Pursuing an advanced business degree can open the door to a number of new opportunities, especially in rapidly growing fields, where an MBA’s leadership abilities and broad business knowledge can be invaluable.
Career areas such as Medical Management are expected to grow by 17% over the next ten years — much faster than the average rate of growth for other occupations.
Given the unprecedented growth within the field, it is understandable why students might desire to pursue an advanced degree in Medical Management. Many business schools offer either a Master’s in Health Administration (MHA) Degree, or the opportunity to earn an MBA with a specialization in Healthcare Management.
Both programs offer students the chance to develop professional skills within the health care management field, however, each program can have a different impact on the individual’s long-term career goals.
Which program is right for you?
MBA with a Specialization in Healthcare Management
Most MBA programs are designed to give students a broad overview of business, finance, and operations, with a high focus on the skills required to advance into a leadership role in almost any field.
An MBA program will focus more on general business practices and skills such as finance and accounting, rather than the intricate ins-and-outs of the medical management field. For students who are not 100% sure if they would like to stay in healthcare, an MBA with a healthcare management specialization is the perfect opportunity to develop skills in the field, but also gain broader leadership skills relevant to any industry.
One more factor to consider are the differences in admission requirements for the MBA and MHA degree. Most MBA programs require candidates to submit scores for the GRE/GMAT exams and have at least two or more years of professional experience, whereas these requirements are not always necessary for MHA programs.
Master’s in Healthcare Administration
Pursuing an MHA degree is ideal for students who are committed to the field of medical management. The MHA is designed specifically for students planning to enter this field, and will therefore focus less on big-picture business ideas and more on industry-specific and regulatory courses.
One other significant difference in the skills offered by an MHA program as opposed to an MBA concerns “bedside manner.” Knowing that you will be entering the medical field means knowing that you will be working with people in sensitive situations. The MHA program will also help develop the personal skills necessary to work in human services, which is typically a more unpredictable industry than other business fields.
MBA vs MHA
In many ways, the MBA and MHA degrees both focus on similar skills: implementing policies, utilizing data and statistics to improve services, and evaluating the impact of project management. In an MBA program, students will learn how these skills apply to all business sectors. In an MHA, students will learn specifically how to utilize these skills within the healthcare field.
When considering which program to pursue, students should keep in mind their long-term goals. For a student who is certain that they will stay in the healthcare field for the course of their career, an MHA program will help prepare them for industry-specific skills and provide the education to advance into leadership roles.
However, if students are interested in the healthcare field but uncertain of their long-term goals, it may be a better fit to pursue an MBA with a healthcare management specialization. In this program, students will learn broad business skills that can help prepare them for the medical management field, but will also possess greater mobility if they choose to pursue a different field later on.