Online MHA/MBA Dual Degrees: An In-Depth Review
If the idea of working in the business side of healthcare interests you, you might be wondering if you should pursue an MHA or an MBA. But what if you could get both at the same time it would take to get one? This guide will help you explore online MHA/MBA dual degree programs so you can do just that.
According to Goldman Sachs, artificial intelligence could replace around 300 million full-time jobs in the near future, including 46% of the jobs in the administrative fields. One way to remain relevant and competitive in our evolving job market is by expanding your field of knowledge. If you’re a healthcare professional who happens to have a knack for business, pursuing an MHA/MBA dual degree can be a great option for you.
Earning an MHA/MBA dual degree can be a fantastic way to prepare students to work in healthcare administration. It may also serve as an excellent foundation to help them evolve and pivot throughout their careers. To clarify, although it’s called a “dual degree,” you’re actually earning two separate master’s degrees that can be used together or independently. If you are interested in an MHA/MBA dual degree, keep reading this guide which includes all of the information you need.
School Spotlights: Top Online MHA/MBA Dual Degree Programs
Earning an MHA/MBA dual degree online is one of the best ways to lower costs while optimizing learning flexibility. Also, earning your degree online provides you with far more program options. Nevertheless, not all programs are created equal. As a student, it’s your job to do your due diligence regarding researching the various available programs. Luckily, we cherry-picked the following programs to help you start your journey.
AdventHealth University offers an online MHA/MBA Dual Degree program which is a collaboration between Stetson University and AdventHealth University.
Both programs require 27 credit hours spread out over 2 years to graduate, but AdventHealth University costs $670.00 per credit hour, while Stetson University costs $1,050. Don’t let the costs deter you because the schools offer various grants, scholarships, and loans.
The curriculum includes courses such as the following:
- Foundations of Business Analytics
- Finance and Accounting
- Financial and Managerial Accounting for Managers
- Information Systems and Healthcare Informatics
- Population Health Management
- Healthcare Systems and Governance
To apply, applicants must provide an official college transcript, a resume/CV, a goal statement essay, a 3.0 GPA, and two letters of recommendation.
These programs prepare students for the fierce job market by teaching them the diverse and strategic skills that are necessary in the healthcare industry.
The University of Phoenix offers an online MHA/MBA dual degree program that requires 58 credits, and the program approximately takes 2.5 years. However, since the program allows you to transfer credits that meet the requirements, you can take fewer credits. This will also aid you in finishing the program early. Attendance costs $698 per credit hour, and the school offers the chance to win scholarships of $1,000 to $3,000, as well as access to various grant and loan applications.
The curriculum offers courses such as follows:
- Intro to Graduate Study in Health Sciences/Nursing
- Managerial Accounting & Legal Aspects of Business
- Systems Thinking in Healthcare Environments
- Financial Management in Healthcare
- Managing in a Changing Environment
- Marketing: Social, Mobile, & Analytics
To apply, students must have a GPA of at least 2.5, meet work experience requirements. Non-native English speakers must also pass an English language proficiency test.
The program trains students to properly make informed managerial decisions, leverage technology, conduct environmental scans, and use data to address the Triple Aim issue to give them an edge over the competition. With these new skills, the students will be able to become successful health managers and health information management directors.
The University of Scranton online Dual MBA/MHA program takes 2.5 years to complete and requires 65-72 credit hours with $965 for each credit hour. The University of Scranton offers financial aid opportunities and special assistance for veterans and military members. Students can also use work reimbursement programs to reduce costs. s.
The curriculum includes courses such as the following:
- Accounting for Management
- Financial Management
- Health Care Law
- Health Care Statistics and Resource Methods
- Leadership in Health Care Organizations
- Healthcare IT Management
To apply, applicants must have at least a 3.0 GPA, official transcripts from previous institutions, a professional resume, at least three years of professional or supervisory work experience, a statement of intent, three letters of recommendation, and a background check.
