So, you have been working in the healthcare industry for quite some time now. You’re one of those take charge individuals that everyone says would make a great manager. You’ve already demonstrated that you have intuitively-based problem solving skills as well as demonstrating the ability to be a good leader. Maybe you should be interested in going to graduate school to get an MBA? Today, earning an MBA in healthcare administration has become a popular career choice and this may be the best choice of a degree to earn in order to advance any aspirations toward a management career in healthcare. Unfortunately, making the leap going directly to an MBA course of study from a bachelor’s degree program may be just a little bit too expensive to fund out of your own pocket. However, even students who have been working for some time will need some type of assistance when it comes to paying for a graduate degree program. The good news is that there are grants and scholarships easily discovered for people seeking to pay for an MBA in healthcare administration.
Different Financial Aid Programs To Examine
Anyone seeking to fund education should realize that scholarships and grants are not the same thing. It is a good thing to know this and how they will be different before you start seeking different ways to fund your education. Obtaining a scholarship typically means you need to meet a number of different requirements because an award of this type of financial aid usually use some type of point system evaluating your need and eligibility. There is one constant when it comes to examining scholarships and that is the fact they are typically awarded based on some type of merit, whether this is a high grade point average (GPA), talents or skills. Grants are typically awarded based on need alone. In almost all situations, grant applications include filling out a financial information form. This may include your personal finances, or possibly the family’s finances if you are still living at home or possibly married with your own children. As part of the application will be the need to fill out a detailed plan on how the money is going to be used. Some additional types of financial aid that can be considered include fellowships, similar to scholarships, but are typically reserved for specific graduate students that come with a variety of different responsibilities such as acting as a teaching or research assistant. Then, of course, there are student loans available but these must be paid back in the course of time once the student has graduated.
Where Is The Money?
There are three main sources for any MBA student working toward a degree that specializes in healthcare ministration. The first is the college that you will likely attend since it will have a number of different types of financial aid programs offered to attract students to register at the school. All you need to do is contact the financial aid department at this particular school to get the information applications needed. A second source, and one that is a great and popular place to look for assistance, is the government. The government offers a number of different types of scholarships, grants and guaranteed loans to cover educational expenses. A third place to look at is different types of outside sources such as companies, community groups, philanthropic organizations and other associations that may offer grants and scholarships.
Financial Aid Can Vary
prospective MBA students will find out that financial aid sources can vary from when you do the next. However, below are a few places that a start looking for financial assistance can begin including:
- Institute for Diversity in Health Management
- Medical Group Management Association
- Association of University Programs in Health Administration
- National Health Service Corps
- American College of Healthcare Executives
Getting Ahead With an MBA in Healthcare Administration
Not only will the investment in money, but effort and time as well, pay off in the end when it comes to spending whatever money an individual must in order to obtain an MBA in healthcare administration. You will develop the needed skills that will complement ones you’ve already gained working as a healthcare professional. As far as growth of career in the healthcare industry when it comes to management positions, it is a promising field with a good number of opportunities for many people including MBA graduates. Potential areas where MBA graduates will find opportunities include:
- Pharmaceutical companies
- Insurance companies
- Government agencies
There are also plenty of areas to specialize in when it comes to applying MBA graduate skills including:
- Medical devices
- Health care services
Factors Affecting MBA Acceptance
One of the most important factors contributing to why obtaining an MBA in healthcare administration is a good investment stems from the fact that the country’s population is increasingly aging. This demands an increasing need for cost-effective delivery of health related services. Advances in technology and drug manufacturing will make management of these areas critical and must be filled by professionals with specific and focused healthcare administration management education.
MBA graduates will be responsible for the management of multimillion-dollar businesses and facilities that employ a great number of people.