Healthcare system management has always been challenging and complex, and now it is even more so due to technological advances, an evolving regulatory environment, and the need to balance operational efficiencies with improved patient outcomes.
An MBA with a concentration in healthcare management offers a unique blend of business and healthcare knowledge and skills needed for success in this growing field. Healthcare management is one of the most fascinating careers graduates can pursue with an MBA.
Our MBA in Health Systems Management offers motivated students what they need to become leaders in healthcare: a combination of leadership skills, communication, business operations technology, strategic thinking, financial management, and healthcare knowledge.
It’s a skill set in demand as financial issues continue to pressure healthcare operations. In Becker’s Hospital Review list of current healthcare trends, four of the eight are related to finance, and two are related to technology.
Challenges Faced by Healthcare Managers
MBA students specialize in health systems management because they desire to lead and improve healthcare organizations, helping them overcome the challenges faced by the industry.
- Regulatory issues. Health systems managers must deal with a host of complex and constantly changing regulations at the local, state, and federal levels.
- Evolving technology. Healthcare managers must adopt new technologies to improve operations and stay competitive with other providers to improve patient care, reduce costs, and increase efficiency.
- Financial pressures. Healthcare operations face rising costs, decreasing reimbursements, and increasing competition. This is another area that is constantly evolving. Becker’s notes that emerging trends include digital payments and patient financing of healthcare costs.
- Managing staff. Nursing shortages and adequate staff training are just two of the many human resources challenges health managers face.
- Patient outcomes. This is always at the top of the list for health managers. Even with all the issues listed above, they must always target high-quality care as the top priority.
Demand for Health Systems Managers is High
Given the complex nature of the job, healthcare operations concentrate on hiring managers trained specifically for the industry. Federal statistics clearly show the demand.
The U.S. Bureau of Labor Statistics (BLS) projects a 28 percent increase in medical and health services managers between 2021 and 2031. That is more than five times the rate for all jobs in the country. Salaries also continue to rise, with the national average salary for healthcare managers reaching $101,340 in May 2021.
The BLS also reports that graduate degrees focusing on the business of healthcare have emerged as one of the most popular degrees for healthcare managers.
The Advantages of an MBA in Healthcare Systems
Every type of healthcare system and medical facility faces the difficult task of making operations more efficient and patient care more effective. MBA graduates pursuing a career in health systems management are singularly positioned for the job. They master the latest business strategies and how to apply them to real-world healthcare situations. Some of the specific advantages include the following:
Healthcare operations are under immense pressure to bring costs under control. MBA graduates understand the financial challenges that can impact the bottom line and the delivery of services. They also have risk management, budgeting, financial forecasting, and workforce efficiency expertise.
Management and Leadership Skills
An MBA remains the best path for those aspiring to healthcare administrator positions. In addition to the hard skills of finance, budgeting, and data analysis, MBA students also develop the leadership skills required to succeed, including communication, collaboration, and the ability to motivate others.
The skills learned in an MBA program are often considered transferable to all industries. They also transfer within the healthcare industry itself. MBA graduates interested in health systems can lead various operations, including healthcare networks, physician clinics, hospitals, nursing homes, community centers, and outpatient surgery centers.
Point Park University MBA in Health Systems Management
Point Park University’s online MBA is designed to give working adults the flexibility to earn a graduate degree in business while maintaining their work and personal responsibilities.
Professors with years of business management experience developed and teach the program’s curriculum. MBA students earn 36 credits – 24 in the core curriculum and 12 in their concentration. Core courses include:
- Accounting for Managers
- Global Environment of Business
- Legal Environment of Business
- Corporate Finance
- Organizational Behavior
- Quantitative Methods
- Managerial Economics
The health systems management concentration applies business strategy to the healthcare environment. Graduates are prepared for healthcare administrator positions as executives or department directors in large organizations.
Courses in the concentration include Health Economics, Health Care Policy Analysis, Financial Management of Health Systems, and Global Healthcare Administration and Management.
There are many pathways to launch a career in healthcare systems management. However, an MBA is a valuable investment for those looking to advance their careers and gain a deeper understanding of the business side of healthcare.