Both a traditional Master of Business Administration (MBA) and an MBA in Healthcare Management can open the door to a variety of job opportunities and help pave the way for a long and fulfilling career. If you aren't familiar with the similarities and differences of these degrees, you may have a difficult time deciding which degree will best prepare you for a career that aligns with your skills and interests. Let's take a look at some of the similarities and differences.

General MBA

The MBA is a degree that provides an extensive overview of business fundamentals. The focus is on breadth, not depth. The MBA offers students a broad understanding of various business functions that can be applied to multiple industries and sectors, e.g., marketing, economics, finance, accounting, strategy, management, leadership, and operations.

MBA in Healthcare Management

The MBA in Healthcare Management concentrates on the foundational functions of management as well, however, they are taught exclusively through the lens of the healthcare field. The specialization helps graduates ramp up on the healthcare sector including, its regulatory environment, compliance requirements, health systems management, financial models, cost management strategies, etc., and allows them to have an immediate impact in their healthcare administration role.

Common careers trajectories for the MBA in Healthcare Management

Healthcare MBAs have numerous career options managing functional business operations including financial analysis, revenue cycle management, strategic planning, HR, marketing, legal and regulatory compliance, and data analytics. The following four healthcare segments are common employers of healthcare MBAs:

• Provider organizations: Hospitals, assisted living facilities, clinics, community health systems, rehabilitation centers, medical services organizations, etc.
• Payer organizations
  • Government payers — Medicare, Worker’s compensation, COBRA, etc.
  • Commercial payers — Health Maintenance Organizations (HMOs), Participating Provider Options (PPOs), Point of Service (POSs), etc.
• Pharmaceutical, Biotechnology, Medical Device Companies: Regulatory affairs, drug discovery and development, production, quality assurance, marketing, etc.
• Government and Nonprofit Agencies: Health policy, public health, global health, population health management, etc.

Whether focusing on meeting the needs of the patient in a delivery setting by providing the best treatments at the lowest cost with the most positive outcomes, or managing the business development process in the pharmaceutical or biotechnology company bringing new life-saving products to market, or providing regulatory oversight or public health programs for governmental or nonprofit organizations, an MBA in Healthcare Management will provide graduates the underlying knowledge to establish a rewarding career as a healthcare leader.