Why MBA Employers Want You To Be A Problem Solver

MBA careers involve a number of industries and positions within those industries, but each of these roles have similarities that all MBA students are required to possess, including management, organization, and problem solving skills. Although each of these elements has its uses within business fields, problem solving has quickly become one asset that employees and employers have come to assess as absolutely crucial.

As lovely as it would be to assume that the world of business was full of streamlined tasks and easily processed information, this isn’t the case at all. In fact, many areas of business such as those involved in healthcare and HR can have a number of problems that simply aren’t covered in any manual or textbook. This is where a person’s problem solving skills become particularly important, and those graduates who have a good record for working out issues within their offices are regarded with esteem and respect.

Identifying Problems Within The Company

MBA graduates are professionally trained to be able to identify problem areas within their field of expertise, and this is one reason why employers are looking for highly skilled problem solvers. A typical undergraduate student may be able to look at a company and decipher that something is amiss, but without the tools and education to expertly assess exactly what’s wrong, nothing can be done to solve it. An MBA student learns a multitude of strategies to uncover exactly what a business is going through and which areas of the office are lacking; this could be in finance, management, hiring processes, policy work, or even safety protocols. Once a diagnosis is made on lost time, money, safety, or staffing, the creative thinking process can begin in order to quickly and efficiently find a solution.

Creative Thinking

Many people associate creative thinking with artistic work, but creativity comes in many forms, and the world of business, finance, healthcare, and international services is no stranger to this skill set. Thinking creatively doesn’t always mean that you are creating something, it can be thought of in reference to the ability to use more than one method of solving a problem as well. By thinking outside the box, the way that an MBA graduate is trained to do, professionals can find ways to suitably and effectively prevent and halt issues that are occurring. MBA students focus on breaking their preset thought patterns to approach difficult situations in new and unique ways. They take courses that encourage different points of views on a particular subject matter and force students to develop innovative solutions for problems without turning to common fixes.

Sometimes thinking creatively does involve a certain level of visual aid and other tools that stimulate original thought formulation. Graphs, charts, diagrams, and even storyboards can be used to familiarize yourself with processes occurring within a company, and to pinpoint problems and execute solutions. Looking at a problem from outside rather than as an insider can often bring about a whole slew of new and interesting information, which is one of the reasons that so many companies hire consultants.

Real World Knowledge

MBA students are different from students who graduate from other degree programs because of their experience in their field and the level of training that they acquire in problem solving alone. Many employers are seeking those employees who have real hands-on skills in their field of study, rather than a simple classroom education. This is because the typical graduate doesn’t understand the reality of how a company works; sure, the logistics are easy to see, and writing a topical research paper can prepare them for common day to day practices, but they often don’t have a true comprehension of the complex nature of business.

During an MBA program, students are expected to work one on one with a faculty member on a research assignment, as well as gain practical experience by completing a work term or practicum placement. This gives them an edge over candidates who are coming straight out of a lecture hall or classroom setting without having the appropriate field knowledge to complete tasks and keep up with current employees.

Steps To Problem Solving

Throughout the problem solving skillset learned by MBA graduates that corporations and businesses are so attracted to, there is a system that is taught. The steps within this system begin by first identifying the issue through keen observation and research. Once this problem is out in the open and all of the characteristics can be properly identified, the second step involves strategic thinking and creative processing to discover uncharted possible solutions that could ultimately rid the company of these occurrences for the foreseeable future. Finally, the last step in the process that is taught within many MBA programs is to look at the big picture, not just the individual issues at hand, and solve the crisis with a plan of action that will work the first time and not require further future problem solving on that particular item of interest.

MBA employees want you to be a problem solver because good management requires the ability to not only lead during daily tasks, but to take control when problems arise and stabilize these issues so that staff can continue to function normally and efficiently. More and more problem solvers are needed within companies because they can lead other professionals, but also train them on how to solve future problems on their own. MBA students are well known for their analytical minds and creative thinking, and when these skills can be elevated and evolved through work experiences and management roles they can blossom into even more effective techniques.

“Hands on” management is quickly becoming one of the more popular methods of controlling a business, and not only because it gives managers the ability to see how staff is doing in their daily work. Hands-on managers guide employees when they lose sight of the big picture, and MBA graduates are masters of big picture thinking because of their in-depth training in problem solving and strategic thought development.

Resources:

5 Steps To Becoming A Healthcare Manager

Healthcare managers work in various positions within the medical industry including hospitals, rehabilitation clinics, insurance firms, continuing care homes, public health, and even as private consultants. Qualified candidates for this position must be organized and be able to implement high quality leadership skills in order to manage personnel, monitor policy, design and deliver budgets and handle many other responsibilities within the executive level of the healthcare facility for which you work.

The field of healthcare management is currently expanding, and holds great opportunities for those entering at any level or profession. There is a potential for high salary earnings and growth within this career path has a positive upward trajectory. Of course, becoming involved in healthcare management isn’t as easy as walking into a hospital and asking for a position; you’ve got to follow some practical steps to get yourself on the right track.

