As the importance of synergizing healthcare and business strategies continues to grow, you might find a medical degree isn't the sole qualification you’d like to highlight. Good management is key to the success of both small practices and large hospitals–and it's essential to maintaining an efficient and patient-focused environment. "There's two elements of healthcare management,” according to Patrick Holland. “One is the business administration component, and the other is clinical operations." 

You might be curious about the motivation behind healthcare professionals adding ‘business expert’ to their resume. Here are some of the reasons they seek business knowledge. 

Why earn a business degree for a career in healthcare?  

Holland, whose background consists of 30+ years of expertise in health plan and provider management and is currently a lecturer of International Business & Strategy in the D’Amore- McKim School of Business at Northeastern University and an adjunct professor in the Sawyer Business School at Suffolk University, tells us, “As healthcare becomes a growing percentage of the GDP, there's going to be an even greater emphasis and focus on trying to apply standard business principles to healthcare delivery.” And with that growing focus, there's also a growing demand for healthcare professionals with business expertise. Northeastern’s Online master’s in management: Healthcare Administration degree fosters integration between healthcare management and business! 

These degrees, Holland argues, help you “holistically understand how healthcare works, which can make you a better ambassador for patients.” But how? Let's look at what business knowledge could do for some common healthcare careers: 

• Practice Managers 
• Nursing Home Administrators 
• Clinical Quality Program Managers 
• Area Supervisors 
• Practice Administrators 
• Program Directors 
• Executive Directors 
• Clinic Managers 
• Healthcare Administrators
• Directors of Operations

 "The insurance function of healthcare is tethered to healthcare delivery," mentions Holland while flipping through his digital library of wisdom. It seems healthcare professionals are no longer restrained by the confines of a clinic or hospital. The future of healthcare is starting to include fields such as health technology or “healthtech”, patient navigation, and creative reimbursement models. Holland says the questions to ask are: 

“How should we organize and structure our health care entity to maximize the utility of the insurance function? How do we get the most efficient contracts, maximize reimbursement, and achieve lower medical expense trend on behalf of the insurance company and its clients, the employers, and individuals?"

Top degrees for business professionals in healthcare

“Healthcare is fundamental to a healthy, thriving society. So, I think business education in healthcare is becoming more relevant as the population ages and there’s a greater need to find ways to maintain today’s clinical innovations, develop greater access to care, while also lower the cost of healthcare so it’s more affordable” Patrick Holland shared. So, what are some top-tier master’s degrees to dig into for an aspiring business healthcare professional? Better grab a notepad! 

Top requirements in healthcare management

Master's Degrees

“Healthcare-related degrees in business offer infinitely more knowledge for whatever role you're participating in–whether you're a clinician wanting to become an administrator or whether you're an administrator who wants to get closer to how care is delivered,” Patrick Holland declares, spreading his wisdom to the masses. 

Management: Healthcare Administration – With this degree, you’ll gain a thorough grasp of the diverse elements of business in the healthcare industry.  

Management: Digital Transformation in Healthcare – For those looking to help guide their healthcare organization toward innovation with the aid of the latest technology.  

Master of Business Administration (MBA) – A versatile degree that is suitable for folks of various backgrounds and origins, making it a universally valuable qualification.  

Master of Public Health (MPH) - For those professionals looking to leave their mark on health public policy, should consider this for their degree.  

Master’s in Human Resources Management - Anyone looking to venture into HR in any industry? This one’s the ticket for you! 

How to get into the business side of healthcare

Start identifying your transferable skills like project management, communications, and leadership. Most business and leadership skills are transferable to a role in the healthcare industry. “It increases your opportunities to take on roles within or outside your organization,” Holland says.

If you are passionate about business and or are contemplating a transition into a healthcare-related profession, you should think about furthering your education by enrolling in a master’s program with a healthcare specialization, such as Northeastern’s Online Master’s in Management: Healthcare Administration concentration. You will gain all the necessary healthcare industry knowledge and business skills to be successful in the healthcare field through the collaboration with Mayo Clinic College of Medicine and Science. As Holland concludes, “I think getting into the industry might be hard without that degree. By getting a business degree that's curated to the healthcare economy, it gives you the chance to get into an entry-level position a lot easier.” 

Start a career in healthcare management

“Business is a fundamental part of keeping healthcare on the cutting edge of where it needs to be in order to improve people's lives,” Holland claims. “You can always step in. There's always a need for good, smart people in healthcare. However, having a degree will accelerate your professional growth, and your contributions in the workplace will likely be impactful much sooner than getting into the industry without a degree,” he adds, giving you the nudge to consider joining this noble cause.  

If you are ready to take the next step and apply for Northeastern's Online MS in Management, complete the application fee waiver form to see if you qualify to receive a $100 application fee waiver and start your journey to advancing your career and changing the healthcare industry.