A number of recent developments in technology and healthcare have prompted increasing numbers of professionals to enroll in an MBA in healthcare program. More than ever before, this career path is luring students with financial and personal rewards.
Changes in Healthcare
The passage of the Affordable Care Act has brought about major changes in healthcare administration. Because the act requires all Americans to carry health insurance, the marketplace has seen an influx of patients, which means increased administrative workloads. Enter the MBA in healthcare, a program that prepares aspiring administrators to run healthcare institutions.
Changes in Technology
The proliferation of credible online degree options is also fueling the MBA in healthcare trend. Over the past 20 years, computers have become a staple in American households; 88.6 percent of U.S. households have internet access, as of June 2016. Once only the purview of for-profit colleges, online education has gained legitimacy, and more and more accredited colleges and universities are offering online degrees, including online MBA programs. The flexible scheduling of these programs appeals to working professionals, as students can earn their degrees without interrupting their professional responsibilities.
According to Payscale.com from December 2016, depending on the specific job title, graduates of an MBA in healthcare program can make anywhere from $45,000 to $202,000 per year. This range includes outliers such as a practice manager (which can mean any type of healthcare practice), but the majority of jobs fall within the $60,000 to $120,000 range. This lucrative return on investment makes it no wonder that more healthcare professionals are pursuing the degree.
According to Medical Economics, a publication covering trending topics in healthcare, “the MBA was commonly reported as conveying leadership, management, and business skills” to healthcare institutions. Graduates with dual degrees, such as an MD and an MBA in healthcare, are even more in demand: “graduates with dual degrees had more positive attitudes and flexibility in their careers.”
Given the flexibility of online MBA programs and the benefits the degree offers, it is not surprising that so many are choosing to enroll. Analysts expect the upward enrollment trend to grow as the Affordable Healthcare Act’s provisions take full effect, and these provisions will usher in a new need for leaders in the healthcare industry. Online MBA programs are looking to fill that need with programs tailored to the unique leadership challenges of the healthcare industry.
Learn more about the Texas A&M-Corpus Christi online MBA in Healthcare Administration program.