Get Informed

Never jump into any education or career path without first looking at your options, and researching the subject matter with which you’re interested in working. With the age of technology came the wide expanse of knowledge that can be found over the internet, and this is the perfect place to begin your search for answers. The United States Bureau of Labor Statistics, or BLS has plenty of factual information that can tell you not only what a healthcare manager does, but how much your salary could be, where you might find work, and even what the potential for growth is over the next decade. Another way that you can gain more information regarding your choice of a future career is by speaking to a career counselor, or if you’re still in school, a guidance counselor, and gaining some insight on whether or not this would be a good fit for you based on your life skills, future goals, and level of education.

The Undergraduate Degree

Becoming a healthcare manager means having a master’s degree in healthcare management, and in order to be accepted into an MBA program you must first successfully complete a bachelor’s degree. Most universities require a GPA in the undergraduate program of 3.0 or higher, although in highly competitive universities, the higher your GPA is, the better. Within your undergraduate degree you should seek out a health services management major, and take courses that revolve around business, finances, management, and healthcare. Some students who go on to work in this career path begin with a nursing degree or bachelor of social work, which is also perfectly acceptable.

Work Experience In Your Field

Getting hands-on work experience and even working as a volunteer are some of the wisest things that you can do between your bachelor’s degree and your master’s degree. This allows you to make money and gain experience in the field that you’re interested in making your career. Even if you’re only working at an entry level within a healthcare-related company, your time spent there will look excellent on your resume when you apply for a position within an MBA program. You can also join a professional organization, which can help prepare you for the job search that will come upon graduation. These programs often have private job banks and other assets to help you find a position in your chosen field of work.

Obtaining An MBA in Healthcare

With your bachelor’s degree behind you, and the future hovering just ahead, you can now focus on obtaining a master’s degree in healthcare. This can be through an MPH or MBA in health administration, among other options. These programs usually require a two year study period in which a thesis paper will be written, and a practicum period will be experienced. Application for some of these programs can be highly competitive and most schools require not only transcripts and a resume, but also two to three letters of recommendation from previous professors, as well as a well-written essay detailing why you should be admitted to the program that you’ve applied for and how it will relate to your future within the healthcare industry.

Licensure And CE Credits

Depending on the position that you’re aiming on becoming involved with you may need licensure to be considered for the job. This is true in the case of a Nursing Home Administrator role or within Psychology management positions. Licensure is usually obtained through a written exam, but often after some time in the field it will need to be renewed. Having CE or continuing education credits allows you to renew your license due to the ever changing nature of the healthcare industry. Many other roads that will lead you to a healthcare management job won’t require this kind of licensure, which is another reason why researching your career choice should be the first step to getting a position in healthcare management. There is always new information and new skills to learn, which means stepping outside of your comfort zone regularly to gain advanced knowledge and evolve with your career.

Another form of certification is available for those who would like to be voluntarily certified, and gain better traction over their competition. This can be processed through the American College of Healthcare Administration, and provides your resume with some much needed padding in a highly competitive world.

The BLS currently predicts that this position will have a higher than average growth rate over the next ten years; in fact, healthcare administrators and healthcare managers will see an increase in available jobs of 23% by the year 2022. Salaries for this position are also on the mid to high end of the pay spectrum, giving most healthcare management positions a yearly income of anywhere between $54,000 and $150,500. Those candidates who are looking for salaries on the higher end of this spectrum should consider getting more experience in their field. Entry level workers will experience lower than average incomes, but this will grow as your place in the company grows. For those with previous experience within the industry, however, there are always possibilities of starting a new position with a higher than average income, or working your way up in a short amount of time.

Resources:

Top 25 Healthcare Management Careers & Jobs

As an MBA graduate in the field of healthcare there are many opportunities for employment within a highly successful and constantly growing industry. If you have good management skills and a background in business, finances, or healthcare then you might succeed in jobs such as Research and Development Business Manager, Healthcare Service Director of Program Management, Nursing Management, Vice President of Clinical Services, or a number of other positions.

Hospital Administrator

In the role of a hospital administrator you are expected to work quickly and efficiently to create and manage the budget, quality assurance policies, and hiring of physicians. Your job also entails maintaining government regulations and law compliance.

Talent Acquisition Consultant

As a talent acquisition consultant your role is to review and select candidates for positions throughout the healthcare facility through which you are employed. You’ll use human relations tools and strategies to choose the best qualified people for each position.

Oncology Coordinator

Within the oncology department your position has to do with the integration of specialties and programmatic alignment. You’ll be the person who ensures cost-efficient and high grade care throughout the team of healthcare employees within your department.

Revenue Management Analyst

This job entails educating departments involved in account management and computing clinical information for both inpatient and outpatient accounts to reduce the amount of denial.

Physician Relations Liaison

Working with patients and doctors as a liaison between both worlds means speaking as an advocate of the community to build relationships and promote services. This job requires a lot of customer service.

