Monday, October 31, 2011

The Emerging Market for MBAs in Health Care

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The morphing MBA job market makes sense, as hospitals and other health care providers, both for-profit and non-profit, strive to cut costs while still giving good patient care. For a snapshot of the growing cost equation, consider this: health care costs have increased an average 2.5 percent more than the U.S. gross domestic product since 1970, according to a federal report published last August.

Both pharmaceutical firms and health care providers, including hospitals, are hiring an increasing number of MBAs, according to a white paper by MBA Focus, a Dublin, Ohio, consulting firm. Author Greg Ruf writes that "new firms are entering the MBA talent sweepstakes as they begin to recruit both new and experienced MBAs to their management." Until recently, MBA graduates, especially those from top-tier business schools, were snapped up by investment banks and consulting firms, but that is changing, Ruf noted.
Is he correct? A March 26 search of online employment database Monster using key word "MBA" in health care sectors pulled up more than 5,000 current job openings.

"The possibilities for management in health care are endless - there are so many directions you can go with the training. Hospital, pharmaceuticals/biotechnology, insurance, consulting etc"... I definitely see a health care preference among our MBA students. Many of the MBA students who want to work in this environment are driven by altruistic reasons, rather than money -- they want to help society. 

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