Far from the more traditional MBA careers in hedge funds or business development, health care management and administration are attracting business school graduates who are looking to take advantage of lucrative opportunities in e-health ventures, pharmaceutics, and the booming biomedical industry. According to BusinessBecause, the U.S. healthcare industry is estimated to be worth at least $3 trillion. Health care companies are struggling to find enough employees with MBA degrees to fill their needs.
Top Employers of MBAs
According to BusinessBecause, “pharmaceutical and health care companies continue to be major employers of MBAs.” They “snapped up 18 percent more graduates world-wide…[and] a further 18 percent growth was projected.” In the Asia Pacific region, demand for MBAs in the same sectors hit a high 43 percent. Closer to home, the Affordable Care Act is expected to lead to nearly 35 million more people entering the health care system; because of this large influx, more management and oversight will be required to aid organizations as they navigate this rapid growth.
Health Care Occupations are Growing
The United States Bureau of Labor Statistics projects that employment in all health care occupations will grow by 19 percent through until 2024, and that “health care occupations will add more jobs than any other group of occupations.” Over 50,000 jobs are expected to be created in health care management alone.
Previously, gaining employment in a health care organization mostly meant earning clinical experience. The demand for health care management professionals is growing as they try to improve service delivery, contain costs, and stay abreast and in compliance with legislation changes.
Why Health Care Administration
An MBA with a specialization in health care administration is ideal for business students who aspire to the administrative side of health care – for example, managing a clinic or hospital. Navigating the complex demands of policy, technology, economic management, and finance in the industry demands that its leaders be capable of coming up with equally complex solutions that improve service access and reduce costs.
The business of health care requires the breadth and depth of knowledge that an MBA provides, but a health care-focused specialization will also provide added insight into the real-world challenges of the industry. Students will also learn to understand the relationship between insurance companies, medical professionals, and patient needs and how these relationships impact service delivery and costs.
An MBA degree is the first step you can take towards becoming a leader in a changing health care system. Being empowered with the knowledge to develop solutions to the unique challenges facing the rapidly growing industry is an invaluable tool as you take the next step in your career.