Sourcing Executive

A sourcing executive is expected to reduce supply chain costs while delivering contracting strategies and monitoring sourcing resources.

Pharmaceutical Project Manager

MBA graduates make wonderful pharmaceutical project managers because of their ability to properly analyze investments and understand market information. These skills make it easier to work in the promotional development of drugs and proactively demonstrate leadership in your field.

Practice Manager

Practice managers deal with operations within small medical offices and private clinics. These positions operate much the way that a hospital administrator operates except on a smaller scale. This means handling things like billing, budgeting, hiring, scheduling, and orders.

Hospital CEO

If you enjoy leading large crews and handling lots of responsibility then you may be suited for a position as a hospital CEO. This job includes directing, organizing operations, planning, budgeting, negotiating contracts and studying financial reports, among many other things.

Health Provider IT Associate

Working as a health provider IT associate you’ll be expected to develop and organize corresponding strategies and execute those correspondence strategies in an ever changing industry.

Field Strategist

If you’re a strategic thinker with a background in sales and customer service with an MBA in healthcare then this is a good position for you. This is a customer-related career in that you’ll be the link between clients and medical personnel on a technological level, designing and operating the platform that delivers feedback as well as other strategic projects.

Hospital CFO

As the CFO of a hospital you’ll be in charge of streamlining finances for the facility so that the most cost effective practice is in effect. You’ll manage risk, plan for future financial issues and organize records.

Operations Planner

MBA graduates working in the role of operations planner will work closely with client leadership teams and lead studies in research and analysis of contemporary healthcare trends.

Portfolio Manager

Portfolio managers and technical strategists work closely to provide program development in marketing by promoting strategic leadership within the technical and financial departments. You’ll be expected to support and give guidance to technical, as well as managerial teams.

Executive Compensation Consultant

Graduates who pursue careers in the field of Executive Compensation Consultant will ensure executives and human resources partners are informed on matters of compensation and counseling. You’ll be expected to support and assist in development and design of company programs.

Ambulatory Project Manager

As an Ambulatory Project Manager you’ll design and develop project management activities within the ambulatory program, coordinating and supporting the training and training team as well as assisting in the gathering and distribution of logistics and materials for training.

Entrepreneur

MBA healthcare graduates are a great fit for many entrepreneurial roles. Many professionals find niches within the healthcare market where there is money to be made, whether it is through offering a new product or service.

Policy Researcher

If research is your area of expertise than a policy researcher is the right role for you, and with an MBA in healthcare you’ll ease into the policy testing, reforms, and research tasks quite easily.

Healthcare Business Consultant

In the role of a healthcare business consultant you’ll be expected to find faults within the business and after assessment and preparation make recommendations for improvements to increase operational efficiency.

Health Policy Analyst

Through specialized training in legal regulations and hospital policies as well as economics you will be in charge of a variety of health policies and work on the subtleties within those policies to create more affordable healthcare with better access from citizens.

Heath Information Manager

In the role of a health information manager you’ll likely find work within a hospital or other large healthcare institutions and manage the flow of information through organization, computer coordination, and data management. Careers in this field make roughly $84,000 on average although this may change from state to state.

Hottest Healthcare Management & Administration Fields

Some Of The Hottest Healthcare Management & Administration Fields For 2015

Healthcare is an industry that will continue to grow and thrive even when a country goes through an economic downturn. And, when the economy settles down again, the rate of hiring new professionals is alarming. Added to this is the fact that we have an aging population and the fact that healthcare is advancing and we are seeing unprecedented growth. The baby boomers are getting older, Generation X is having children and children are growing into adults. All of these are leading to a 22% growth in the field of healthcare, equating to 3.2 million new jobs over the next two years. Healthcare management and healthcare administration are two fields that are seeing above average growth, and then particularly so in specific jobs.

Healthcare is always a hot political topic and any new laws impact all of society. Since the Affordable Care Act has been put into place, many things have changed as well. The changes are particularly noticeable for those in health care administration, however, as the new legislation includes a legal framework for how the industry needs to be managed. As such, the hottest fields for healthcare management & administration are mainly in relation to this framework. Let’s take a closer look.

More Coverage Means Higher Demand

We know that the industry is growing. Some 4 million people are employed by hospitals currently and, in 2008, some 135,000 new employees were added. This was at the height of the recession, when most people were worried about their jobs. Additionally, some 30 million more people suddenly have access to healthcare thanks to the Affordable Care Act.

According to The American College of Financial Services, there is going to be a very strong focus on finances in health care. This will also result in better salaries overall. Hence, one of the hottest fields in healthcare management and administration for this year is in the financial field. Nevertheless, higher salaries should be experienced in all fields of the health industry, simply because demand is also on the rise.

Another highly important area is in hospital records. The goal has always been to improve integrated working by making available electronic records across the industry. The new legislation is accelerating how responsible institutions have to be when it comes to maintaining their patient records. Additionally, we are transitioning into a uniform electronic record-keeping method. This will cause some teething problems at first, but will end up creating better working methods overall, particularly for those with healthcare management and administration degrees.

