If you are interested in working in healthcare administration, it is important that you assess the value of an online MBA in Healthcare Management.
While all college degrees that are granted by reputable institutions have value, they can cost a pretty penny to earn. Since healthcare management is a growing field that requires managers to have extensive knowledge of healthcare legislation and the environment that they work in, it is no surprise that you must have a degree and experience before you can manage within a facility.
All degree programs have their advantages and disadvantages. Read on and find out if a distance education MBA in Healthcare Management is an expense or an investment.
What Will You Learn in an Online Healthcare Management MBA Program?
The key to picking the right degree program is to map out a path that shows where you currently are and where you want to be. Along the way, you should have stops that will get you closer to your end goal. An MBA degree with a concentration in Healthcare Management will prepare students and give them the knowledge and skills that they need to become business leaders in a variety of healthcare settings.
In addition to studying core business areas like marketing and finance, students will take classes strictly focused on administration in healthcare settings. Here are some of the courses that you can expect to take when you attend an accredited degree program:
* Managing Organizations in Healthcare
* Managing Human Capital
* Service Line Development
* Accreditation Audit
* Data-driven Decision Making
How Much Does an MBA in Healthcare Management Cost?
The cost to enter into a program is extremely important. The main reason why it is one of the first things to consider is because you have to compare the costs with the gains later on in life. The actual cost of an MBA degree is based very strictly on the business school that you attend. While some online schools are known for offering very affordable rates, the tuition can still add up. It is believed that the average cost of an MBA degree adds up to about $60,000, but students who attend private business schools can pay upwards of $200,000 before they earn their degree.
How Much Will You Earn Following Graduation?
You will need to really research the cost of tuition and then compare salary ranges after graduation to place worth on the degree. In all professional fields, MBA graduates earn an average of about 20% more than their counterparts who do not possess a graduate degree. In Healthcare Management, however, your earnings can skyrocket after you earn your MBA. This is mainly because of the growing demand for healthcare administrators who have an advanced degree and who are skilled business leaders.
Average Salaries in Healthcare Management
The average salary of grads with their MHA is $66,000, but ranges vary based on title and location. The average salaries for the top healthcare management jobs are as follows:
* Nursing Administrator: $80,000
* Human Resources Manager: $99,720
* Health Informatics Manager: $92,819
* Hospital Finance Manager: $112,700
Now that you can see that there is potential to earn a high salary with your MBA, it is time to start searching for the best program. Be sure to focus on selecting only online degree programs that are accredited by a non-profit agency like the Commission on the Accreditation of Healthcare Management Education. If you decide this is the degree for you, narrow your options and then apply to the online MBA in Healthcare Management program that will take you places.