If you are a professional in the healthcare industry, there has never been a better time to earn an MBA in healthcare administration. Employment and earnings prospects are excellent, and the education needed to succeed in these challenging and lucrative roles is becoming more accessible.
Why Earn a Health Administration MBA?
Professionals with an MBA in Healthcare Administration work in a wide variety of settings and in diverse roles. They may become practice administrators and managers, healthcare consultants and administrators, chief nursing officers, executive directors or directors of operations, according to PayScale. Many of these MBA graduates earn annual salaries well into the six figures and command great authority within their organizations and fields. Median bonuses are also impressive -- up to $13,000 per year, depending on the position.
Graduates with this degree are in high demand for the versatile skills they bring to employers. Among them are operations, project, budgeting and HR management, as well as data analysis. Many healthcare employers require managerial and executive expertise in these areas, and as healthcare continues to grow more complex, these skills will become even more marketable.
It is no wonder then that the U.S. Bureau of Labor Statistics (BLS) projects a job growth outlook for medical and health service managers of 17 percent from 2014 through 2024. This much-faster-than-average job growth rate is driven in part by the healthcare needs of aging Baby Boomers.
According to the BLS, "This increased demand should create greater needs for physicians and other healthcare workers, medical procedures, and healthcare facilities, and therefore greater needs for managers who organize and manage medical information and healthcare staff." The BLS projects high employment growth in settings outside hospitals, driven by advancements in technology and the widespread use of electronic health records (EHRs). "These will continue to create demand for managers with knowledge of health information technology (IT) and informatics systems. Medical and health services managers will be needed to organize, manage, and integrate these records across areas of the healthcare industry."
Job growth will also be driven from within the industry by a wave of expected Boomer retirements. While it is possible to climb the corporate ladder with professional experience alone, the likelihood of success is enhanced with a specialized MBA. "Candidates with a master's degree in health administration or a related field, as well as knowledge of healthcare IT systems, will likely have the best prospects," according to the BLS. Conversely, professionals who choose not to earn an MBA may regret the decision if they do not advance as fast or as far as their cohort peers with the degree.
Why Choose the TAMU-CC Accelerated Online MBA?
The Texas A&M University-Corpus Christi Online Master of Business Administration with a Concentration in Healthcare Administration considers the needs of working professionals and healthcare institutions in Texas. To meet the demand for qualified professionals in this region, the program has been designed with input from regional healthcare institutions to provide focused training for the real-world environments in which graduates will work.
TAMU-CC's accelerated 10-course program can be completed in as few as 12 months. The university offers a low tuition rate of just $14,776.44 (out-of-state students get a voucher that gives them the same effective tuition rate as Texas residents). These rates compare favorably to the average two-year MBA total cost of $128,000, according to Bloomberg Businessweek. The one-year time frame can halve the forgone wages of two-year programs, estimated at an average of $120,000. Because of the online nature of the program, many professionals choose to continue working as they study, which eliminates forgone wages. With this program, working professionals need not take on $100,000 to $200,000 in debt, per Investopedia's calculations, nor must they put their careers on hold to make this career-enhancing decision.
For professionals in the healthcare industry, there isn't a better time to earn an MBA in Healthcare Administration. Not only do employers need more graduates, but the citizens of our state and region are depending on healthcare leaders to help provide their care.
Learn more about the TAMU-CC Online MBA with a Concentration in Healthcare Administration program.
Sources:U.S. BLS: Medical and Health Services Managers
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