Diversity Will Rise

Healthcare delivery is becoming increasingly complex. The traditional doctor-nurse model has long ceased to exist, and there are now various other types of staff members as well. Those with healthcare management and administration degrees will be ready to manage everybody from housekeeping to technicians. This will also continue to change and become more sophisticated.

Healthcare Administration

The healthcare administrator is the true backbone of the system overall. You will oversee all of the medical personnel, and deal with the structure and financing of the industry itself. You need to be highly adaptable, as your job will change regularly together with the industry. Demand is on the increase as well, so it seems that administrators are not just here to implement the Affordable Care Act, but rather they are here to stay.

Healthcare Informatics

The other specific field people with a healthcare management & administration degrees can get to work in is healthcare informatics. This is where you will be responsible for the full electronic records of any patient that comes to the facility for which you work. These records have to be fully organized and they also have to be fully confidential. This is made more difficult due to integrated working, for which online technology is used, leaving the system open for hacking and other forms of abuse. In this field, you can expect to earn up to $51,150 per year and there is set to be a 20% growth over the next two years.

As you can see, there are many hot healthcare management and administration fields out there. The reality is that someone with this specialization, which is generally achieved through an MBA, will be in high demand across the industry as a whole. Furthermore, they are needed across the full spectrum of the healthcare industry.

References:

  • http://www.aaham.org/
  • http://www.bls.gov/oes/current/oes292071.htm
  • http://www.bls.gov/oco/ocos103.htm
  • http://www.nytimes.com/
  • http://www.theamericancollege.edu/

5 Steps to Becoming a Pharmaceutical Product Manager

As a pharmaceutical product manager, you will be responsible for the coordination and overseeing of every element of medical products. This starts with funding new research to advertising new products to the market. This means that, in order to excel in this job, you will not only have to be a managerial expert, but also have knowledge in science. Let’s take a look, therefore, at the five broad steps you will need to take in order to become a pharmaceutical product manager.

1. Start with an Undergraduate Degree

First of all, you need to look into gaining an undergraduate degree. Although this is just the first step, it is also the most important one, as it what will greatly determine how the rest of your career will develop. It is important, therefore, to choose something that is broad enough to give you a range of different career options, while being specific enough to allow you to demonstrate you have the required skills and knowledge. As a result, you could choose such things as a science (chemistry or biology for instance), management or even chemical engineering. If you do choose something with a business major, try to take scientific elective courses as well. For instance, you may want to consider an engineering management or biotech degree.

2. Get Internship Experience

As you are studying towards your bachelor’s degree, it is likely that you will have to complete an internship for your degree. Even if this is not a requirement, you may want to consider taking part in one anyway, as this will give you important real life experience. Additionally, it is an opportunity to network with potential future employees as well as employers if you continue on to become a manager. Indeed, it is quite common for those who are on an internship to find a permanent position within that same company, and then climb the corporate ladder within that organization.

3. Get a Graduate Degree

After you have completed your bachelor’s degree and have obtained a number of years work experience, you should consider studying towards a master’s degree as well. This is not a requirement for most positions, but it will certainly give you an edge in this competitive world. Additionally, the pharmaceutical industry is following suit with the regular healthcare industry in trying to only attract highly educated people. Hence, having a master’s degree is more and more frequently a requirement for the job. Additionally, it is a very good idea to try and sell yourself to your current employer, who may be interested in funding your master’s degree for you.

4. Try to Become Group Leader

Once you have worked for a number of years and have gained a lot of real world experience, you may end up being promoted to a group leader position. This may take quite a lot of time to achieve, but you should continuously try to sell yourself and always ask to be put forward for these positions. If you ask to be allowed to take the lead on a certain short term project, for instance, it will give you the opportunity to showcase your skills and advance your career. Once you do become involved in a project, make sure that you take a lot of initiative, and that you can demonstrate organizational skills. The goal is to come up with brand new ideas for projects, thereby demonstrating that you have received the necessary training and have developed the required skills to be a great product manager.

5. Never Stop Learning

Finally, you must be fully committed to your own continuous personal and professional education. Whenever possible, you should take part in trade conferences and other classes specific to the pharmaceutical industry. It is a rapidly growing field of work and you will only be able to be the best pharmaceutical product manager if you are also able to demonstrate that your skills and knowledge are fully up-to-date. Additionally, you should become a member of such groups like the ISPE (International Society of Pharmaceutical Engineers).

Finally, here are a few things to think about in terms of your overall career. Firstly, after three to five years in one position, you should start looking for jobs higher up the ladder with different organizations. This will widen your opportunities and experiences. Secondly, remember that you will only be promoted if you tell your employer that you want to get promoted. They must be aware of you. Lastly, always make sure that you have excellent writing skills. As a pharmaceutical product manager, you will have to write regular reports for other top level executives and these have to be of high quality, and easy to read and understand.

