3 Reasons to Pursue a Healthcare MBA

A healthcare Master of Business Administration (MBA) is a master's degree that combines business management and healthcare studies. It can help you advance your career in the healthcare industry or switch to a career in the field. It’s like earning an MBA with a specialisation in healthcare. 

You can typically choose from two potential healthcare MBAs. One specialises in healthcare management, while the other specialises in healthcare administration. In general, the two degrees are quite similar and could even be interchangeable, depending on your university. 

The key difference is that healthcare administrators typically focus on the day-to-day operations of a clinic, hospital, or hospital department. Healthcare managers, meanwhile, might handle broader actions, such as financing a healthcare facility or eventual expansion.  

For both degrees, you'll study across areas including:

• Business administration

• Public health

• Accounting

• Health systems

• Healthcare law

• Patient privacy rights

• Hospital management

• Finance

• Data analysis

• Marketing

• Healthcare strategic planning

• Health economics

An MBA with a healthcare concentration may be a good fit if you:  

• Work in healthcare management

• Already have an undergraduate degree in healthcare and would like to advance your career

• Work on the clinical side of healthcare, such as nursing, but want a new role with more responsibilities or proficiency in the industry

• Are interested in business management and want to enter the healthcare industry

• Have a passion for the healthcare industry but do not want to pursue clinical work

3 reasons to pursue a health care MBA

Earning an MBA has many benefits, especially in an in-demand field like healthcare. If any of the above descriptions fit your career goals, or you have additional reasons to seek a healthcare MBA, take a look at these three reasons why this could be a great choice for you:  

1. Strengthen your CV and add flexibility to your career choices.

The healthcare industry is a rapidly growing yet competitive field. The stronger your CV, the better your chances of getting the job you want, and a healthcare MBA can help with that. 

Having a master's degree could improve your chances of landing a great job. That said, there are a number of points to consider when embarking on a master's. According to the NHS, one of the key factors is ascertaining if you have the necessary time to study in tandem with your ongoing commitments [1].

A healthcare MBA is also a very versatile degree. While it provides you with healthcare-specific knowledge, it also equips you with a strong business background. If you decide to change industries during your career, your CV will remain relevant and significant. Even when the job market is unstable, you may find that employers want to hire someone who can cover multiple roles. You can become that candidate with a healthcare degree.

You'll also find opportunities outside management careers in clinical settings. For instance, you could work for insurance companies, consulting firms, digital health operations, home health agencies, and more.

As a bonus, you could build a much larger network as you earn your degree. This will happen as you interact with other students, professors, alumni, and professionals in your career. You’ll build relationships with them that could last a lifetime or potentially lead to new and exciting career opportunities.

2. Increase your earning potential and benefits.

Earning your healthcare MBA may also mean a salary increase. According to the National Careers Service, the average salary for a health service manager ranges between £26,382 and £68,525 per annum, depending on your experience level [2].

Talent.com, meanwhile, cites the median salary as £45,000 per annum [3]. This translates as £3,750 per month, or £21.63 per hour [4]. 

Additional high-paying health administrative roles include:

• Executive assistant: £32,291 [5]

• Clinical coding manager: £42,948 [6]

• Facilities manager: £40,000 [7]

3. Become a decision-maker in the healthcare industry.

The benefits of earning a healthcare MBA reach far beyond your personal career goals. If you want a job that will help you make a difference in an important industry, this could be a great choice.

As a healthcare manager, you'll make decisions about hospital operations, the insurance industry, and other aspects of the vocation that can impact the lives of thousands of patients. You may find yourself making improvements or implementing changes that save lives. You could help make healthcare more affordable for those in need and improve inpatient care.  

Equip yourself with the right skill sets to work in your preferred hospital or medical care setting and start making a difference. Earn your healthcare MBA to step up to managerial positions requiring expertise, compassion, and empathy. 

Healthcare MBA eligibility requirements 

If a healthcare MBA sounds like the right degree for you, find out if you're eligible for a college or university program. When applying for an MBA in hospital management in the UK, the eligibility criteria typically include a minimum of 55 to 75 per cent for a 2:1 undergraduate degree.

Alternatively, a 2:2 degree with at least three years of work experience may also be considered if you have GRE scores between 300 and 320 or GMAT scores of 600. Some are willing to waive the GMAT requirement under certain circumstances.

Some programs may also require an interview to get a better idea of why you’d be a good candidate for the program.

Possible career pathways

One of the greatest aspects of earning a healthcare MBA is that you can have job security and flexibility. You could also choose from several possible career pathways in health care, such as:

• Hospital administrator

• Pharmaceutical project manager

• Medical practice manager

• Medical research and development business manager

• Healthcare consultant

• Healthcare information manager

• Health services manager

• Pharmaceutical brand manager

• Healthcare administrator

• Clinical lead

• Clinical entrepreneur

• Corporate development associate

• Policy analyst or researcher  

Next steps in your healthcare career

The healthcare industry is experiencing significant growth, creating abundant opportunities for Master of Business Administration (MBA) graduates. The qualification will not only open an array of doors, but it should also lead to a fulfilling career in an increasingly important sector. 

Explore whether earning your MBA with a concentration in healthcare could be a good fit for your interests and career goals with The Business of Health Care Specialisation from the University of Pennsylvania. When you’re ready to take the next step towards your MBA, learn more about what it’s like to earn a business degree from a top university on Coursera.

Give your team access to a catalogue of 8,000+ engaging courses and hands-on Guided Projects to help them develop impactful skills. Learn more about Coursera for Business.

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