As the demand for healthcare services continues to grow, there is a significant need for trained healthcare administrators to manage the complex operations of hospitals, clinics, and other healthcare organizations. An online master’s in healthcare administration degree program can be a great way to enter this rewarding and high-growth field. However, tuition and fees for such programs can be a significant barrier for many students.
This article will explore some of the most affordable options for pursuing this degree while ensuring you receive a high-quality education and the necessary skills to succeed in this in-demand field. So, whether you’re a working professional looking to advance your career or a recent college graduate looking to break into healthcare administration, these degree programs will help you achieve your goals at an affordable rate.
How Much Do Master’s in Healthcare Administration Programs Cost?
While the cost of a master’s in healthcare administration degree can vary depending on the institution and program format, most online programs range from $40,000 to $60,000.
It’s crucial to remember that many factors affect the cost of a program, including whether the program is offered by a public or private institution, whether the program is full-time or part-time, and whether the program includes any additional fees for technology, textbooks, or other resources.
Attending a relatively affordable online master’s degree program in healthcare administration can provide significant savings for students, especially compared to the cost of a traditional on-campus program. Additionally, many online institutions offer financial aid, scholarships, and other assistance to help make the cost of a healthcare administration master’s degree more manageable.
Other Factors To Consider
When selecting an online master’s in healthcare administration program, cost is just one of many factors that prospective students should consider. Here are some other factors to keep in mind while making your decision:
Concentration Options
Some healthcare administration programs offer concentrations in specific areas such as finance, information technology, or healthcare policy. Prospective students should research whether the program provides a concentration option that aligns with their career goals.
Accreditation
Selecting a program accredited by a reputable accrediting agency, such as the Commission on Accreditation of Healthcare Management Education (CAHME) or the Association to Advance Collegiate Schools of Business (AACSB), is crucial. Accreditation ensures that a program meets quality standards and may be necessary for licensure or certification in some states.
Faculty
Prospective students should research the faculty at the institution offering the program. Look for faculty members with expertise and experience in the healthcare industry and those with experience teaching in an online format. More often than not, a program’s instructors can make a substantial difference in a student’s engagement in their classes and success in the program.
Student Services
Online students may need access to support services such as counseling, tutoring, or career services. Prospective students should research whether the program they’re considering offers remote access to these services.
Program Format and Flexibility
It’s important to consider whether the program is offered entirely online or includes in-person components. Additionally, consider whether the program is asynchronous or synchronous. Asynchronous programs allow students to complete coursework on their schedule, while synchronous programs require students to attend live virtual sessions. Depending on the student’s preferences, it might be helpful to research whether the program offers a part-time option. This may be more manageable for working professionals.
Alumni Outcomes
Research the program’s track record of job placement and alumni outcomes. Look for information on the program’s website or contact the institution for this information.
Is a Master’s in Healthcare Administration Worth It?
Yes, pursuing an online master’s in healthcare administration degree program can provide an excellent return on investment for students. Healthcare administrators are in high demand and, year after year, tend to earn salaries well above the national average.
As of May 2021, the median annual salary for medical and health services managers, which includes healthcare administrators, was $101,340. This is significantly higher than the median yearly salary for all occupations in the United States, which was $66,648 as of May 2021.
Furthermore, the projected job growth of medical and health services managers is expected to grow 28% from 2021 to 2031, which is faster than average for all occupations. This upward trend is partly driven by the aging of the baby boomer generation, creating a greater demand for healthcare services.
While it’s true that some employers will hire entry-level healthcare administrators with only a bachelor’s or associate degree, there are many advantages to pursuing an online master’s in healthcare administration program.
First, some employers may only consider candidates with a master’s degree, particularly for more advanced or specialized positions. By pursuing a master’s degree, you can make yourself a more competitive candidate in the job market and increase your chances of securing a higher-paying and more rewarding position.
In addition, a master’s degree can open up new job opportunities that may not be available to candidates with only bachelor’s degrees. For example, some executive-level positions in healthcare organizations may require a master’s degree.
What’s more, even if you already have some experience in healthcare administration, pursuing a master’s degree can help you develop new skills to make you a more effective leader and advance your career. For example, many master’s programs include coursework in healthcare finance, healthcare policy, and health information technology, which can help you develop expertise in areas critical to success in healthcare administration.
Our Research
This list features some of the cheapest online Master’s in Healthcare Administration programs in 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.
We evaluated each school’s program on tuition costs, admission, retention and graduation rates, faculty, and reputation. 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 the cheapest online Master’s in Healthcare Administration programs to a list of aggregated college rankings from reputable publications, such as U.S. News & World Report, to simplify a student’s college search. We pored through these rankings so students don’t have to.
The 50 Cheapest Online Master’s In Healthcare Administration Programs