REFERENCES:

  • http://www.slideshare.net/anupsoans/how-to-become-a-pharma-product-manager
  • http://www.bls.gov
  • http://www.emedcareers.com/jobs/pharmaceutical-marketing/product-brand-manager
  • http://www.indeed.com/q-Pharmaceutical-Product-Manager-jobs.html

5 Steps to Becoming a Research And Development Business Manager

Research and Development Business Managers play a hugely important role in society today. Their role is to administer, plan and review programs and activities within an organization. The importance of this job is reflected in the salary as well, which averages at $120,141 per year. The top 10% actually earn $152,718 and above. Salaries vary tremendously depending on where in the country you work, which organization you work for, how much education you have and how long you have been employed in the field.

If you want to become a Research and Development Business Manager, you should start by going through the following five steps.

1. Get to Know the Job

As a Research and Development Business Manager, you can expect to be ultimately responsible for all R&D (Research and Development) policies, strategies and plans. Additionally, you will be monitoring all the assets and costs in relation to any R&D activities, determining which ones are and are not necessary. Whenever a research product has been completed, you will need to interpret the results and, based on that, determine whether a new product or service should be offered. You will also have an advisory role, looking at the different types of R&D options are out there. Finally, you will look at any new developments in the field of R&D and determine whether or not any of these are necessary within your own organization.

2. Get an Undergraduate Degree

Once you understand the job and you have decided it is the career path for you, your first step will be to get an undergraduate degree. You may already feel that you know exactly what type of organization you will want to work for and thereby get a really targeted degree. For instance, if you want to work in healthcare, then getting a bachelor’s degree in Population Health would be a really good place to start. However, if you want to have more multifaceted skills to give you a greater choice of potential employers, you may want to opt for something more general such as management, finance, economics, human resource management, statistics, sociology or quantitative methods.

3. Get Work Experience

Once you have obtained your bachelor’s degree, it is time to get work experience. You have to choose, at this point, whether you want to work in an area that specifically fits your major, or whether you want to choose something more in line with you eventual goal of becoming an R&D Business Manager. For instance, if you would like to work for the pharmaceutical industry, you could search for jobs in that industry regardless of your major. If, on the other hand, you have gained a major in public health, you may want to work specifically for a federal organization.

4. Get a Graduate Degree

You are under no obligation to obtain a graduate degree in order to work as an R&D Business Manager. However, you will greatly increase your chances of getting a job in that field, and you will also increase your salary, if you do. It is certainly a good idea to obtain a master’s degree for your personal career development. Again, there are a number of pathways you could choose for your master’s. You could consider Social Impact, Population Health, Business Administration (MBA), Commerce, Economics or Public Health, for instance. You could also consider continuing on towards a doctorate degree, particularly if you want to become even more involved in research.

5. Find a Job

Once you have completed your degree, you are ready to find a job. A number of interesting opportunities exist that you may want to consider. Some of the organizations you may want to look into include state government, federal government, manufacturing firms, research institutes, political parties, trade unions, universities, hospitals, private sector organizations, non-profit organizations, consultancy services and so on. According to the U.S. Bureau of Labor Statistics, the demand in R&D business managers is growing rapidly, particularly in the field of health care. This industry and the pharmaceutical industry, is a very good option if you are highly educated and experienced. These industries offer some of the highest paid positions, as well as other interesting remuneration packages. You can expect reasonable bonuses and a lot of paid time off, as well as things such as pensions, 401K and health insurance. Naturally, the most important thing is that you have the opportunity to make a meaningful difference to the world.

References:

  • http://www.ihi.org/about/Pages/Management-Team.aspx
  • http://www.research.va.gov/services/hsrd.cfm
  • http://www.bls.gov
  • http://www.myfuture.edu.au/
  • http://www1.salary.com/Research-and-Development-Manager-salary.html

5 Steps to Becoming a Hospital CFO

Hospital Chief Financial Officers (CFOs) have the responsibility of making sure that entire medical facilities run properly from a financial point of view. Their role is highly multifaceted and incredibly responsible. Becoming a hospital CFO, understandably therefore, is not something that happens over night.

Let’s take a look at the 5 steps to becoming a hospital CFO.

1. Get to Know the Job

CFOs are able to create important business strategies that lead to financial improvement across the organization they work for. Additionally, they are leaders in the administrative field and they spend a great deal of time analyzing the financial policies within the organization in which they work. Their role is also to create and pilot new policies that lead to financial improvement. As such, their role is not just about balancing the books. Rather, they also have to ensure that they can make an organization more profitable, or at least to expand the profit base of the hospital.

As a CFO, you will be under a lot of pressure and in high demand. As a result, you can expect a very interesting salary as well, being one of the best paid roles within hospital organization as a whole. The top salaries for hospital CFOs lie in the region of $257,000 per year. Those who have the highest levels of education also receive the highest salaries.

