Health care stands at a crossroads in the 21st century. Innovative technology is beginning to spread throughout the industry, leading to more efficient and effective operations. But there’s a long way to go before this transition is completed.
That’s why there is one area with high demand: leadership.
Thanks to MBA programs that offer students the chance to specialize, graduate students have the opportunity to earn an MBA in health care or a doctorate of business administration with a specialization in innovative health care. Doing so can help prepare them for the challenges facing health care leaders.
Why Choose an MBA in Health Care?
One of the major benefits that an MBA in Health Care provides individuals is that they develop the business skills needed to manage the streamlining of operations to save costs and increase the quality of patient care as well as the leadership skills to be able to lead a wide array of individuals.
For example, the MBA program at Concordia University Chicago prepares graduates to:
- Understand and analyze health care industry accreditation, regulatory, licensure, and compliance issues
- Apply and assess economic supply and demand aspects of health care
- Identify and evaluate the major financial, management and political challenges impacting health care and develop strategies to improve health care delivery
- Apply diversity, economic, ethical and fiscal perspectives to health care management decisions
- Understand the use of technology in making and evaluating data-driven decisions
Business Skills of MBA: Health Care Graduates
Some of the business skills that MBA graduates bring to the table when entering the health care industry include the following.
Finance
The health care industry is moving to a value-based payment system in which providers are paid based on patient outcomes. MBA programs offer education in areas related to this area, including risk management, budgeting, financial investment and workforce efficiency.
Management and Leadership Skills
MBA programs focus on management theory and strategy. This includes critical areas such as team building, empathy and communication.
Process Improvement
Skills in project management and process improvement methodologies can be applied by MBA graduates to health care operations. This gives MBA graduates an edge in solving complex challenges in the health care system.
High Demand for Health Care Administrators
The number of health care administrators in the U.S. will increase 28% by 2033, according to the U.S. Bureau of Labor Statistics (BLS). The growth of this position is exponentially large compared to the average growth rate, which is just 3%.
An aging U.S. population, and the growth of the overall population, are two the main drivers of this trend.
Possible Career Next Steps: DBA in Health Care
Those wishing to reach the pinnacle of knowledge and skills in business administration may seek to earn a DBA after first earning their MBA. Such programs are especially aimed at those who wish to focus on business challenges while developing application-oriented research skills.
For example, at Concordia University-Chicago, the DBA program with a specialization in Innovative Health Care gives graduates skills in:
- Critically examining the literature of business, leadership, and applied research
- Undertaking independent, ethical, innovative, and rigorous business research
- Synthesizing global trends, business knowledge and leadership theory
- Designing and implement innovative business solutions
- Evaluating efficacy of business principles to effect change in global environments
With demand high and online education offering flexibility in how you earn your degree, earning an MBA and then progressing to a DBA with a focus on health care is an attractive option for those who aspire to leadership.
If you have questions about your potential career trajectory or about the MBA/DBA programs at Concordia University Chicago, please fill out the form above and we will get in touch.
