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MD/CEO – 3 Management Program Types To Set You Apart for Effective Leadership in Healthcare

Pathway Global Learning / Healthcare  / MD/CEO – 3 Management Program Types To Set You Apart for Effective Leadership in Healthcare

MD/CEO – 3 Management Program Types To Set You Apart for Effective Leadership in Healthcare

The manager’s role in health care has grown in significance. With ongoing changes in regulatory landscape and wide-ranging technological advancements, this rapidly changing industry requires responsive managers that can effectively revisit and adjust business models to remain competitive in this complex and fast-evolving space. To lead and drive innovation, Healthcare industry stakeholders need a deep insight of markets and organizations to cater to healthcare’s unique business challenges. These are the reasons why it is often said that while healing is an art and medicine is a profession; health care is a business.

The healthcare sector has become the second largest employer in most developed economies. At the same time, it is a sector with immense growth potential in terms of service quality and innovation in much of the developing world. As such, there is an ever-increasing need for better health-care management to respond to the many critical problems now faced by hospitals, government agencies, pharmaceutical and biotechnology firms, insurance and managed care organizations, and consulting firms. It is important to prepare the next generation of healthcare leaders using advanced business education and exposure to healthcare-tailored curriculum, recruiting, alumni engagement, industry partnerships and cross-university collaborations to amass the knowledge and skills needed to make a lasting impact, especially in the developing world.

Unlike practitioners transitioning across regions of the world, engaging healthcare from a management standpoint requires no complex medical conversion process or certifications. However, by transitioning into a management role, any healthcare professional can leverage his/her practical background to implement effective healthcare systems and operating models. With graduate management education, they become adept at handling hospital budgets, clinical trials and operations, ensuring compliance to regulations and quality standards and bringing innovative products and services (medical devices, digital health applications, healthcare plans, etc.) to market. Another added benefit would be compensation. Healthcare executives often obtain improved compensation packages than doctors and other medical practitioners. For example, according to a New York Times analysis in 2014, hospital administrators earned on average 60% more that clinical physicians – where the physicians averaged about $185,000 annually.

Here are the three types of graduate level management programs that can set you apart for leadership in the business of Healthcare. We have also included a few program recommendations for each degree type.

MBA with a Healthcare concentration

An MBA with a Concentration in Healthcare Management offers a range of courses to help students advance their understanding of the most critical areas of the healthcare industry. In addition to the traditional MBA curriculum covering MBA topics like Accounting, Economics, Finance, General Management, Marketing, Operations and Strategy, candidates pursuing a concentration in Healthcare Management or Administration are also exposed to coursework such as Medical Ethics, Healthcare Industry Management and many others. By earning a Master of Business Administration with a Specialization in Healthcare Management, students have the tools necessary to be successful Health Managers and Executives as especially great for career-switchers and candidates looking to venture into entrepreneurship in the health sector. This is especially needed for professionals or healthcare practitioners that would like to make the switch to support the industry from a consulting role.

 

Northwestern University, Kellogg School of Management

MBA  – Healthcare at Kellogg pathway

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Duke University Fuqua School of Business

MBA, with Certificate in Health Sector Management (HSM)

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UCLA Anderson School of Management

MBA with Health Care specialization

 

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Temple University Fox School of Business

MBA, in Healthcare Management concentration

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MBA/Master’s Dual Degree

Certain Candidates are interested in developing a strong business acumen to make a difference in healthcare while taking a deeper dive into the current challenges in the health sector than an MBA alone would provide. For these joint degree candidates, an in-depth curriculum in Public Health or Health Administration provide great insight on the unique challenges within the sector while the MBA environment will equip them with the toolset to tackle these issues in a forward-thinking manner and with an entrepreneurial mindset.  This combined curriculum prepares students for the diverse and challenging healthcare industry. This is particularly useful for aspiring entrepreneurs or early career professionals looking to make social impact, influence health policy and provide innovative solutions on a global scale.

UVA Darden School of Business

 

MBA/MPH program

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Carnegie Mellon Tepper School of Business

 

MBA/MHA program

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Boston University Questrom School of Business

 

MBA/MPH program

 

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Masters in Healthcare Management

This type of programs offers a range of courses to help students advance their understanding of the most critical areas of the healthcare industry. They are particularly beneficial to medical practitioners with over a decade on healthcare experience and intend to include management and administrative functions to their role or make a full transition from practitioner to healthcare administrator. It provides them with the sufficient management education to handle business issues and challenges. These programs may also be relevant to experienced management professionals inspired to bring their skillset to healthcare.

 

Johns Hopkins Carey Business School

Masters of Science, Health Care Management

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Vanderbilt Owen Graduate School of Management

Master of Management in Healthcare

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Rutgers University

Master of Science in Health Care Management

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University of Texas at Dallas

Masters of Science, Healthcare Management

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A graduate Healthcare Management degree opens many doors for an exciting and rewarding career.