With so many physicians enrolling in a master’s degree-level program you might be asking if it is worthwhile. Absolutely! An MBA can help you achieve business acumen that will be critical for you in your practice, and help you grow in your business and management skills for a hospital. Let’s review the top five reasons for achieving an MBA in Hospital Management.
An MBA is crucial for any doctor who wants to move into a leadership role at the hospital level, or in the health care arena management area. An MBA pushes you to a new level for management, and introduces you to areas you will need in the leadership role. With so many health care debates today, mergers, and reduced hospital benefits, you must have the acumen to navigate the waters. While an MBA can help you with private practice, there are other options for that area that are less expensive and still prepare you for that role.
Accounting and Quantitative Skills – As we all know mathematics has been deemed the language of business. So accounting, analytical skills and understanding how to balance your books are of course one main reason for achieving that MBA. Marketing concepts are also a large piece of the MBA program, and while these pieces will assist you on the business side, it will not cover all the points of learning how to sell yourself in the healthcare industry.
3. Business Decisions
Being a doctor is only one area of healthcare. You can perform surgery, write a prescription, and take care of patients, but moving into hospital management requires more, and that is where the MBA engages. Helping you to make solid business decisions, working on administration aspects, and directing you to a program that achieves your ultimate goal.
4. Technical Acumen
Understanding how to be a leader, and being able to navigate inside the business world are key items in your steps to hospital administration, but today we live in a technical world, and this area needs to be addressed. You may surround yourself with a high technological team, but you need to understand personal computers and their programs. You need to know how to set up a spreadsheet, prepare a word processing document and be able to work inside a database. Hardware and software basics are important at least so you can know when someone else does not.
Being a hospital administrator basically means you are the team leader. Learning how to work in teams, utilizing strengths, recognizing weakness and building the best team you can is your job. An MBA can help you to share responsibilities, solve problems and teaches teambuilding and teamwork in every class.
Every MBA program is based on fundamentals. Teaching accounting, economics, finance, statistics, marketing, organizational behavior, and discipline as the foundation. From there the program allows growth, just like the healthcare industry. One of the fastest growing professions, the sky is the limit. You have a chance to touch lives, save lives, shape lives. Entering the realm of healthcare management is challenging and certainly fast paced. Perhaps television can only show you the glamorous drama of healthcare, but it certainly depicts the life and death situations, the ever changing lives that are touched and what it takes to run a hospital. So reach out for the MBA, reach out for the dreams and prepare for the future, under your leadership and direction.