If
you work in healthcare administration – or want to work in the field – chances
are that you’ve noticed that the management level, higher-paying jobs generally
require an advanced degree of some sort. Employers like hospitals, healthcare
systems and biomedical or pharmaceutical companies prefer employees who have a
solid background in the fundamentals of managing the people and processes
specific to healthcare.
The
problem stems from, however, the multiple options for getting an advanced
degree in healthcare management, especially when it comes to choosing between a
MBA with a concentration in healthcare administration or management, or a
Master of Healthcare Administration degree. Both options are attractive to
employers and will give you extensive knowledge of the field, but which one is
right for you depends on your own specific career goals and interests.
The
Difference Between a Concentration and a Degree
Depending
on the schools that you are considering, you’ll have several options. One
common option is the MBA healthcare management concentration. In a
program like this, you’ll study basics that apply to all businesses to build a
foundation of knowledge, and for your electives, take several courses that
relate to healthcare. You’ll graduate with the skills and knowledge necessary
to manage and lead in a healthcare facility, but it will be focused more on the
business aspects of healthcare – finance, budgeting, marketing, etc.
Degree
programs that lead to a Master of Healthcare Administration, on the other hand,
are completely devoted to healthcare. You will take courses in the
business of healthcare, but also in subjects such as ethics, law, issues and
trends, as well as the leadership and organization found within healthcare
environments.
Which
is Right for Me?
Choosing
between a MBA with a concentration or an MHA degree largely depends on your
experience and career goals. MHA programs often appeal to those who have a
degree in another healthcare related field and some experience working in a
healthcare environment. For example, a nurse who wishes to move into a
management role might seek a MHA degree to gain the necessary organizational
management and business skills.
MBA
programs often appeal to those who wish to move into a healthcare
administration career from another field or want to grow within their existing
role. For example, someone who works in the accounting or finance department
might seek the MBA to get more knowledge and experience within that role, and
an understanding of how to apply that knowledge in a healthcare setting.
However,
the choice is really yours to make. Some experts argue that when you have an
undergraduate degree in healthcare administration or a related field, seeking
the MHA is redundant, and you will be better served to seek a MBA with a
concentration in healthcare administration or management, such as that offered
by Scranton
University online. However, if you have a degree in another field
and some experience working in healthcare, the MBA in Healthcare Administration
will enhance your knowledge and experience and better prepare you for a
leadership role in healthcare, but also give you a business background that
applies to any industry.
Career
Options
While
either advanced degree can open up opportunities in healthcare management
careers, there are some differences. In general, those who hold a MHA tend to
work in administrative positions overseeing personnel, or managing service and
quality. If you hold a MBA with a concentration, you may have more
opportunities in specialized areas of healthcare management; for example, you
might work in hospital finance or marketing, depending on your undergraduate
degree and experience.
However,
in either case, earning an advanced degree does increase your earning power.
According to the U.S. Bureau of Labor Statistics, healthcare administrators who
hold advanced degrees generally earn well over $70,000 per year, and some more
elite positions pay over six figures, making the investment in your education
very worthwhile.
When
trying to decide which type of degree to pursue, review job postings and
descriptions for the type of jobs that you are interested in, and choose the
degree program that best fits the requirements for your career goals. Expect to
be challenged and inspired in either program, and build the knowledge and
skills you need for a long and satisfying career in the healthcare field.
About
the Author: Jill McDonald is working toward
an MBA in healthcare management. She previously worked in public
relations.
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