Financial management in healthcare can be daunting. In addition to understanding the complexities of healthcare logistics, healthcare administrators must also stay current on new laws, procedures and guidelines to ensure the smooth operation of their healthcare institutions. The political know-how necessary to guide competing interests toward the common goal of improved healthcare is also a complex area of knowledge and responsibility for administrators.
Fortunately, some Master of Business Administration (MBA) programs now focus on financial management in healthcare, along with other topics of specific relevance to the field. For instance, Texas A&M University Corpus-Christi (TAMU-CC) offers a fully online MBA with a Concentration in Healthcare Administration program, providing professionals with a flexible, affordable path toward advancing their education and careers. Healthcare organizations look to these leadership-oriented professionals to enact sweeping changes in healthcare at all levels.
Micro-level Financial Management in Healthcare
Financial management is a broad category, and financial management in healthcare occurs at many levels throughout healthcare systems. At the micro level, financial management focuses on individual patients and their healthcare options. Administrators in healthcare organizations can help with a patient’s individual care, creating a financial roadmap for treatments that can be expensive and confusing.
Administrators may work one-on-one with patients and their insurance companies to leverage a number of hospital resources for the best prognosis. Beyond being just faceless number-pushers, these professionals make navigating the confusing world of healthcare easier for people who are in their most vulnerable state.
Mid-level Financial Management in Healthcare Administration
At the mid level, financial management in healthcare might concern routine financial operations like negotiating contracts, budgeting and managing daily cashflows for organizations. This level of management focuses on the day-to-day operation of a particular healthcare organization. In a hospital, for example, financial management could mean ordering surgical instruments or costly diagnostic machines or determining seasonal staffing loads that meet demand while fitting a hospital’s budgeting constraints.
Healthcare Financial Management at the Macro Level
Macro-level financial management in healthcare may involve a number of healthcare organizations, stakeholders and suppliers working in conjunction. Financial management responsibilities for healthcare administrators are uniquely complex, bridging traditional financial duties concerning cost, control and compliance with the large-scale financial considerations surrounding access to care, health equity, supply chain management, emerging technology integration, professional development and training for staff, and much more.
Financial management in healthcare is a varied practice. Some professionals work with individual patients, while others focus on systems to improve healthcare and quality of life. Many healthcare professionals choose an online MBA program to hone their financial management skills. Online programs like TAMU-CC’s are flexible regarding scheduling; thus, they are the perfect fit for working professionals. Additionally, students in these programs who are also working professionals see an immediate return on their investment, as they can apply the concepts they learn in class one day in the workplace the next.
Learn about the TAMU-CC online MBA with a Concentration in Healthcare Administration program.
