Healthcare administrators are the decision-makers who keep hospitals and clinics running smoothly. With a Master of Business Administration (MBA) in healthcare administration, you can become a leader responsible for setting the course for the healthcare workers helping patients on the frontlines. The benefits of earning an MBA in healthcare administration are many — job stability, excellent pay and leadership opportunities, to name a few. Making the decision to pursue your online MBA in healthcare administration is the first step along a career path that’s as dynamic as it is rewarding.
High Demand for Healthcare Administrators
Earning an MBA in healthcare administration gives you entry into an ever-growing professional field. According to the U.S. Bureau of Labor Statistics, the need for medical and health services managers is projected to grow by more than 30 percent over the next decade (which is much faster than the average for all occupations). Between 2020 and 2030, an estimated 51,800 medical and health services managers will be needed each year, to account for people leaving the field or retiring.
Jobs for MBAs in Healthcare Administration
You may ask yourself, “is an MBA in healthcare administration worth it?” Overwhelmingly, the answer is yes. Once you’ve completed your MBA in healthcare administration, you can choose from a wide range of careers that provide huge leadership and growth opportunities. Some people with an MBA in health administration can go on to lead an entire hospital, while others chose to manage a specific department within a clinic. Some careers with an MBA in healthcare administration are even more specific, like managing medical records or offering consulting services to care providers. No matter which job you choose, strategic thinking and people leadership are skills that are central to your job.
Increasing your Salary Potential
Although a postgraduate degree isn’t a guarantee for job placement or a six-figure salary, having an MBA in health administration improves your chances of earning a top salary in that field. The average salary of a master’s in healthcare administration depends greatly on where you’re working and in what capacity. A job at a private facility may pay more than a public one, and you’ll likely earn more as an executive than a manager. However, according to the BLS, the median annual wage for health administrators was $104,280. Compare this to $41,950, the median annual wage for all occupations, and you can see that better salary is one of the benefits of an MBA in healthcare.
Opening Up Career Paths
In a highly competitive job market, earning an MBA in health administration gives you a leg up among candidates who don’t. Employers typically require a bachelor’s degree, and most prefer an MBA for senior health administration roles. The time you dedicate toward getting an online MBA in healthcare administration pays off when you have the advantage of an advanced degree to set you apart.
How Can You Earn an MBA in Healthcare?
The opportunities and advantages of an MBA in health administration are many. At Tiffin University, there are flexible options that allow you to earn a degree that will jumpstart a fulfilling career in healthcare. Tiffin’s online MBA in healthcare administration offers flexible start dates, so you can begin your courses when it’s best for you. You can start your MBA in healthcare administration online in January, March, May, July, August or October. You can also earn your degree on campus, with courses starting in January and August.
Discover how earning an online MBA in healthcare administration at Tiffin University can be the beginning of a career with lifelong benefits.
Learn about our MBA in Healthcare Administration
FAQs
Once you've completed your MBA in healthcare administration, you can choose from a wide range of careers that provide huge leadership and growth opportunities. Some people with an MBA in health administration can go on to lead an entire hospital, while others chose to manage a specific department within a clinic.
Why get an MBA in healthcare administration? ›
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.
Is it worth getting a masters in healthcare administration? ›
Increase Short- and Long-Term Earning Potential
A master's in healthcare administration prepares you to advance faster and to higher levels in an organization, which can open the door to salary increases in your current role and over your lifetime.
What pays more MBA or MHA? ›
Both MBA and MHA programs typically take approximately 2 years to complete. In terms of costs, an MHA is, on average, less expensive than an MBA. However, MBA alumni receive a higher average salary than their MHA counterparts. However, the key difference comes down to what each program focuses on.
Why do people get degrees in healthcare administration? ›
1. You have options. Graduates of health care administration programs may find employment in places like rehab facilities, medical offices, hospitals, insurance groups, pharmaceutical companies and educational institutions. There are endless opportunities to grow in your current role or pivot into new ones.
Can you work in healthcare administration with an MBA? ›
An MBA in healthcare prepares you for a wide range of career possibilities in a competitive industry. These roles typically fall into two workplace categories—clinical and non-clinical. An MBA with a focus in healthcare administration can lead to top career prospects in any of these work environments.
What degree is best for healthcare administration? ›
An MHA is recommended for those who want to become a healthcare administrator. You may also earn an MBA in healthcare management, but the difference between MHA and MBA is that an MBA focuses more on business principles than healthcare.
Who should get a masters in healthcare administration? ›
Nurses who want leadership roles can earn their master's in healthcare administration to prepare for this position. They develop and review patient care policies, as well as perform administrative tasks such as budgeting and managing medical records.
Is Masters in healthcare administration hard? ›
Earning your degree in healthcare administration really isn't any more difficult than any other potential field of study. Just like any other program, you'll run into some elements of healthcare administration that are complex, but you may also find some of it to be relatively intuitive, or even easy.
What are the cons of being a healthcare administrator? ›
Cons of Being a Healthcare Administrator
You'll need a bachelor's degree plus experience, and many employers look for a master's degree. This can take six years or more. Changing regulations. The healthcare industry is evolving.
Healthcare administrators below the executive level can experience burnout as well. Though they may have less overall responsibility, these professionals also struggle to navigate an increasingly complicated insurance industry, set practitioner goals, and improve patient care on a budget.
Is a healthcare administration degree worth it? ›
Whether you're brand new to the field, or you already have some experience and are just looking for the academic credentials needed to advance your career, there's no doubt that it's worth completing a Bachelor's Degree in Healthcare Administration.
What type of MBA pays the most? ›
An MBA concentration helps students focus their degree and prepare for specialized career paths. The highest-paying MBA concentrations include consulting, finance, and technology.
Which MBA has the highest salary? ›
Top 10 Highest Paying MBA Specializations
- Information Technology Management. ...
- Marketing Management. ...
- Consulting. ...
- Entrepreneurship: ...
- Supply Chain Management: ...
- Economics: ...
- International Business: ...
- Human Resource Management: Human Resource Management (HRM) MBA graduates are the architects of a company's human capital strategy.
While an MBA can offer students a wide breadth of business education, an MHA degree provides job-seekers with knowledge specific to the role of leading healthcare organizations forward — from healthcare policy and procedures, to talent management and profitability.
What is the difference between MBA in healthcare management and healthcare administration? ›
The key difference between healthcare management vs. healthcare administration is that management focuses on overall business efficiency and financial strategy. In contrast, administration deals with overseeing day-to-day operations.
Is healthcare MBA the same as general MBA? ›
Specialized MBA programs incorporate much of the coursework of a typical MBA while adding a deep focus on a specific subject, such as healthcare. There is no meaningful difference in difficulty level between the two types, or between the different MBA focus areas, healthcare or otherwise.
What does MBA in healthcare stand for? ›
Medical Laboratory Technicians (MLT) are vital to the healthcare team as they are often the first to produce patient results. MLTs use sophisticated biomedical instrumentation, as well as manual procedures, to perform testing and provide results that are essential in the diagnosis, treatment, and prevention of disease.
