Healthcare administration requires the advanced knowledge of both healthcare systems and business management principles and practices. An advanced education aimed at preparing students to be effective in this field should logically be based on the interdisciplinary study of business management as applied to the healthcare industry. Boise State University integrates these two areas of study in its online Master of Business Administration (MBA) with an Emphasis in Healthcare Leadership degree program.
What Makes This MBA Program Specialized?
In many ways, healthcare administration relies on the same business-related knowledge and skills as high-level administrative work in any other industry. Accordingly, coursework in Boise State’s online healthcare MBA covers business management fundamentals in depth, including topics like organizational behavior, managerial accounting, marketing, finance and strategic management.
But the main functions of healthcare administration also depend on field-specific management knowledge. Topics of specialized healthcare leadership study range from healthcare economics and insurance to systems of monitoring and improving the quality of patient care. Healthcare delivery models are examined in context of organizational environments. The nuances of healthcare regulation compliance and ethics are scrutinized along with healthcare policy design and organizational change management. Healthcare information systems data are analyzed to inform strategic decision-making.
Plus, this program emphasizes the integration of knowledge of such healthcare administration topics with foundational business methodologies and skills. This can help foster a student’s holistic understanding of healthcare administration operations in actual practice.
How Can This Program Help Professionals Currently Working in Healthcare Management?
Oftentimes, healthcare professionals looking to advance into higher administrative positions come from either a focused business or healthcare background, leaving potential gaps in education, knowledge and experience. Boise State’s online healthcare MBA is designed to help working healthcare professionals fill such gaps, allowing each student to apply their strengths and existing knowledge to new knowledge and skill development.
Constant change in regulations, economics, technology, demographics and public opinion leads directly to similarly constant change in the healthcare industry, from actual practice to organizational operations. Boise State’s healthcare MBA coursework can help students keep up to date with current issues, developments and innovations in healthcare.
Applying what students learn directly to the job can help deepen student learning through experiential application as well as improve day-to-day professional performance.
What About the Basic Career Benefits of Earning a Healthcare Leadership MBA?
In both programmatic content and the sought-after MBA credential conferred, this degree program can help prepare and qualify students for gainful employment at any level of healthcare administration.
In terms of income, January 2020 data from PayScale shows that professionals with only a Bachelor of Business Administration in healthcare administration make an average annual salary of $62,000. Comparatively, those with an MBA in healthcare administration average $81,000 annually.
As for job roles common to those with a healthcare MBA, the U.S. Bureau of Labor Statistics reports that the median annual pay for medical and health services mangers in 2018 was $99,730. The BLS projects that job growth for these positions will be much faster than the average for all occupations.
Though, executive level salaries vary widely, PayScale reports hospital chief executive officers (CEOs) making an average annual salary of $172,000 as of January 2020. Yet average additional compensation items, like bonuses, profit sharing and commission, bring this figure to $236,487. At the upper end, reports show that CEOs of many of the top-earning hospitals in the country receive millions of dollars a year in total compensation.
Clearly, earning a healthcare MBA can pay off on many levels. From the integration of healthcare administration and business knowledge development to new career opportunities and improved earning potential, this degree program can help healthcare management professionals take their careers to the next level.