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.