The intended career outcome is to prepare students to assume roles such as medical and health services director, medical director, healthcare CEO/COO, executive director, and positions in insurance, management, consulting, and more. They teach them vital skills such as business/ medical industry insight, finance, accounting, and operational strategy.
Benefits of MHA/MBA Dual Degrees
Earning a dual MHA/MBA degree can be beneficial for several reasons, especially if you plan to pursue your degrees online. Gaining an online degree will let you continue working at your job, complete an internship or fulfill familial obligations while working towards your degree. . Here are some other top benefits of earning your MHA/MBA online:
Affordability
Online programs are often more affordable than traditional degrees because depending on the school, students may be eligible for discounts for enrolling in multiple programs. Also, earning a dual degree can reduce the number of electives you must take because there are courses that fulfills the requirements of both majors.
Career Advancement
These programs also give you the potential for career advancement because it trains students to establish a good foundation in both healthcare and business fields, which means that you can work in any sector of the medical field or start your own business.
Interdisciplinary Learning
The interdisciplinary learning offered in dual MHA/MBA programs greatly benefits graduates by enabling students to comprehensively understand healthcare from a clinical and business perspective. Graduates are empowered to become optimally effective administrators with a profound grasp of all aspects of health administration.
Learning Flexibility
Online programs are profoundly more flexible than traditional ones because you can access coursework and attend class whenever you have the time as long as you complete the assignments or tasks on time. For instance, if you work a 9 to 5 job, you can learn on nights, weekends, and in the most convenient locations.
Networking Opportunities
While some may believe online programs provide fewer opportunities to network, the truth is quite the contrary. Online learning allows you to easily message and interact with students and faculty members. The opportunity to network and build relationships in your classes will help you gain employment after graduation.
Personal Pride and Accomplishment
Graduates’ sense of accomplishment after earning dual MHA/MBA degrees will provide you a sense of pride after your accomplishments. Mastering both business and healthcare administration can be a pivotal moment that gives you the courage to pursue other long-term goals.
Time-Saving
Great for busy students, earning dual MHA/MBA degrees online can save you lots of time. You don’t have to waste time traveling to and from campus. Additionally, by working towards two degrees simultaneously, you can save time on overlapping courses and concepts that you would have otherwise needed to pursue separately.do software developers need
Is a Dual MHA/MBA Degree Right for You?
Earning a dual MHA/MBA degree can be the perfect path for certain professionals, but that doesn’t mean it’s right for everyone. To determine whether this is the right educational path for you, you need to be honest with yourselves about your strengths and weaknesses. Here are the most common traits of those who thrive in college and the field.
Ability to Handle Rigorous Coursework
Working towards an MHA and MBA simultaneously is an arduous task. Successful students must be prepared for around 2.5 years of rigorous coursework, often while working and juggling personal responsibilities. If you struggle academically or are otherwise not prepared to make such a sacrifice, this may not be the best path for you. However, some thrive when they pursue either one of these degrees or simply one at a time.
Career Goals
To earn a dual MHA/MBA degree, you must have established career goals. Degrees are only as valuable as you make them; if you don’t have goals or a solid direction, pursuing this dual degree is ill-advised. This is because earning this dual degree takes lots of time, effort, and money. Therefore, if you don’t know what you plan to do with the degrees post-graduation, you may unnecessarily waste time and resources.
Financial Commitment
To earn dual MHA/MBA degrees, you must be financially committed. Earning these degrees cost a minimum of around $700 per credit hour. Depending on your financial status, this can be a substantial investment that you will likely not see a return on until at least after graduation. Therefore, you must be dedicated to ensuring the degrees are paid for in full before beginning your educational journey. Otherwise, you could get deterred and waste your money altogether.
Interest in Business and Healthcare
If you just happened upon this dual degree or are pursuing it because someone else suggested it, you should take time to assess your professional goals and interests. While it may sound good at first glance, this educational track is only suitable for those interested in the business and the healthcare sector. If you plan to put the degrees to good use, you will work in at least one of these fields after graduation.
