In 2019, healthcare spending reached $3.8 trillion ($11,582 per person) in the U.S., according to the Centers for Medicare and Medicaid Services. Add to that the current shortage of nurses and other frontline medical workers, and it’s apparent that the country needs to increase its resources in addition to improving its processes.
If the healthcare industry is to rise to and surpass the contemporary and future challenges it faces, it requires professionals with business, fiscal and logistical expertise at the forefront of its development. Specifically, it needs individuals who can offer their business expertise to the healthcare field.
For healthcare professionals who are interested in developing business and leadership skills, pursuing an advanced degree, such as a Healthcare MBA, can give them the opportunity to make a positive impact in the healthcare industry.
Why Get an MBA in Healthcare?
Earning an MBA in Healthcare can lead to high-level positions in hospitals and other healthcare facilities. Healthcare executives and managers play a critical role in directing healthcare services and improving the efficiency of healthcare facilities. As business-minded individuals, graduates with an MBA in Healthcare are also skilled in the planning and monitoring of budgets.
The following advantages of pursuing an MBA in Healthcare apply to both patients and the healthcare industry overall.
Dealing with challenges in healthcare will require efficiency, innovation and interdisciplinary collaboration, all of which can be achieved by more doctors and professionals with Healthcare MBAs joining the industry.
When healthcare professionals from different sectors are encouraged to learn about each other’s roles, it results in a more collaborative environment where medicine is no longer practiced in silos, but rather with a hive mind mentality. When Healthcare MBAs communicate aspects of the business side of healthcare, it provides doctors, nurses and other frontline medical workers with a better understanding of how a hospital or healthcare facility’s budget is spent and revenue is generated. Conversely, Healthcare MBAs are afforded the opportunity to learn about how patient healthcare is delivered, even though they won’t be providing it themselves.
Interdisciplinary collaboration promotes synergy among hospital staff, which generally results in a more united front when it comes to delivering healthcare. The fact that Healthcare MBAs have an educational background in medicine helps this synergy develop.
A Fresh Perspective
To foster a culture of innovation, the healthcare industry must approach problems with fresh eyes. Encouraging more business students to pursue Healthcare MBAs invites fresh perspectives on old problems, in turn inspiring innovative and novel methods to overcome those problems.
An aging population will put the world’s existing healthcare infrastructure under immense pressure and strain in the near future. Overcoming this will require more than just the development of more effective ways to treat geriatric diseases and ailments; it will require the development of more efficient ways of implementing these treatments, more cost-effective medicine production systems and an improved system of logistics to deliver care and medication to where it is required.
To achieve this, the healthcare industry needs a new business model, and it is Healthcare MBA graduates and their ideas that can help to drive this shift in the industry.
A New Business Model
The commercialization of the healthcare industry is a delicate issue. On the one hand, there is much debate around the ethics of the big pharmaceutical companies that appear to put profit margins above the lives of patients. On the other hand, commentators recognize that the introduction of a business-style model is the only way to make the healthcare industry more resilient in the face of future challenges.
To quote physicist Albert Einstein, “Innovation is not the product of logical thought, although the result is tied to logical structure.” It is these logical structures — provided by a more business-minded outlook — that form the framework for innovation in healthcare.
This is why Healthcare MBA graduates and business experts are so vital in evolving the healthcare industry; not to commodify medicine and treatment, but to overcome barriers and find solutions to the problems posed by administering healthcare in an ever-changing world.
Begin Your Journey to Earning a Healthcare MBA Today
There are many benefits to having the knowledge, leadership skills and fresh perspective of a Healthcare MBA graduate. Not only can earning a Healthcare MBA help you develop the skills to become a leader in innovation in the healthcare industry, but those innovations will also be passed down to patients by providing them with more efficient, high-quality care.
Additionally, the field of healthcare is rich with opportunities for those who earn an MBA in Healthcare and obtain a management position. According to the U.S. Bureau of Labor Statistics, the number of jobs for medical and health services managers is projected to grow by 32% between 2019 and 2029.
For those looking to pursue one of the many exciting business opportunities in healthcare, George Washington University’s online Healthcare MBA program is the perfect first step. Learn more about how GW’s Healthcare MBA program can help you realize your professional goals.