Healthcare Management with an Accelerated Business Degree

Earn healthcare management with an accelerated business degree ASAP. You’ll enjoy the career benefits that come with it.

First, medical and health services managers earn $110,680/year in median income (BLS, May 2023). The highest earners took in over $216,750/year. Even the lowest earners raked in $67,900/year. It is higher than the median wage for all other occupations at $48,060/year.

Second, the projected job growth for these professionals is 29% (BLS, 2023-2033). This is much faster than the average for all occupations, meaning high demand. About 61,400 openings, on average, are projected every year over the decade.

An aging population with increased demand for healthcare services fuels the high demand. Managers are a must to oversee the healthcare staff and services. Then, there’s also a need for managers to oversee electronic health record (EHR) systems.

Why a business education to succeed in healthcare management? You’ll develop the competencies to manage healthcare facilities as a business. Financial management, strategic planning, and organizational leadership are among these competencies.

So, are you interested in healthcare management with an accelerated business degree? Read on and find out how it can lead to a successful career.

Related:

What Is an Accelerated Business Degree?

Did you know that the MBA degree is the number one choice in graduate degrees? In the 2021-2022 academic year, there were 205,800 business degrees awarded. No surprise there, as an MBA degree brings many personal and professional benefits.

But earning an MBA can take at least two years even on full-time enrollment. You may not have the time and money for it. Well, consider fast-track business degrees for healthcare professionals.

Definition, Structure, and Duration

We can define an accelerated business degree program through its main features.

Fast-track learning format: Candidates can earn an MBA degree in 12-18 months, thanks to the fast-track structure.
Intensive courses: Candidates take on more rigorous coursework in a condensed academic schedule. There are also more courses for completion every semester. There are no breaks, either.
Focused curriculum and practical focus: Candidates focus more on key business courses with little to no electives. Experiential learning opportunities include internships and consulting projects.

You can apply whether you have a prior business degree or not. Several programs require relevant work experience in business or healthcare.

Online vs. In-person Options for Healthcare Professionals

Go for in-person programs if you thrive in traditional classroom experiences. Consider online programs if you want more flexibility and convenience. In both options, consider your budget, needs, and career goals first.

How Business Education Enhances Healthcare Management

Do you want to combine your passion for healthcare with business-savvy skills? If yes, consider healthcare management with an accelerated business degree. You’ll have the business skills to manage healthcare facilities effectively.

Importance of Financial Management, Operations, and Leadership in Healthcare

Financial management is crucial because it:

Ensures effective and efficient use of available resources
Contributes to financial stability in the midst of uncertainty, inflation, and decreasing reimbursements

Effective operations management is a must, too, because of its crucial functions.

Improves core healthcare processes, such as patient services and supply chain management
Decreases inefficiencies in daily operations
Boosts patient and staff satisfaction

Leadership skills are crucial, too, because these are vital for:

Maintaining morale among staff and a positive corporate culture
Dealing with new technologies and regulations
Promoting innovation in the workplace

Business Strategies for Improving Healthcare Efficiency and Patient Care

You can achieve improved patient care and operations efficiency through these strategies.

Lean Management and Six Sigma, which maximize day-to-day operations
Data analytics for improved data-driven decision-making
Patient-centered care models that lead to better clinical outcomes and higher patient satisfaction

Case Studies of Successful Healthcare Leaders with Business Backgrounds

Dr. Mark T. Bertolini is the CEO of Oscar Health, a tech-driven health insurance company.
Dr. Gary S. Kaplan is the Chairman and CEO of Virginia Mason Health System.

You, too, can follow in their footsteps in healthcare administration with a business background.

Key Business Skills for Healthcare Managers

You must develop these key business skills for healthcare management during your studies.

Financial Management

The process of planning, controlling, and tracking financial resources, financial management ensures that the healthcare facility has enough money for effective operations. Financial planning, budgeting, and cost control are among its crucial functions.

Operations Management

In general, it’s the process of organizing and managing the production of goods and services. In healthcare management, it’s streamlining processes for better patient outcomes.

