Healthcare makes up almost 20% of the U.S. economy. As the business and healthcare industries start to merge, leaders need to level up their skill set if they want to achieve winning results.
If you want to secure your spot at the leadership table, it’s time to start thinking about a healthcare MBA. A healthcare MBA gives you a leg up when it comes to developing a healthcare leadership mindset in three core areas: patient experience, financial efficiencies, and beating bureaucracy. Here’s how.
The patient comes first
All healthcare leaders have been a patient at one point. They know the difference between a terrible or great experience. Leaders with this patient-first mindset are breaking the mold in the industry and are putting it at the forefront of operational discussions.
A healthcare MBA gives you the know-how to innovate processes and provide patients with the kind of attention that creates a meaningful impact not only on an individual organization and its bottom line but also on policy decisions and the industry itself.
Saving money, saving lives
Putting the patient experience at the forefront of operational discussions doesn’t mean leaders have to sacrifice financial performance. It’s a balancing act. Many healthcare professionals know what they would do if money weren’t an issue. But the reality is, saving lives isn’t cheap. Leading a healthcare organization to success means knowing how to balance risks associated with costly decisions.
Winning financial battles in today’s value-based care environment means having the right strategy and tools to deliver high quality and a high return. A healthcare MBA gives you the skills to build that strategy. Still, obstacles remain – beating bureaucracy and navigating continual policy changes within the industry.
Winning the bureaucracy challenge
Bureaucracy will suck the life out of an organization, stopping growth and innovation in its tracks. It kills competition and turns great employees into process-bound robots. Healthcare is a notoriously bureaucratic field due to tight regulations and ever-changing policies. Navigating those can be like climbing a mountain for people without the right tools to succeed.
Victory in conquering bureaucracy starts with creating a balance between law and ethics. Leaders must know the intricacies behind making decisions on tough ethical dilemmas while knowing how the laws govern the action. An MBA with a healthcare focus will give you practical skills for cutting through the clutter, allowing you to focus on executing for maximum organizational impact.
Healthcare is more closely connected with business than ever. If you want to get to the top of healthcare leadership, you must master business strategy.
Start your healthcare MBA journey today with the Jack Welch Management Institute’s top-ranked program. Gain the practical business and leadership skills you need to achieve winning results.