2. Get an Undergraduate Degree

There are no set rules on the level of education for a CFO, but a bachelor’s degree is generally the minimum requirement. The choice you will have to make is whether you want to get educated in the field of healthcare, or rather in the field of business. Technically, you can become a hospital CFO with just a bachelor’s degree, or even if you are a CPA (certified public accountant). However, most hospitals are now looking for more highly educated professionals.

3. Get Some Experience

Because competition for top level jobs is high, it is important to have not just a good education, but also a lot of experience. If you can demonstrate that you have applicable skills to the world of hospital finance, you certainly stand a better chance of moving up the ladder. Hence, once you achieve your bachelor’s degree, you may want to start working in the finance department of a hospital or other medical institution in order to gain that necessary experience.

The skills hospitals are looking for are highly results-orientated. A CFO should be a true visionary. This is necessary because the responsibility you will carry is very high. A CFO is seen as a business partner rather than an employee. At the same time, you need to have a great practical understanding of accounting, finance and personnel management. Hence, you may also want to gain some experience working as an accountant for some sort of financial situation, where you are able to get a fiscal understanding as well.

4. Get a Graduate Education

Now that you have your bachelor’s degree and you have some experience, you should consider getting a master’s degree. This will allow you to move further up the ladder and have a heads up on your competition as well. There are various master’s degrees you may want to consider, but the MBA (master of business administration) with a healthcare specialization is particularly popular. Alternatively, you could consider the MHA (master of healthcare administration). However, admission to this program will generally require you to have a bachelor’s degree in a health-related field. Many hospital CFOs have a background in science, rather than healthcare or the pharmaceutical industry.

5. Find a Job as a Hospital CFO

Once you have gained your graduate education, you are ready to find a job as a hospital CFO. This can be quite difficult. The U.S. Bureau of Labor Statistics has found that demand for workers in the world of healthcare is on the rise. However, with top level executive positions, competition is very fierce. Naturally, there are only so many hospitals in the country anyway. Additionally, most CFOs have found a job for life, meaning they will stay in that position until retirement, because there is very little opportunity for further growth. You may, therefore, want to consider working in other healthcare organizations first, while always keeping your eye out for a hospital CFO position. Alternatively, you could take up a position as a senior financial manager and wait until the position of CFO becomes available.

References:

  • http://www.bls.gov
  • http://www.advisory.com/daily-briefing/2012/01/18/hospital-ceo
  • http://www.beckershospitalreview.com/finance/what-does-it-take-to-be-a-hospital-cfo-today-6-thoughts-from-lowell-general-hospital-cfo-susan-green.html
  • http://www.inc.com

5 Steps to Becoming a Hospital Administrator

Hospital administrators look at everything that makes the hospital for which they work function properly. They tend to have a background that has a foot in healthcare and a foot in business as well. It is very rare for hospital administrators not to hold a master’s degree at the very least. For some, this is an MHA (Master of Health Administration) degree, but, more and more often, students have an MBA (Master of Business Administration) with a healthcare specialization instead. If you are very organized, passionate and driven by improving outcomes and highly knowledgeable, you may just find that working in hospital administration is a dream job.

In that case, you may find it beneficial to know the 5 steps to becoming a hospital administrator.

1. Get to Know the Field of Hospital Administration

First of all, you need to get to know that particular field and decide whether it really is something you are interested in. One of the things you will find out is that the job is in demand. By 2016, there will be a requirement of an additional 100,000 healthcare administrators, many of whom will be hospital administrators. As such, if you have a master’s degree and you want to make a difference in the field of health care without having to do any clinical work, then this may just be the perfect career for you. Do spend some time researching the job itself, however.

2. Have an Undergraduate Degree

It is true that you need an advanced degree to become a hospital administrator, but you will first need to finish an undergraduate degree. Most schools will require you to have completed a bachelor’s degree. The benefit is that this degree does not necessarily have to be healthcare-related, as there is such a strong business focus within the MBA with healthcare specialization as well. However, you may find it is beneficial to have a bachelor’s in a nursing-related field, or in a business-related field.

3. Get Accepted by a Graduate Program

There are various MBA specializations you can choose at the graduate level. These include healthcare administration, public health, healthcare informatics and business administration. Most hospitals will require you to have your master’s in at least one of those fields. You could also choose to continue on studying and go for your doctorate degree. Either way, you have a choice of various colleges, universities and schools (medicine, public health, public administration, allied health and business administration schools) to choose from. When last counted in 2003, there were 67 schools where you could take part in an accredited health services administration master’s degree program.

It is important to understand that acceptance to a graduate program is competitive and selective. This means you must properly prepare your application before you even get started. Many schools will require letters of recommendation and admission essays that weigh heavily in terms of deciding whether or not to accept you. Hence, make sure you get good references and proofread your essay over and over again. Do not leave any of this work until the last minute either, but start working on it as soon as you know you want to enroll.

A large proportion of graduate schools will also require the Graduate Record Exam (GRE) before they admit you. This is the most popular standardized test, so you might want to take a look into this. However, some schools use different tests, so that is another point of research. Taking the GRE is not unlike sitting for your SAT or ACT test, so start studying.

