MHA vs. MBA: How Are They Different? Comparing Salaries, Job Opportunities & More

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For healthcare professionals who want to enhance their careers and prepare for leadership positions, a master’s degree is often good preparation for new opportunities. That’s particularly true for individuals pursuing business or administration careers. Two popular degree options are the Master of Health Administration (MHA) and the Master of Business Administration (MBA).

If you envision a leadership role in your future, you may be weighing the MHA vs. MBA. Depending on your career goals, you might even be considering the dual-degree MHA/MBA program that combines the skills and knowledge of both advanced degrees

While MHAs and MBAs do have some overlap, they also have significantly different foci. Let’s walk through the details of these postgraduate healthcare degrees and which one might be better suited for you.

What is an MHA? 

The Master of Health Administration is a specialized program that focuses on specific skills and knowledge necessary to thrive in the healthcare industry’s administrative side.

Within an MHA program, students learn about managing teams of healthcare professionals, making operational decisions, handling legal compliance and addressing a healthcare employer’s financial and business needs.

We spoke with Heather Steiness, PhD, MPH, associate dean of the College of Health Professions at the University of Phoenix, about what the day-to-day duties look like: “Healthcare administrative professionals can work in hospitals, clinics, health systems, insurance agencies, nursing homes, government agencies or other environments in which specialized healthcare administrative skills are required. Healthcare administrators partner with other health system personnel to help ensure efficient and effective operations and the best possible patient outcomes.”

Students pursuing an MHA typically take courses in healthcare policy and in law and medical ethics to prepare for the changing regulatory landscape of healthcare and complex patient issues that arise. Other topics include informatic systems, risk management, quality control and healthcare human resources.

Steiness notes: “HR in healthcare has to be able to deal with staffing issues related to the field. Currently, that includes high levels of burnout and difficulty in hiring staff as people drop out of the field or choose not to go into healthcare.”

Along with human resources, strategy and finance classes typically round out the curriculum.

Potential careers for MHA graduates include health management information director, health manager and practice administrator. Steiness notes that health management information directors typically oversee patient care data while health managers and practice administrators typically overlap in their responsibilities of ensuring healthcare system operations run smoothly.

What is an MBA? 

A Master of Business Administration is a popular degree program that prepares students with skills necessary for leadership or manager roles in their industries.

MBA programs focus on leadership, decision-making, strategic development and management. Students develop those skills by studying finance and management topics, value creation and marketing, management styles, human resources, leadership, analytics, business law, budgeting and accounting.

MBAs can prepare you for many different roles, but common jobs for graduates include positions as business managers, operations directors, or other executive and management roles.

Key differences in an MHA vs. MBA

Even though the MHA and MBA are both master’s degrees that can educationally prepare for positions with organizational responsibility, each is tailored to different professional paths.

Some of the other key differences between an MHA and an MBA include the following:

Courses and completion time for MBA vs. MHA

From a practical standpoint, the MBA and MHA programs at University of Phoenix offer markedly different courses. MBA candidates, for example, take classes focused on the digital economy (ECO/535), corporate finance (FIN/571), and opportunity evaluation and value creation (MGT/576).

Meanwhile, MHA courses focus on topics like navigating regulatory environments (MHA/508), leading with authenticity in the health sector (MHA/542) and creating a sustainable legacy through healthy communities (MHA/560).

How long does it take to complete an MBA or MHA?

At University of Phoenix, the program length is 17 months to earn an MHA through full-time study. An MBA program length is 16 months, but you may be eligible to earn credit for work experience or previously completed courses, and thus reduce the time to earn the degree.

In addition to the traditional methods of online study, UOPX offers competency-based MBA and MHA programs. These degrees can equip qualifying students with advanced skills in 12 months, but the format and routine skill assessments aren’t for everyone.

For individuals who want maximum flexibility to choose a career in business or health, a dual MHA/MBA program  can offer a pathway. An online MHA/MBA program from University of Phoenix combines the foundational finance and administrative skills into one curriculum that can meet business healthcare leaders’ needs and equip them with skills for their future.

Careers for MHA vs. MBA

Understanding the differences between the two degrees can help you decide what to do with an MBA (or an MHA). Each can help prepare you for different roles. MBA graduates often pursue careers as the following:

  • Business manager: Business managers  oversee organizations’ efficiency. That includes creating budgets, crafting business and marketing strategies, and performing human resources tasks.
  • General manager (GM) and operations manager: General managers oversee several departments, often forming policies and managing operational tasks. Operations managers share many of these responsibilities, although their job duties may happen at a higher level than a store or individual site.
  • Administrative director: Administrative directors’  primary responsibilities include devising records management and training protocols. They may also coordinate an organization’s daily operations. In some cases (such as with small businesses), directors may take on work that a company’s chief executive typically handles.

MHA degrees, meanwhile, can give you skills  to thrive in one (or more) of the following jobs:

  • Health information management directorHealth information management directors keep patient records databases complete and accurate. They also oversee access to the data.
  • Health manager: A health manager opens in new window might also have the title of medical and health services manager. Primary job duties involve overseeing different parts of healthcare systems, such as specific clinical areas or entire facilities. They also help ensure regulatory compliance and supervise staff.
  • Practice administrator: While practice administrators and managers  share several duties, administrators focus on the business elements of operations. In many cases, they tackle higher-level administrative functions, strategic planning and financial management.

MBA vs. MHA salary

The jobs themselves are often different, but how does the earning potential between MBAs and MHAs stack up?

