Applying Business Principles to Health Care
In MBA degree programs, students learn core business principles that can translate well into the health care field. The New York Times reports that currently, the U.S. spends roughly $2.5 trillion per year on health care, which equates to about 17 percent of yearly economic output. This presents a great opportunity for MBAs to put their skills to use.
A Growing Industry
The Bureau of Labor Statistics forecasts steady growth in health care positions over the next decade. MBA graduates are attractive candidates for health care management positions due to their knowledge and execution of key business principles.
A Changing Industry
In the future, the health care industry will need individuals to lead in areas such as patient management, financial management, and security of information systems and patient data, as well as deal with the intricacies of health insurance companies and legislation.
The new health care package passed by the Obama Administration, coupled with the already increased emphasis on laws such as HIPAA and other health care mandates, means an increased need for knowledge in law and technology. An MBA program is a great way to learn necessary skills to deal with these specialized issues.
Specially-designed Programs
Many of today's MBA programs are designed with health care opportunities in mind. Doctors and other medical specialists increasingly turn to MBAs to attain a strong understanding of how to run modern medical facilities.
Important skills needed in health care management include the business principles and management skills taught in MBA programs. In response to this need, many online MBA programs now offer concentrations specializing in health care management. Students have the opportunity to gain skills from a traditional business education that pairs with knowledge required for specific areas in this growing industry.
The New York Times points out that government reports project health care spending to continue to rise and reach an annual $4.5 trillion, or 20 percent of gross domestic product, by the end of the decade.
This kind of growth will require strong leaders equipped with a deep understanding of business needs and solutions. With the broad spectrum of knowledge offered in an MBA program, tomorrow's leaders will grasp the overall picture, identify individual health care needs, and provide strategic and efficient solutions.