4. Getting Through Grad School

It is important to understand that graduate school is very different from an undergraduate program. You generally won’t have to take as many classes and many of these may be online. However, the amount of work you have to do is actually far heavier than with an undergraduate education. The expectations are high. However, you can survive it if you plan properly.

5. Get a Job

Once you have made it through your degree program, it is time to find your first job as a hospital administrator. Luckily, there is a high demand for people just like you, so you shouldn’t find it overly difficult to get a job. The U.S. Bureau of Labor Statistics has reported that the healthcare industry is one of the fastest growing industries in the country today. And, within that, healthcare administration is one of the fastest growing specializations. Indeed, between now and 2016, growth is expected to be between 7% and 16%, depending on where you live.

References:

  • http://www.innerbody.com/careers-in-health/becoming-hospital-administrator.html
  • http://education-portal.com/articles/How_to_Become_a_Healthcare_Administrator.html
  • http://work.chron.com/pros-cons-being-hospital-administrator-7762.html
  • http://www.degreetree.com/resources/how-to-become-a-hospital-administrator
  • https://www.cahme.org/History.html
  • http://www.bls.gov

Top 10 Highest Paying Jobs for Healthcare MBA’s

If you want to lead in the field of healthcare, for instance in a medical clinic, hospital or medical office, then you may want to study towards an MBA with a healthcare specialization. Those who have completed this degree have a hugely important role to play in the field of healthcare, as they are the ones responsible for ensuring that a medical institution is run properly and profitably, while continuing to have a focus on improved patient outcomes. It is also for this reason that MBA healthcare grads are able to enjoy some very well paid positions. Let’s take a look at the top 10 highest paying jobs for MBA healthcare grads.

1. Hospital CEO

The CEO of a hospital is responsible for making sure that the full machinery of the hospital itself ticks efficiently and in a cost-effective manner. The CEO and CFO of a hospital are responsible for everything from running the budget to choosing executives within the organization itself. They are at the head of the organization itself and they have to manage and balance everything from the cleaning staff to the budget for neurosurgery. According to Indeed.com the average salary for a hospital CEO is $92,000. However, the actual organization for which the CEO works is of great importance, with a large hospital CEO earning as much as $260,000 per year.

2. Hospital Administrator

In this role, you will work largely behind the scenes. Your job is to ensure that a healthcare facility is managed efficiently. You may be employed in a hospital, nursing home or outpatient clinic. You will be responsible for the recruitment of doctors and physicians, the development of new policies for patient services and quality assurance, promotion of treatments, compliance with government guidelines and more. According to the Houston Chronicle, the starting salary for a hospital administrator is $96,030 per year. However, many of these do not have a master’s degree and if you are more highly educated, you will also enjoy a higher salary.

3. Hospital CFO

The Chief Financial Officer (CFO) of a hospital ensures that full cost efficiency is maintained, without compromising on the quality of outcomes. CFOs manage all the different financial risks. Additionally, they plan budgets, keep financial records and report to upper management and the CEO on the financial status of a hospital. According to Becker’s Hospital Review, the average salary for a hospital CFO is between $95,000 and the mid-$300,000 level.

4. Pharmaceutical Product Manager

If you hold an MBA in healthcare management, you can work in the pharmaceutical industry, which is a highly lucrative career. You will look at market data, analyze investments and ensure drugs and devices are promoted properly. It is recommended that you first gain leadership and consultancy experience. According to Payscale.com you can expect to earn around $92,000 per year.

5. Medical Practice Manager

Medical practice managers are responsible for many of those things that a hospital administrator is also responsible for. However, they tend to work on a much smaller scale. Their workload includes billing, budgets, managing staff, hiring staff, HIPAA compliance, legal compliance, ordering supplies, and managing schedules. According to Payscale.com, you can expect to earn around $80,000 per year.

6. Health Informatics Manager

As a health informatics manager, your role is to make sure information flows in an efficient manner. Additionally, you must ensure that data is received in the right places and that it is recorded properly. You will also be responsible for the functioning of all computer hardware and software. The Education Portal has reported the average salary to be around $89,000 per year.

7. Talent Acquisition Consultant

As a talent acquisition consultant, you will be responsible for finding and selecting the best possible healthcare workforce. You will work with human relations strategies and tools to ensure each position is filled up properly. According to Payscale.com, you can expect to earn around $55,481 per year.

8. Oncology Coordinator

As an oncology coordinator, you will ensure that specialties are integrated properly and aligned with the various programs. You will ensure high quality care is delivered in a cost efficient manner. According to Glassdoor.com, you can expect to earn around $48,813 per year in this job. However, this will increase if you hold an MBA degree.

9. Revenue Management Analyst

Here, your role will be to teach other departments how to manage their accounts and clinical information. This reduces the number of denials. According to Indeed.com, you can expect to earn around $55,825 per year.

