The degree programs known as Master of Business Administration (MBA) in Healthcare Management and Master of Health Administration (MHA) are sought after by those who want to become senior executives in healthcare organizations. These degrees designed for those who want to learn more about managing the business side of the healthcare industry. The curriculum of these programs is varied and diverse, but it will always include always include topics like the management of funding for the organization, minimization of costs without compromising the quality of care, managing information systems for the healthcare organization, and so forth. Thus, either the MHA or the MBA in Healthcare Administration degree is an attractive way for people to accelerate the advancement of people’s careers as the climb the corporate ladder in health care organizations.
Salary and Job Outlook
The U.S. Bureau of Labor Statistics (BLS) reports that the median wage of healthcare managers who have a bachelor’s degree was $94,500 per year when they surveyed in May 2015. However, those with a master’s degree usually earn around $15,000 per year more. In Indiana, there are approximately 7,870 healthcare managers. This is more than in states like Vermont and New Hampshire, but less than in states like Florida and New York. Their annual salary is $88,930. This is higher than in states like Illinois and Michigan, but lower than in states like Wisconsin and North Carolina.
According to the BLS, healthcare executives can expect to see a growth of 17% in demand between the years of 2014 and 2024. This is a rate that is much higher when compared to the growth rates of other professions. The reasons for this rapid growth in employment opportunities, which is believed to continue long into the future, include the fact that the population of the state is aging because of the baby boom generation, and the fact that the health care requirements of the population is becoming more complex. Another contributing factor is implementation of the Affordable Care Act, which has caused organizations to look for managers who capable of reducing costs while ensuring that the quality of care does not decline.
If you want to obtain an MBA in Healthcare Management or an MHA, it is very important that you find the college or university that is appropriate for your needs. You can do this by reviewing the various alternatives that are available. Below are the only two MBA in Healthcare Management programs available in Indiana. It should be noted, however, that it is a good idea to contact at least three schools before deciding which one to enroll in to ensure that you have enough choices to make a good decision. This means that, besides these two options, you may want to look for a degree program from either a national online university, or a university that is out of state.
1. Indiana Wesleyan University
Those who complete the Master of Business Administration in Healthcare Administration (MBA-HCA) at Indiana Wesleyan University are equipped with the necessary skills and information to develop strategies and solutions for highly complex business problems in the health care industry, while at the same time finding opportunities and building on those. Graduates are also able to evaluate their own management capabilities and then find ways to improve those. The result is that they are able to help to drive economic growth, while also ensuring that the various elements of health care administration make use of critical analysis. Furthermore, they make sure that organizational goals are achieved by creating the right communication strategies. Indiana Wesleyan University is a Christian university, which means the degree is centered around a biblical framework in which the overall workplace and the health care industry are able to interact in the most efficient way.
Graduates of the Indiana Wesleyan University’s MBA-HCA program are in high demand within the workplace for their ability to ensure ethical standards are fully incorporated within all strategic decision making activities. The degree program is designed to be both relevant and convenient. It can take as little as 18 months to complete the program, and while students are divided into cohort groups, the different groups do support each other, fostering networking relationships. Classes are available both online or on campus, where they meet just one evening a week. This means that students are able to work while studying for the degree, immediately applying their newfound skills into their place of employment. The faculty has professional and relevant expertise, as well as the highest possible academic credentials.
• Campus: Marion, IN
• Type: Private
• Accreditation: HLC/NCASC
• Tuition: $541 per credit hour
• Minimum time commitment: 18 months
• Online availability: Yes
• Degree requirements: Bachelor’s degree, GPA of 2.5, transcripts, TOEFL if applicable
• Programs: Master of Business Administration in Healthcare Administration (MBA-HCA)
• School Site: Tuition and Financial Aid
2. Indiana Institute of Technology
The Indiana Institute of Technology understands just how quickly the overall industry of health care is growing in this country. The Baby Boom generation is becoming older, while simultaneously living longer. On top of this, they have greater expectations in terms of health care. As a result, all health care professionals have to be able to be innovative if they are to meet the needs of the general population. This is true across the entire industry, including pharmaceutical manufacturers, medical technology companies, hospitals, research facilities, and more. All of these industries within the health care industry as a whole have a tremendous need for skilled, engaging, flexible, trained managers who are able to guide their organization into the future. This is a challenge, but a very exciting one, and the Indiana Institute of Technology has developed an MBA degree with a concentration in health care management to help interested students prepare for that challenge.
The core of the program is within the MBA. As such, graduates are equipped with the necessary management skills to make sure health care organizations are able to move towards the future. The degree focuses strongly on the ethical issues that businesses face. Additionally, it adds important components that focus more specifically on the management and the making of effective decisions. The emphasis is strongly on decision making skills and problem solving skills, as these are absolute requirements for someone who wants to lead an organization, division, group, or team. Students are also taught how these organizations should be overseen, and how they should formulate and implement strategies.
Those who graduate with the Indiana Institute of Technology’s MBA with a concentration in health care management know that they can take on positions of leadership in any type of health care setting. This includes the management of health care facilities and operations, planning for work and innovation, and managing groups of staff members within the health care industry.
Graduates of this particular program are in very high demand. In fact, many do not return to the health care industry directly upon graduation. Instead, they are headhunted to work within local, state, and federal government to focus on issues of health care finance and management. With the implementation of the Affordable Care Act, and the upcoming presidential election that may change this Act again, there is a strong need for people who are able to manage and steer an industry that is currently in a constant state of flux. People are naturally resistant to change, and graduates of the Indiana Institute of Technology are respected and valued for their ability to manage change.
• Campus: Fort Wayne, IN
• Type: Private
• Accreditation: IACBE Candidate for Accreditation
• Tuition: $495 per credit
• Minimum time commitment: 36 credits
• Online availability: Yes
• Degree requirements: Bachelor’s degree, GPA of 2.5 minimum, two years’ relevant work experience,
• Programs: MBA – Health Care Management
• School Site: Tuition and Financial Aid