A health care M.B.A. will provide students with the skills to manage health care organizations, finances, quality and database management, and health care infrastructure. Along with the latest in business analytics and human resource management skills, courses can include health insurance processing, office management, health care administration, medical terminology, and patient relations.
Fastest Growing Segment of the Economy
Health care is a growing field with career opportunities for many people, including M.B.A. graduates. Estimates are that it will constitute 20 percent of America’s GDP by 2011. Pharmaceutical companies, hospitals, insurance companies, financial institutions, and government agencies represent some of the potential employers. The field encompasses biotechnology, medical devices, and health care services, to name a few. Venture investors also are taking notice of the opportunities, with investments of 25 to 30 percent of capital funding. In addition, there are opportunities in licensing and joint venturing.
Several reasons account for the growth, but most agree that an aging population tops the list, followed by the increasing need for cost-effective delivery of services. The use of advanced technology in health care and the development of new drugs add to the mix. To meet these challenges, the need for leaders who can manage the complexities of this rapidly evolving industry is rising.
The Need for Strong Managers in Health Care
Health care M.B.A.'s can be in charge of multimillion-dollar facilities employing thousands of people. Leaders must be able to blend a solid foundation in business with managerial issues in health care in an environment that is rapidly changing and takes in many different settings and organizational forms. The Bureau of Labor Statistics reports that employment in 2004 for management, business, and financial occupations for top executives and medical and health service managers is expected to rise 28.3 percent from 2004 to 2014. A look at the breadth of job functions available to M.B.A.'s includes finance, marketing, strategy, business development, and administration, plus consulting.
Available Programs
Often, students in a health care M.B.A. course have a clinical background and seek higher levels of administration and management. An M.B.A. offers them a way to rapidly progress. Those M.B.A. graduates without prior health care industry experience also have options, which include everything from administrators for managed-care companies to marketing offices of pharmaceutical companies and physician groups.
Programs offering a health care M.B.A. come in several types. You can choose between a one- or two-year full-time program or various part-time programs, which can take up to four years. Executive programs are also offered as part-time and joint programs, which could combine law and an M.B.A., for example.