10. Physician Relations Liaison Officer

Finally, you can liaise between patients and physicians, advocating the community as a whole and promoting your service. According to About.com, you can earn around $59,000 per year.

An MBA For Aspiring Health Care Leaders

Health care leadership is the rising star of the business industry, and has fast become one of the hottest career paths across the country. With the economy constantly in battle to hold its own, much of the business world has found itself falling on hard times and many Americans have lost jobs over the past decade as a result of this. Surprisingly, one area that hasn’t suffered this setback is the world of healthcare, which might explain by the BLS has stated that the healthcare industry is facing a future growth of 12-32% over the next decade. This is a hugely climbing rate, promising much greater than average expansion, and thousands of new jobs available and waiting for MBA graduates. Acquiring an MBA degree in healthcare provides the foundation for a fast track to management and executive status in hundreds of professions across the globe.

Making Medicine Modern

You might be surprised to learn that even doctors, nurses, and dentists have taken the plunge and returned to the world of academics in order to earn an MBA in healthcare. Of course, this education type isn’t necessary in order to be a practicing clinician in the medical field, but it is necessary to work on the management side of this industry as a nursing manager, hospital administrator, or dental director. Students and professionals who aspire to be a leader in their industry can rely on the advanced integration of insightful theoretical coursework and hands on tactical experience that comes together in an MBA program to provide what’s needed for success in advanced roles throughout this career path.

The Best Candidate For Leadership In Healthcare

The applicants for healthcare MBA programs come from a wide range of categories, from men and women of multiple cultures and backgrounds to various job experience and educational backgrounds, but it takes a certain kind of a person to be a really good fit for this career path. Working in a managerial or director role within the healthcare community takes a certain level of focus, organization, and dedication to your field, but it also requires some serious analytical skills and the ability to solve advanced problems in a timely fashion using creative thinking and appropriate decision making. These candidates should have a drive to help others while also having a natural flair for business and finance as many of the roles obtained after graduating with an MBA degree include not only managing the day to day processes that go on within the hiring organization, but also the finances, policies, and staff.

Getting Your MBA In Healthcare

Many schools across the United States offer MBA degrees in healthcare, in both full-time and part-time learning options. This is a highly convenient feature of the program because many MBA students are mature and have families or jobs that they need to make time for while they’re studying. Although there are multiple universities to choose from to complete your degree, a few of the top schools providing this kind of MBA are Johns Hopkins University, University of North Carolina, Harvard University, Georgetown University, University of Barcelona, University of Southern California, University of Michigan, University of Washington, and Hofstra University. Many of these schools provide scholarships, or have information about scholarships, grants, and other funding that can be used to pay for tuition, materials, and other fees that the programs require. Each school has its own set of standards for admissions so application fees and required document lists may differ from institution to institution.

Program Characteristics

Although the programs differ from school to school, much of the information being learned is very similar. Most full-time MBA degrees run for 2 years or 22 months, and each year is split into separate courses. Year 1 usually covers the basics of a solid business foundation, while year two provides insight into the healthcare industry, and courses are given, still with a business feel, but with a medical focus as well. During the second year an assignment is usually required either between students and faculty members, or within a group of students; in many cases this final project acts similarly to a final exam, and there are high expectations for the completed product. Some MBA programs that are part-time require more time to finish and may take a combination of 3 years or 33 months. Although the 3 year program is structurally very similar, there are differences, specifically in the third and final year when all of the work processed throughout the first two years is put into action within a workplace and hands-on experience is gained, monitored, and evaluated by your professors.

Experience Leading To Greatness

One of the differences that sets a healthcare MBA apart from undergraduate degrees and other college courses is that it gives you the amount of time necessary to work while studying and gain some real life experience to put on your resume. As the healthcare industry continues to move and grow, more and more recruiters are hiring directly out of college, and showing that you’re ready to work in your chosen field, and have relevant experience that makes you a good fit for a particular company means that you have the ability to become successful very quickly. Moving up the corporate ladder takes time, but it also takes skill, knowledge and patience, and an MBA in healthcare certainly expresses those very characteristics.

Being Successful in What You Love

Whether you’re dedicated to becoming a hospital CEO which can earn a salary of $166,000 per year, a Hospital Administrator earning $110,000, or a Pharmaceutical Product Manager with a possible yearly salary of $92,000, there are plenty of opportunities to do what you’re passionate about, and make money in the process. One way that you can guarantee yourself that you’ll find a position in your chosen career and that it will be rewarding for you is to research possible job options before you even register to take the degree program. Look into average salaries, how many people are hiring in that profession in each year in your area, whether you might need to move to find work, and how each school compares in regards to time, tuition, benefits, and hands-on work experience.

Resources:

  • http://www.hbs.edu/healthcare/
  • http://www.yale.edu/printer/bulletin/htmlfiles/som/m.b.a.-for-executives–leadership-in-healthcare-program.html
  • http://mhadegree.org/10-best-mha-degree-programs-in-the-world/