Work-Life Balance
Lastly, if you plan to pursue a dual MHA/MBA degree, you must maintain an excellent work-life balance. Since the coursework is so time-consuming and tedious, your life can become unbalanced or even chaotic. Such circumstances can make it difficult or even impossible to efficiently earn your degrees in a timely fashion. Therefore, if you struggle to maintain a proper work/life balance, now may not be the right time to enroll.
Career Outcomes for MHA/MBA Graduates
Earning MHA/MBA dual degrees is a great foundation allowing graduates to pursue career paths of all kinds. It opens you up to various executive-level jobs that provide great pay, benefits, variety, and long-term job security. Here are some top career choices for those earning dual MHA/MBA degrees.
Chief Executive Officer
Chief executive officers are the highest-ranking executives in any organization. They earn a median annual salary of $189,520. Their primary duties include representing the company to the government, stockholders, as well as the general public.
Chief executive officers must lead and help motivate all members of the company and organization. To do so, they must have wonderful and adaptable communication and interpersonal styles. More than that, they must be able to strategically spearhead new agreements, manage resources, evaluate and manage risks, and set realistic goals for the benefit of the company.
CEOs are required to have excellent leadership skills, be able to creatively solve problems, effectively delegate tasks on top of having wonderful interpersonal, written, and verbal communication skills.
Healthcare Financial Manager
A healthcare financial manager oversees the finances of various healthcare settings. They earn a median annual salary of $131,710. Their primary duties include financial reporting and analysis, compensation assessment, and budgeting.
Healthcare financial managers are responsible for contract reviews, tax compliance, goal implementation, providing financial support to all departments, hiring and training financial assistants. Successful healthcare financial managers will need to have analytical skills to create and implement effective business strategies, leadership expertise, and excellent timeline management skills.
Hospital Administrator
Healthcare administrators manage practices and procedures within any given healthcare organization. They earn a median annual salary of $101,340. Their primary duty is to continuously monitor organizational effectiveness and make changes as necessary.
The daily tasks of healthcare administrators include reviewing financial statements, creating new ways to streamline healthcare services, hiring staff members, learning about new legislation and making organizational changes. To accomplish these tasks, you must be able to multitask, have organizational, interpersonal, verbal, written, and analytical skills.
Management Consultant
Management consultants leverage their skills to help managers build more successful businesses. They earn a median annual salary of $93,000. Their primary duties are to help companies to uncover weaknesses and develop strategies to combat them.
Management consultants will help companies eliminate and minimize debt, maximize revenue, improve product quality, and optimize employee productivity. To be able to be successful in the job, you must manage timeline effectively, as well as have both analytical skills and written, verbal, and interpersonal communication skills.
Medical and Health Services Manager
Medical and health service managers organize healthcare providers’ business behaviors. They earn a median annual salary of $101,340. Their primary duties are to plan, oversee, and manage medical/healthcare services.
With your leadership, analytical, technical, interpersonal, verbal, and written communication, you should be able to tackle the daily tasks, including creating goals to improve efficiency, recruiting, supervising, and training staff, preparing and monitoring budgets, and observing regulatory compliance.
Medical Director
A medical director runs a healthcare facility. They earn a median annual salary of $101,340. Their primary duty is to ensure patients receive optimal care.
Successful medical directors will need to have interpersonal, verbal, and written communication skills and conflict resolution skills to improve organizational communication and boost the quality of patient care. They will also have necessary computational and budgeting skills to monitor budgets.
Policy Analyst or Advocate
Policy analysts/advocates oversee and assess public policies. They earn a median annual salary of $122,510. Their primary duty is to collect and interpret data to help policymakers make more informed decisions.
They are required to have analytical skills, research skills, effective verbal, written, and interpersonal communication skills to effectively manage committees. They must also research policies to draft proposals with the prediction of potential impacts of the policies. Additionally, they must also offer advice and resources to other people.
