needs in terms of career development and personal fulfillment. According to GMAC, there are three main drivers of job satisfaction: passion, recognition and compensation. With a Healthcare MBA, professionals can pursue their passions by choosing a specialty field, such as healthcare IT, healthcare finance or nursing administration. Recognition comes as a result of being in high visibility, senior management positions. Healthcare administrators are also well compensated for their hard work, with the average salary being between $95,000 – $250,000. In a post graduate survey, over 55% of alumni reported high satisfaction with their careers since earning their MBAs.
High Salary
In general, higher education will result in higher base salaries, promotions and higher raises, but this is particularly true in the healthcare sector for several reasons. One, the baby boomers are going into retirement, leaving a high demand for talent at the top. Two, since Healthcare MBA holders are in high demand, they usually receive multiple job offers that can be leveraged to negotiate higher pay. Third, most healthcare MBA programs offer a part time, online option. Studies show that students who receive MBA’s through part time education often see an even higher ROI than full –time students, and a lesser payback period (about ¼ of the time it takes a full time student).
Powerful Networking
““Your network is the most powerful resource you can have and it’s free”
The ACMPE American College of Medical practice executives published a paper in 2009 on “The Value of Networking in the Medical Practice Management Profession”. The paper outlines how successful leaders are shaped not only by their practical education, but through experience and what they’ve learned by networking and learning from their peers. When surveyed, graduate students reported that the MBA program had greatly helped them develop long term value social relationships and expand their network of business contacts.
- 7 Reasons to Pursue a Healthcare MBA
Why are working professionals racing back to school to earn their Healthcare MBAs?
- High Job Outlook – CBS named the Healthcare MBA the “one fast track in a slow economy”, as healthcare companies are struggling to find enough MBAs to fill open positions in the $2.26 trillion industry. As healthcare firms struggle under the enormous pressure to meet rising costs, they’re looking for business minded people to run things. “They are just now realizing how much they need business people running organizations as opposed to clinicians,” said Marjorie Baldwin, head of ASU’s School of Health Management and Policy. Large healthcare giants like IMS Health and Amedisys say that they’re looking to hire as many MBAs as before the down market (in other words, “what recession?”) What does this mean for you? It means there’s a high demand in the healthcare industry for skill sets in marketing, business, IT and management – all skills that one acquires in an MBA program.
- Flexibility in Career Paths – In a down market, companies are always looking for workers that can perform multiple roles as the market demand shifts. A senior manager for California based biotech firm Life Technologies said “As we and other healthcare firms try to manage costs, we need a workforce that can change roles.” Healthcare MBA programs expand your knowledge of business in healthcare, finance, strategy, management, ethics, global business and much more.
- Higher Salaries – On average, master’s degree holders report a 25% higher income than those with a bachelor’s degree. Senior management positions in healthcare, such as hospital CEO, offer high earning potential – see a list of high paying healthcare jobs here.
- Master the Healthcare System and Policies – It’s one thing to work in the healthcare industry, but it’s another thing to understand it and the major players and drivers behind it. In MBA school, students learn about the backbone of the healthcare system, the healthcare insurance system, history of American healthcare and where its headed in the next decade. Only by understanding the industry’s past and present can you learn how to cope and take charge in a rapidly changing healthcare environment – which is exactly what’s expected of senior managers daily.
- Gain Hands on Experience – MBA programs stress experience based learning, meaning that a student gets to participate in situations they may never have gotten to in a real life setting. For example, the Vanderbilt Healthcare MBA program offers opportunities to stand next to a surgeon during a surgery, go on rounds with nursing managers , or learn about critical business concepts at the hospital billing department. In healthcare, nothing trumps experience.
- Build a Lifelong Network of Colleagues and Friends – In a Healthcare MBA program, you’ll be teaming up with a highly motivated class of students, alumni, distinguished professors, researchers and top practicing professionals. This elite group of professionals will be your support network and friends throughout not only your program but your entire career.
- Flexibility to Earn a MBA While Working – Going back to school no longer means choosing between higher education and paying for your rent. Many schools now offer online healthcare MBA programs, providing convenience and flexibility to earn your degree while working full-time.
- 7 Things to Consider When Applying for Healthcare MBA
During the past several years, competition for open jobs posting has been stronger than ever. With more people looking for work, job seekers need do to as much as possible to make their resumes stand out from all the others on the employer’s desk. Earning an MBA in Healthcare Management will increase an applicant’s chances for landing the job. While going back to school can be a scary proposition for individuals who have been in the work force, the impact upon a career track should outweigh the fear. An MBA in Healthcare Management will open new opportunities and increase the likelihood of success. However, not all MBA programs are the same. A potential post-graduate student should carefully examine the options and make a wise decision. Here are seven key things to consider when looking at and choosing an MBA program in Healthcare Management.
