As the senior population continues to grow, the demand for skilled leaders in the healthcare sector is rising, with the field expected to increase by 28% over the next ten years. Earning your MBA in healthcare management will prepare you to take on these roles. Pursuing a career in this domain promises job security and the potential for a lucrative income, with the national median salary for healthcare managers at $104,830 and the top 10% earning more than $209,990.
These degrees can be completed in 18 months to two years for full-time students and three to four years for part-time learners. Furthermore, the average tuition for these programs was $19,749 during the 2020-2021 academic year, making it a worthwhile investment for those aiming to make a considerable impact in healthcare leadership.
How to Choose an MBA in Healthcare Management Program
Choose your area of study
Even within the focused field of healthcare management, it’s possible to hone your degree more closely to your career objectives by selecting an area of study. When making this decision, you’ll want to consider your academic interests, the specific skills you want to gain, and the healthcare setting you envision working in.
For example, those interested in data management and IT solutions will thrive in health informatics, while students keen on shaping healthcare laws and guidelines may excel in policy and regulation. Hospital administration is often ideal for those aiming to lead and manage healthcare facilities.
Research schools and programs
Once you’ve chosen a specialization, researching schools and programs is your next step. Consider the following questions to guide your research:
- What is the program’s reputation in my chosen discipline?
- How does the curriculum align with my career goals?
- Is the program accredited, and if so, by which accrediting body?
- What networking or internship opportunities does the program offer?
- Are there any alumni success stories in my specialization?
To find answers to these questions, you can consult admissions counselors, explore the program’s website, and participate in events like open houses and information sessions.
Prepare for tests and applications
To best prepare for tests and applications, you’ll want to gather letters of recommendation and secure your transcripts. Allocating sufficient time for writing your personal statement is essential for accurately reflecting your goals and qualifications.
Consider enrolling in a test prep program to boost your performance for the GMAT or GRE. Such programs offer structured study plans, practice tests, and strategies to improve scores — ultimately strengthening your application.
Select your program
When selecting your program, focus on the criteria that were most important to you during your research. This may include the program’s reputation, career support services, and faculty you’re excited to learn from, among other things. Equally important is evaluating the total cost — including tuition, fees, and living expenses — alongside available financial aid opportunities. This approach will help ensure that your decision aligns with your academic and professional goals and considers your financial sustainability.
Determine how you’ll pay for your degree
You’ll need to strategically utilize financial aid resources to finance your degree without accruing considerable debt.
Prioritize scholarships and grants first, as these do not require repayment and can significantly reduce educational costs. Next, consider assistantships, which offer tuition waivers or stipends in exchange for research or teaching duties. Federal loans should be a subsequent option to bridge any remaining gaps, offering favorable terms compared to private loans. You can ask your employer about tuition reimbursement programs, which some organizations offer to employees pursuing further education.
Best 50 Accredited MBA in Healthcare Management Programs
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How we rank schools
This list features some of the best MBA in healthcare management degree programs at top colleges across the country. Each school featured is a nonprofit, accredited institution — either public or private — with a high standard of academic quality for post-secondary institutions. The programs on our list are accredited by agencies like the Association to Advance Collegiate Schools of Business (AACSB) and the Accreditation Council for Business Schools and Programs (ACBSP), both reputable organizations that assess business programs for educational excellence and a commitment to quality education.
We evaluated each school’s program on admission, retention, and graduation rates as well as tuition, faculty, reputation, and the resources provided for on-campus students. Then, we calculated the Intelligent Score on a scale of 0 to 100. Read more about our ranking methodology.
Next, we compared this comprehensive list of MBA in healthcare management degree programs to a list of aggregated college rankings from reputable publications like U.S. News & World Report, among others, to simplify a student’s college search. We pored through these rankings so students don’t have to.
What Can You Expect From an MBA in Healthcare Management Program?
An MBA in healthcare management prepares students with a solid foundation in business principles tailored to the healthcare industry. Throughout this specialized program, which usually spans two years, learners delve into healthcare economics, policy, information management systems, and ethical leadership within healthcare settings. Curriculums are designed to provide theoretical knowledge and practical application and often require students to complete capstone courses or internships to apply what they’ve learned in real-world scenarios.
Upon graduation, students are well-prepared to assume leadership roles in healthcare settings. Common career paths include hospital administration, healthcare consulting, and policy analysis. These programs are ideal for those looking to combine business skills with a passion for making a meaningful impact in the healthcare sector.
Potential courses you’ll take in an MBA in healthcare management program
- Strategic Management in Healthcare Organizations: Frequently a core requirement, this course teaches students to analyze, formulate, and implement strategies to improve organizational performance. Learners will engage with case studies to understand competitive dynamics and strategic decision-making in healthcare.
- Healthcare Policy and Economics: This course explores the economic principles and policy-making processes relevant to the healthcare industry. Students will learn about the factors influencing healthcare costs, the allocation of resources, and the impact of policy decisions on the delivery of healthcare services.
- Healthcare Marketing: Students will learn about the unique aspects of marketing in the healthcare sector — including patient engagement strategies, service promotion, and brand management. This course covers how to effectively communicate with stakeholders and meet the needs of different patient populations through marketing initiatives.
- Healthcare Information Systems Management: In this course, students are introduced to the role of information technology in healthcare, covering topics such as electronic health records (EHRs), health information exchange (HIE), and data privacy and security. Learners will understand how to implement and manage technology solutions that improve patient care and operational efficiency.
MBA in Healthcare Management Degree Frequently Asked Questions
How do I apply to an MBA in healthcare management degree program?
The application process for these programs is often competitive, so you’ll want to start by consulting an admissions counselor to understand specific program requirements and application timelines. Common admission requirements include:
- A bachelor’s degree from an accredited institution
- Relevant work experience in healthcare or a related field
- A minimum GPA, often around 3.0
- Letters of recommendation
- A personal statement detailing your interest and goals in healthcare management
- GMAT or GRE scores, although some programs may offer waivers
Speaking with an admissions counselor is crucial for specific advice and insights into how your background aligns with the program’s objectives, ensuring your application is as strong as possible.
How much does an MBA in healthcare management degree cost?
The cost of an MBA in healthcare management varies by institution, but for the 2020-2021 academic year, the average tuition at graduate schools was $19,749.
However, it’s important to remember that this figure doesn’t encompass the total expense of earning the degree. You’ll also want to budget for additional costs such as commuting or housing, fees for libraries or campus facilities, and textbooks and course materials.
For a more specific idea of the cost of your education, be sure to contact a financial aid counselor at your institution. They can provide detailed information about the total cost of attendance and any financial aid opportunities available.
How long does it take to earn an MBA in healthcare management degree?
Earning this degree typically takes 18 months to two years for full-time students and three to four years for part-time students.
Full-time enrollment allows for quicker completion and immersion in the coursework but may limit your ability to work simultaneously. Part-time enrollment offers flexibility to maintain employment by extending the time to degree completion. The required number of credits, which varies by program, also influences the duration; more credits usually means a longer timeline to graduation.