Are you planning your future and thinking about how to attain your career goals? If so, you may be considering returning to college to earn an advanced degree, such as a Master’s in Business Administration (MBA). MBA degree programs offer a wide variety of specialty areas of study, in disciplines such as finance, marketing and project management. You may even choose to enroll in an MBA Healthcare Management program, and prepare for senior-level positions in the fast-growing field of healthcare.
According to the U.S. Bureau of Labor Statistics (BLS), the job outlook for medical and health services managers is expected to increase 20% through 2026 – much faster than most occupations. Skilled healthcare managers will be in demand, and may choose to focus their careers in such specialized fields as:
- Healthcare Finance and Accounting
- Healthcare Sales and Marketing
- Healthcare Operations
- Healthcare Strategic Planning
- Healthcare Human Resource Management
- Healthcare Long-Term Care Management
Long-term care is an especially promising specialty. According to the BLS, demand for long-term care is expected to increase as baby boomers age and the population continues to grow. This guide can help you determine whether a career as a healthcare manager specializing in long-term care is a good fit for you.
Leveraging an MBA into a Career in Long-Term Care
An MBA can lead to a rewarding career in long-term care, as it prepares you to manage the operational and administrative aspects of residential long-term care of people of all ages, including those with disabilities, the chronically ill and the elderly. Earning an advanced business degree in healthcare management can open doors, give you an advantage when competing for long-term care management positions and lead to a rewarding career where you can make a difference in the lives of others.
Individuals seeking to advance their careers in healthcare by enrolling in a master’s program in healthcare management can expect to achieve the targeted knowledge and expertise employers seek in prospective long-term care management professionals.
Earning an MBA: How Long Will it Take?
Earning an MBA is a great way to launch a career in long-term care management. The time to complete an online MBA Healthcare Management program will differ for each student. The advantage of healthcare management education online is that you may work at your own pace, attending classes as your work schedule and personal responsibilities allow. Some students complete their program requirements in as few as 18 months, while others may take two to three years.
What to Expect From a Career in Managing Long-Term Care of the Disabled
A career as a long-term care manager requires general business acumen and a deep knowledge of the healthcare industry. It provides opportunities to shine as a leader and to make a real difference in society by improving the lives of others through quality healthcare delivery.
Here’s what to expect when preparing for this profession:
Education and Skills Requirements: Prospective healthcare managers often hold MBA Healthcare Management degrees, as most employers seek the expertise and knowledge provided by this advanced, specialized program. The MBA healthcare management degree program combines an essential understanding of today’s business practices with in-depth study of the business of healthcare, including the unique challenges facing healthcare organizations.
The typical curriculum includes coursework in managerial economics, managerial accounting, organizational behavior, and financial management, along with the study of healthcare-related topics, such as healthcare policy, information management in healthcare, legal aspects of healthcare, and healthcare planning and marketing.
As a long-term care management professional, you can use interpersonal, analytical, problem-solving and critical thinking skills every day. You might be responsible for high-dollar budgets, multiple facilities, overseeing information systems and supervising employees. Learning the principles of management, statistics, economics and teamwork will be essential for success in this field.
A Day in the Life of a Long-Term Care Manager: Long-term care managers oversee the operations in facilities that provide assistance to the elderly, chronically ill and disabled. They often develop strategic plans, manage costs and revenue, develop personnel, and establish policies to reach organizational objectives.
Responsibilities may include scheduling staff, supervising training, preparing budgets and implementing procedures to ensure smooth running of the facility. Most long-term healthcare managers work full time. Since they are often employed by facilities that run 24/7, evening, weekend and holiday hours may be required. Those employed by facilities with multiple locations may be required to travel.
Where the Jobs Are: Long-term care managers work in a variety of organizations, including hospitals, long-term care facilities, retirement communities, hospices and rehabilitation centers.
Potential Salary: According to a 2017 national survey conducted by the U.S. Department of Labor, the median annual wage for medical and health services managers was $98,350. The top 10% earned more than $176,130. The lowest 10% earned $58,350 or less.
Earning an MBA Can Put Your Long-Term Care Career on the Fast Track
By enrolling in an MBA Healthcare Management degree program, you’re taking the first step to a challenging and satisfying career in managing long-term care. If you’re interested in caring for others, as well as in business, administration and leadership, you may be a great fit for the opportunities presented by earning this degree.
If your personal goals include earning a master’s in business administration degree, and you aspire to a career in management, you owe it to yourself to check out the opportunities provided by an MBA Healthcare Management program, and the highly rewarding and specialized field of long-term care management.