For the roles closely aligned with MBA graduates, the U.S. Bureau of Labor Statistics (BLS) offers the following salary ranges as of May 2023:

While BLS doesn’t break down careers for health information management directors, health managers or practice administrators in the same way it does for MBA-aligned careers, medical and health services managers earned between $67,900 and $216,750 (with a median wage of $110,680) in May 2023. 

Salaries are just one aspect of determining a career path. How does the job outlook compare for these roles? Business managers and administrative directors are projected to see 5% growth between 2022 and 2032 opens in new window, while general and operations managers are projected to see 3% growth  over that period.

The job outlook for medical and health services managers is more robust: BLS projects 28% growth between 2022 and 2032.

Making the decision: MHA vs. MBA

Business professionals have no shortage of options for graduate degrees  to help elevate their careers, and that’s equally true for those in the healthcare sector. Whether you pursue a Master of Health Administration  or Master of Business Administration  is largely up to your ultimate career goals. While MHAs focus on healthcare and MBAs focus more broadly on business, a hybrid MHA/MBA degree could offer the best of both worlds, and a competency-based degree could save you time and money.

This article originally appeared on Phoenix.edu and was syndicated by MediaFeed.org

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6 Financial Factors to Consider Before Buying Your Dream Home

6 Financial Factors to Consider Before Buying Your Dream Home

Reaching a point in your life when you consider buying a home can be exciting, but it’s also a process where you’ll need to tread lightly. Taking on this kind of adventure means planning well to ensure the process goes smoothly.

There are many aspects to consider, and the financial ones are among the most important. To help you in your endeavor, here are the most important ones you’ll need to include in your planning.

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Before you start looking at real estate listings, you’ll need to consider your budget. Living in a mansion seems fun, but only in the movies. In reality, that kind of property costs a lot and doesn’t fall within the budget of many people.

Regarding your budget, you’ll need to look at several aspects; the two most essential ones are your income and the amount you have saved. These are directly linked to the amount the lender will give you, along with how much you’ll be able to pay back each month. Remember that this doesn’t cover additional costs, which we’ll discuss in the next section.

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One of the most important things you’ll need to consider when buying a new home is that it doesn’t cost as much as the listing price. Sure, you’ll pay the amount to the seller, but you’ll need to consider plenty of other expenses before deciding if the property is within your budget.

Additional expenses like interest rates, closing costs, taxes, or insurance are only a few that you’ll need to consider. These come on top of the amount of loan you get from the lender, and a common mistake people make is not factoring them in, which can lead to additional problems down the line.

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Considering that over 60% of homeowners have a mortgage on their home, it’s clear that most people consider this as the preferable option when buying a home. As straightforward as it seems, choosing the right mortgage means you’ll need to get some additional information.

What is the best mortgage, what’s the best downpayment, and what are the interest rates? These are only a handful of questions to ask when buying a house or an apartment. Talk to your lender and see which option is the best for your situation. Keep in mind that there are several mortgage types apart from the conditional ones, so getting as much information as possible is the best course of action. In addition to that, there are fixed and adjustable interest rates, which both have their own pros and cons, so it’s another thing you should discuss with the lender.

The interest rates and the downpayment are linked together. Each mortgage has a minimum downpayment amount, which means you’ll also get the highest interest rate. If your budget allows it, you can go for a larger downpayment, which decreases the loan amount, resulting in more favorable interest rates. Discuss this with the lender and devise a plan that would be the most favorable for you.

In addition to that, you should also consider talking to multiple lenders. As similar as most mortgages seem on paper, there are some differences from one lender to another, which is why it’s a good idea to talk to a few. This will give you an idea of your options and, most importantly, how to plan your budget.

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Unless you’re buying a new home that has been built recently and hasn’t been lived in, there are some financial considerations regarding maintenance and repairs. This is where a home inspector can come in handy as it’s the type of person that will be unbiased and give you their opinion on the property’s condition.

As well-maintained as the property is, you may need to invest a bit to get it to the condition you want it to be. This means you may need to consider some minor repairs. On the other hand, if you’ve went for a more affordable home, one that’s not in the best shape, you may need to consider a full renovation.

The most important part of this step is to talk with the home inspector and get an understanding of the condition. This will allow you to plan ahead and include these expenses in your budget before buying the property.

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As a potential new homeowner, there are two essential monthly expenses you’ll need to consider. One is the mortgage payment to the lender, and the second is the utility bills.

The monthly payments to the lender are the expenses for which you’ll already have all the information. Your lender will outline how much you’ll need to pay regardless of your chosen interest rate. Keep in mind that there will be changes with the adjustable ones, so make sure to consider them for future reference.

As for the utility bills, they depend on multiple factors. Going for a similarly sized home as the one you’re currently living in means the bills won’t change too much, which is why most people don’t pay too much attention to them. On the other hand, if you decide to upsize your home, then you can expect slightly higher bills.

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With everything out of the way, one of the last steps of your homeowner experience is the process of moving. You may think you live light, but at the end of the day, you’ll find that there are still plenty of things you’ll need to bring over to your new home. This is an expense you’ll need to consider, especially if you need to hire a professional.

When it comes to settling in, there are countless smaller expenses you’ll need to consider, which can put a strain on your budget. You may decide to take many of your personal belongings; you may need to buy additional items to make it more personal and functional. This isn’t a necessary step you’ll need to do immediately, but you’ll need to consider it at a certain point.

This article originally appeared on HedgeFundAlpha.com and was syndicated by MediaFeed.org.

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Featured Image Credit: Prostock-Studio/Istockphoto.

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