With today’s rapidly developing healthcare industry, many people are seeking to cement themselves in a career with leadership opportunities. At its core, the healthcare industry is still a business, even though it’s centered around helping people. That’s why someone with both management skills and knowledge of healthcare practices is needed to lead.
The Master’s in Healthcare Administration (MHA) is a program that combines both managing business operations with current healthcare systems and policy in practice, preparing students for the dynamic responsibilities related to managing healthcare institutions, health insurance companies, and healthcare consulting firms.
Factors to Consider
Choosing the right degree is not a decision you can rush. Many factors must be considered before you can be sure this is the right program or career path for you. For students interested in a career in healthcare management who are unsure if an MHA is worth it, here’s some information about things they should factor into their decision that will help them make the right choice.
Specialization and Job Opportunities
Unlike general business management degrees like a Master’s in Business Administration (MBA), an MHA offers the same core business lessons but discusses them within the context of healthcare-related businesses. This degree of specialization prepares students for the demanding workplace environment of healthcare institutions.
Keep in mind that this degree of specialization results in a kind of tunnel vision. It might not be so difficult to apply what you have learned to other industries, but it wouldn’t be preferred. If you have not selected the healthcare industry as your chosen path, then you might be better off with a general business postgraduate degree. That way, you could keep your options open.
Note that the demand for leadership positions in healthcare-related workspaces is on the rise. If you end up deciding on a career in medical administration, you will be entering a job market seeking more and more fresh minds. They will prefer people with an MHA vs. MBA.
Salary
Both healthcare executives and business executives earn well. MBAs are known for being your ticket to a six-figure salary or higher. However, with an MHA, you could earn the same amount of money working in the healthcare industry.
Since people with MBAs have a broader perspective on business management, they can work in a variety of fields. Their pay scales vary from field to field, with some earning more than others. For example, executives in consulting firms earn roughly 30% more than business executives in manufacturing businesses.
In comparison, the salaries of different healthcare executives are more or less the same. So, going into an MHA, you can expect a more stable salary range than one you’d expect from getting an MBA. Also, with more and more executives retiring, hospitals, insurance companies, and medical consulting firms are looking for more new executives.
To attract these new executives, healthcare institutions are increasing the pay for medical administrative executives. With the recent Covid epidemic, the healthcare industry faced a stress test, revealing how demanding managing healthcare really is. Considering this, institutions are ready to pay competent leaders more so that they can steer the ship through a storm.