1. Accreditation – Potential graduate students should always choose an accredited school when pursuing a master’s degree. Accreditation means the school’s academic program has passed the standard of excellence and a student’s work will be recognized at another school should the student need to transfer or further an education in a doctoral program. One accrediting organization for an MBA in Healthcare Administration is the Commission on Accreditation Healthcare Management Education.
2. Location – A school that doesn’t require the potential graduate student to relocate may make the most sense for a person with strong ties to the community where currently residing. However, for students with no or fewer ties to a community it may be prudent to relocate, temporarily or permanently, to be able to attend a school with a strong MBA program in Healthcare Management.
3. Standing – Some MBA programs in Healthcare Administration are stronger and have a better reputation than others. Good business magazines rank school programs nationally and regionally every year. A wise graduate candidate will take the time to research the school and examine which ones match personal needs and have the highest ranking. Schools with high rankings will often brag making this information easier to obtain. A graduate’s ability with an MBA to land a better job increases in proportion to the reputation of the school attended.
4. Course Work – The curriculum at an MBA program in Healthcare Management should factor into a decision about which school to attend. There are several key questions to ask regarding the course work. What is the school’s educational philosophy? What teaching methodologies do they employ? Do they have a specialization in the area of interest or electives in those areas? Is work experience factored into the program? Is an internship required? If so, how many hours is the required internship? When addressing these questions, the answers should fit within the knowledge and skill base the potential graduate student most desires.
5. Time Commitment – How long will it take to complete the program and earn the degree? What is the time commitment required per class – both in and outside of the classroom? Does the program allow students to work toward the degree on a part-time basis? Are classes offered during nights and weekends or online for students who need to continue working while earning a master’s degree? All the questions need to be asked and the choice of school will partly depend on how the answers match the potential student’s needs.
6. Admission Requirements – Not every potential graduate student will meet the admission requirements for every school. An MBA candidate needs to make sure that under-graduate education and work experience meet the school’s standard before applying. Additionally, a student may be required to take the GRE exam and obtain a certain score before being considered for admission. Knowing this information will save time, money and frustration, keeping the potential student from rejection letters.
7. Cost – Post-graduate education in not cheap. Research the fees and know what the overall cost to earn the degree will be. It also will be helpful to research what types of financial aid are available including scholarships, grants and student loans. Some employers also offer education assistance or tuition reimbursement. There may be some stipulations attached to an employer’s financial assistance with the cost of continuing education such as passing the course with a minimum grade or agreement to work for the organization for a certain time period post graduation. While the cost of education is substantial, remember that individuals with an MBA can demand more in compensation from their employers for the increased knowledge level. Additionally, the increased education will open doors to high positions with better pay.
There are many things to consider when choosing an MBA program for a degree in Healthcare Administration. Each school will supply much of the information a potential graduate school student needs to make an informed decision. Wise students also will take the time to visit each school personally getting a feel for the campus and program first hand before applying. However, taking the time to earn an MBA in Healthcare Administration can make a huge difference in a career track.
- Top 3 Healthcare MBA Recruiters
Because of the recession, many unemployed are going back to school and getting MBAs to make themselves more competitive in the workplace. There is an emerging trend of MBA students specializing in healthcare.
There are 3 major recruiters that look to hire new healthcare MBA graduates.
1) Hospital Corporation of America
HCA is a behemoth company with 180,000 employees; they are the world’s largest private operator of health care facilities. They operate 270+ hospitals and surgery centres, and eager to hire fresh graduates to manage and streamline their businesses.2) IMS Health
IMS is a consulting firm that provides support to biotech and drug companies all over the world. They collect information about prescription drug purchases and use this data to provide pharmaceutical companies with business intelligence and strategy.3) AMGEN
Amgen is the world’s largest pharmaceutical company with 17,000 employees all over the world.Recruiters also note that having previous experience in hospitals, nursing homes, and private care facilities can have tremendous weighting in getting a job offer. In particular, healthcare MBA prospects who are also registered nurses usually have great success in getting job offers.
 B.A. in Healthcare Administration M.A. in Healthcare Administration M.B.A. in Healthcare Administration |
Ashford University - Bachelors, Masters, MBA Distance Learning Program Earn your degree in Healthcare Administration in as little as 1 year. Ashford University is fully accredited by the Higher Learning Commission.  |
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