In terms of size and complexity, the American healthcare system is unmatched. Hospitals, health systems, independent practices, and insurers inhabit a perpetual state of flux, regularly responding to changing economic, regulatory, and technological factors.
On this moving train, quality of care, new technology, the challenges associated with a growing demand for healthcare, and cost are all in a delicate balance. Therefore, healthcare management and administration require professionals with advanced skills.
A Master in Healthcare Administration degree is probably something you’ve heard of. With good reason, it is a highly sought-after graduate degree in the world today. Getting a degree in this area has many benefits, so you may have considered getting your own degree.
However, is it worth pursuing a master’s degree in healthcare administration? Ultimately, you will have to decide whether it is worth your time, money, and effort, but the short answer is yes.
Healthcare Administration requires a lot of dedication, commitment, and work to excel, so here are some facts that might help you make an informed decision about pursuing a Master in Healthcare Administration (MHA).
A Master’s Degree Is Required for Career Advancement
Despite your years of experience in the healthcare field, you won’t achieve your professional goals without the MHA. In some organizations, you can get some valuable experience in the healthcare industry by taking on an entry-level position, but without an MHA, you’re limited. Due to all these reasons, most healthcare professionals are getting a master of health administration online as it’s easy to do so with their jam-packed schedules.
It is actually possible to lose your job in many organizations if you don’t achieve the MHA in healthcare administration or management. Despite the exciting potential of the healthcare industry, a solid educational background is essential for success.
Increase in salary
Another pertinent reason why most healthcare professionals opt for MHA is the handsome pay raise they get with it. A Medical and Health Services Manager earned an average salary of $94,500 in 2015, with an increase of $56,300 projected over the next eight years, according to BLS.gov. You may be able to cement your career trajectory with an advanced degree in Healthcare Administration.
A healthcare administrator’s decisions affect the future of the organization and the careers of medical personnel, and the lives of the patients they treat. Healthcare is a serious business, so running an organization effectively and efficiently requires strong and decisive professionals. An MHA enables one to make informed decisions based on knowledge and skills. Thanks to the sense of responsibility that comes with these positions, you could find this to be one of the most rewarding career choices.
It boosts your career
Medical professionals, like doctors, require extensive training to work in healthcare administration. An MHA will make you more marketable to prospective employers in an ever-tightening labor market. Enhancing your skills and credentials with an advanced degree shows you are serious about your career.
Your potential is limitless
A master’s degree in healthcare administration is a good investment due to the projected level of growth in healthcare management positions. Through 2029, the number of medical and healthcare service managers is expected to grow at a staggering 32%. So, as a professional, you will have a lot of choices and opportunities. You will be able to gain valuable experience in a dynamic industry with a great deal of scope with an MHA degree.
As a result, the healthcare industry is relatively immune to job market fluctuations. It doesn’t matter how the economy is doing; healthcare is an essential service. As a healthcare administrator or manager, you will likely have a position that is critical to the smooth operation of healthcare facilities, which can further help you weather uncertain times.
Your leadership skills will be enhanced
As a means of rising to the top of healthcare organizations, you should consider earning an MHA. Typical MHA courses include marketing, ethics, finance, law, and project management. Topics such as these provide insight into how healthcare organizations are built and grow. Potential employers will be able to tell you to have what it takes to lead if you are knowledgeable in these areas.
Thus, you can also pursue non-medical careers. There are some people who would rather avoid working in healthcare due to the idea of taking care of patients and their families on an ongoing basis at the bedside. That’s perfectly fine. It is one of the top reasons to pursue a master’s degree in healthcare administration since it provides access to healthcare for those who want to care for others but aren’t interested in clinical practice.
Healthcare administration offers a wide range of career opportunities
There are many aspects to healthcare administration. A career in marketing could suit you if you’re an outgoing person. The finance department is an excellent place to work if you’re good with numbers. If you are interested in managing resources and overseeing projects, project management may be your right career path. Basically, a master’s degree in healthcare administration is worthwhile regardless of what area of healthcare management you choose because you will be prepared for various specialized positions.
You’ll learn more about healthcare
You can gain a deeper understanding of health care in America by pursuing an MHA. Even those who work in the healthcare industry find it challenging to understand the country’s healthcare system. With an MHA, you can understand the intricacies of the healthcare system and have the awareness necessary to troubleshoot and resolve issues within it.
Take action to help seniors
According to the U.S. Census Bureau, approximately 65% of the baby boomer generation will reach retirement age by 2030. People in the healthcare industry should pay close attention to this fact. The need to care for seniors will heavily impact America’s healthcare system in the coming years, which is why an MHA degree can equip you with highly specialized knowledge.
In conclusion, a master’s degree in healthcare administration has numerous advantages. Are master’s degrees in healthcare administration worth the investment? That’s for you to decide. While this is by no means an exhaustive list, it should be sufficient to convince you that an MHA is a worthwhile investment.