The MBA healthcare administration program is now being seen as a potential course considering healthcare has become a huge factor in the business field. In fact, it has been predicted by economists and market analysts that the healthcare industry will continue to expand and rise. As such, healthcare professionals must be those who are equipped with fundamental knowledge of financial management, financial strategies, the ability to plan strategically then making appropriate decisions. To acquire these skills to be competent in the healthcare industry, you can opt for the online healthcare administration program.
The major emphasis of the MBA in healthcare administration program is the teaching of accounting principles, quantitative analysis skills, the ability to interpret financials, grab the proficiencies of project management, the ability to leverage technology fruitfully, navigate strategic business plans and other necessary skills. Besides, students will be taught immensely of the leadership and interpersonal skills in conjunction to the basic MBA syllabus. However, the main imperative expertise taught in this program is the ability to influence people via diplomatic communication as this is extremely essential for administrators to deal with various types of people at all executive levels.
Understanding the online MBA healthcare administration program offered, the content focuses on producing individuals who are natural born leaders, have an aptitude for financial analysis, ambitious and willing to strive the fast-paced environment, excellent multi-taskers, and have the ability to implement long term planning. The skills that will be delivered to these people will include preparing annual accreditation reviews, overseeing operational budgets and institutional capital, planning, coordinating and implementing services and programs as well as seeking creative methods to handle costs without affecting the quality of medical services.
Graduates who have completed the MBA in healthcare administration are usually not worried about their job prospect and the salary. This is because graduates without much experience will begin their career with approximate salaries of US$50,000 annually, excluding of bonuses. Those with acceptable relevant working experiences can achieve the payment up to US$110,000 a year. Medical claims managers’ salaries range between US$58,500 and US$93,500 annually while health service
Ford hasn’t always had the best relationship with the United Autoworkers Union (UAW). Back in 2007, the company’s employee healthcare costs were eating up the carmaker’s meager profits. After posting quarter after quarter of disappointing earnings, stockholders were putting the big squeeze on America’s pioneer of the modern automobile. That was before economists noticed (or perhaps, acknowledged) that sub-prime mortgages were a bad thing.
To dig out from under its messy employee obligation to provide ongoing, long-term healthcare to its retirees, Ford reluctantly agreed to begin depositing cash into a trust fund that would be administered and operated by UAW once $6.5 billion piles up. By New Years’ Day, Ford had not only met the monetary benchmark, but exceeded it by another half-mil.
“The transfer of these health care liabilities to the VEBA trust is the culmination of several years of work and will significantly improve our competitiveness in the United States,” Ford CFO Lewis Booth said in a statement. “We also have shown confidence in our liquidity…by pre-paying $500 million of debt.”
At the time the arrangement was made, Ford’s public tone was far less positive when it came to its future outlook. Its cars were considered tired, quality suffered and continuous public spats between Henry Ford’s great grandchildren (who held controlling public interest and managed the company) and the stockholders were routinely covered in national headlines. Now the company has not only rebounded, refusing to accept any part of a public government bailout that its peers would later have to extend payment on, but Ford has become a trend-setter in automotive design. Can industry analysts expect the automaker to extend its leadership into the boardrooms of health insurers as well?
When a company or large organization becomes a self-insured entity, the company is assumed to have amassed enough financial liquidity to assume its own risk and the financial risk associated with its employees’ health insurance. In Ford’s case, the company accepted responsibility for its retiree’s healthcare in a long-term buy-out agreement so management could reduce its workforce quickly and stave off continued losses.
Traditionally, only public / government businesses had the financial pull and employee base to justify funding its own health insurance plan. But as planned federal healthcare reforms become law, self-insurance may be more common among smaller corporations and those not typically self-insured today. That’s because one of the most controversial provisions in the Senate’s health reform plan provides for broad new taxes on commercial insurance companies.