With each passing year, healthcare comprises a larger portion of the U.S. economy. Spending in the sector is expected to increase at an estimated 5.4% per year through 2031, at which point it would constitute almost 20% of the nation’s GDP.
That growth should create opportunities for professionals in all facets of the healthcare industry. Between now and 2032, the field stands to add 2 million new jobs in healthcare occupations each year and 54,700 new medical and health services manager jobs annually (a 28% growth rate), according to the U.S. Bureau of Labor Statistics (BLS).
You don’t need an MD, nursing degree or other practice-related credential to take advantage of the healthcare boom, though An MBA in Healthcare Management, such as the one offered online by Case Western Reserve University (CWRU), can qualify you for management and leadership roles on the business side of healthcare. It’s a degree suitable to professionals of all backgrounds, including nurses and doctors looking to add business acumen to their clinical proficiency, managers in non-medical fields, recent college graduates, and entrepreneurs.
How can you know if an MBA in Healthcare Management is the right choice for you? We have identified seven solid indicators.
7 signs you should earn an MBA in Healthcare Management
1. You are passionate about healthcare and business
The MBA in Healthcare Management program from Case Western Reserve University allows you to combine your interests across business and healthcare. Not only does the program deliver a core MBA education in business fundamentals such as financial management, economics and operations management, but you will also complete a healthcare-specific management track that includes courses on healthcare decision-making and digital innovation in healthcare.
Once you have completed the program, you should have the skills you need to pursue a wide range of healthcare management jobs. Roles you could apply for include healthcare program manager, health information director, and hospital CEO.
Similarly, a Master of Health Administration (MHA)can also prepare you for some of these roles. What is the difference between an MHA and an MBA in Healthcare Management? The MHA prepares you to manage day-to-day operations in a healthcare facility; the MBA trains you to leverage data to drive strategy, engage in long-term planning and decision making, and lead teams.
2. You have a business knowledge gap
The MBA in Healthcare Management from CWRU is designed to teach you critical business fundamentals, including accounting, financial management, and people and operations management. It presents these skills in the context of the healthcare environment. CWRU online MBA students develop and practice the analytical skills required to understand how the U.S. healthcare sector operates. They also gain the hands-on experience needed to leverage methods for evaluating clinical interventions and informing public health policy.
Develop Your Healthcare Leadership Skills
Jumpstart Your Career With a Healthcare MBA
3. You want to be at the forefront of an evolving healthcare industry
In addition to providing the healthcare management knowledge and expertise that can make you an effective healthcare leader, CWRU’s MBA in Healthcare Management program offers two 3.5-day residencies. During these unique experiential learning events, you will connect with transformative healthcare leaders from innovative healthcare institutions such as Cleveland Clinic, the Louis Stokes Cleveland Veterans Affairs Medical Center, MetroHealth System and University Hospitals.
From panels featuring healthcare administrators navigating change to team-based activities and peer networking, you will have the opportunity to exchange ideas, develop new perspectives, and gain insight into the day-to-day responsibilities of healthcare leaders. Not all online MBA programs offer such robust opportunities for hands-on engagement and face-to-face learning. CWRU does.
4. You aspire to leadership roles
The MBA in Healthcare Management is ideal for early- to mid-career healthcare professionals who aspire to maintain management roles. The program can help you develop the business and leadership skills needed to pilot organizations, improve efficiency and the patient experience, create new systems, optimize processes, and reduce operational disruptions.
The curriculum’s thorough coverage of leadership includes coursework in leadership assessment and development, healthcare decision-making, financial issues and applications in healthcare, and lean operations in healthcare systems.
5. You are fascinated by healthcare innovation
Modern technologies such as artificial intelligence (AI) increasingly permeate the healthcare sector. The U.S. Food and Drug Administration (FDA) has already cleared more than 500 AI medical algorithms for use.
An MBA in Healthcare Management can help you guide the future of these promising innovations. In Case Western Reserve University’s online MBA in Healthcare Management, you will complete courses in artificial intelligence, digital innovation, and innovation and entrepreneurship in healthcare. All of these courses examine the technical and financial issues surrounding new medical technologies so you can build the skills you need to lead in this emerging field.
6. You plan to start your own healthcare-related business
Do you have a healthcare-related business idea but are unsure how to execute it? An MBA in Healthcare Management can equip you with the necessary knowledge and expertise to get your business off the ground.
The MBA program from Case Western Reserve University teaches you how to create, fund, and manage digital health, biotech, medtech and other health services enterprises. It covers self-assessment methods, business strategy development and plan development, techniques for technology assessment and strategy, and capitalization and partnering strategies.
7. You would like to boost your earning potential
Whether you are looking to enter or advance within the healthcare industry, an MBA in Healthcare Management can serve you well. This rapidly expanding field offers high-paying jobs in healthcare across the U.S.
Let’s take a closer look at hospitals, which employ approximately one-quarter of all medical and health services managers in the United States, making them the single-largest employer in this sector. According to the BLS, a hospital chief executive earns an annual mean income of $376,960. Other top executives receive an annual mean income of $226,790. General and operations managers are paid a mean income of $185,360 annually, while financial managers make around $162,600.
Healthcare managers and executives exert a tremendous impact on people’s lives—that is what drives many to the profession. An excellent income is just an additional perk of being a leader in this critical industry.
Why earn a healthcare MBA from Case Western Reserve University?
The healthcare industry is expanding rapidly. As it does, the need for skilled and effective managers grows. The online MBA in Healthcare Management program at Case Western Reserve University is designed to provide you with a sophisticated understanding of finance, accounting, and business strategy as they relate to the healthcare industry.
As you learn to understand and speak the language of business, you will also be exposed to a wide range of healthcare settings and have the opportunity to acquire a network of regional and national contacts in the healthcare sector.
The online healthcare MBA program from Case Western Reserve University is designed with the working professional in mind. Classes are held online, and—apart from two 3.5-day residency experiences at Cleveland’s top hospitals—you can complete your coursework from home, allowing you to advance your career while continuing to work and live in your current location.
To qualify for admission, you must have an undergraduate degree and at least two years of work experience. Interested? Reach out to an admissions counselor today.