Your main functions in operations management include:

Identifying inefficient workflows in different departments, such as patient admissions and discharge
Working with co-workers to resolve these issues to improve patient outcomes and safety

Strategic Leadership

This is the ability to lead an organization toward sustainable growth and stability. In healthcare settings, you must be involved in:

Decision-making with an eye toward long-term success. You must make data-driven decisions, think ahead, and create a vision.
Policy development that promotes regulatory compliance, patient satisfaction, and innovation. You should balance the needs of the staff members, patients, and the organization.

Human Resources Management

People are the greatest resource in healthcare organizations. No people, no organization. For this reason, you must develop strong human resources management skills in:

Staff recruitment (i.e., attract qualified healthcare professionals)
Training and development (i.e., improve their knowledge and skills for their jobs)
Retention (i.e., improve their job satisfaction and make them stay)

With these key business skills, you’re ready to be a better healthcare leader.

Career Opportunities in Healthcare Management with a Business Degree

The best thing about career opportunities in healthcare management is their variety. You’ll find many job titles and their specific roles and responsibilities.

These career opportunities are available in diverse settings, too. Hospitals, outpatient care centers and clinics, and physicians’ offices are popular. You’ll also find jobs at insurance companies and nursing care facilities.

Here are five career opportunities you can consider:

Healthcare Administrators

You’ll manage hospital operations and budgets. Efficient daily operations and quality patient care are your main concerns:

Medical Practice Manager

Your job involves overseeing private clinics and physician offices. Managing staff, finances, and daily operations are also part of your job.

Health Services Manager

You’re in charge of implementing policies and regulations in healthcare facilities. Becoming Director of Operations can be in your future, too.

Consultant in Healthcare Business Strategy

You’ll provide advice to hospitals on efficiency and growth. Part of your job includes recommending strategies to increase productivity and efficiency.

Insurance and Healthcare Policy Analyst

You’ll be working with insurers and government agencies. The intersection between insurance and healthcare matters is your forte.

Benefits of an Accelerated Business Degree for Healthcare Professionals

These benefits of an accelerated business degree in healthcare boost their popularity. You’ll find that MBA in healthcare management programs are popular but competitive.

Faster completion time means quicker career advancement: You have a head start and a competitive edge with an accelerated MBA.
Cost savings compared to traditional business programs: You’ll spend less on direct and indirect costs because of the shorter duration. Plus, financial aid options, including federal aid and scholarships, are available.
Ideal for healthcare professionals transitioning into management roles: If you’re itching for leadership roles in healthcare administration, go for it. Not only will you take the quickest pathway but you’re also gaining a respected credential.

Then, there’s also the increased earning potential. MBA degree holders can earn $45,000 more in annual income. MBA degree holders earn $128,997 in average base salary and bonus (2023).

Online and Hybrid Accelerated Business Degrees for Healthcare Management

Here are the best online accelerated business degrees for healthcare management:

University of North Carolina, Chapel Hill – MBA with Healthcare Concentration
Purdue University Global – MBA in Healthcare Management
George Washington University – Executive MBA in Healthcare
Western Governors University MBA in Healthcare Management
Southern New Hampshire University – MBA with Healthcare Management Concentration

If you want hybrid programs, consider these universities:

Johns Hopkins University – MBA in Healthcare Management
Northwestern University – Executive MBA in Healthcare

Always check for current accreditation when considering business education for hospital management. Check for regional accreditation first (e.g., HLC). Then, check for programmatic accreditation (e.g., AACSB or ACBSP).

Conclusion

In conclusion, healthcare management with an accelerated business degree will take you places. You become more competitive for leadership positions, such as health services manager. Better yet, you can achieve your career growth goals in less time and at a lower cost.

So, explore business education through an accelerated MBA program for healthcare leadership. Yes, there will be challenges along the way, but the benefits are worth it.

Take the next steps now. Start researching programs, expanding your network, and gaining practical experience. The earlier you start meeting the admission prerequisites, the better.

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