Guide for healthcare professionals to balance an MBA and a career

Many aspiring healthcare professionals pursue an MBA in healthcare to expand their knowledge and qualifications. According to the US Bureau of Labor Statistics, by 2033, the healthcare management industry will have grown by at least 29%.

Healthcare MBA programs can provide future leaders with the business and industry knowledge they need to bring about essential growth. Similar to a standard MBA, an MBA for healthcare professionals may raise their earnings by giving them the in-depth understanding and advanced skills needed to take on management positions in healthcare.

Before discussing why healthcare professionals should pursue an MBA, we will learn the challenges of balancing an MBA and a healthcare career and how to go about it.

The difficulties of balancing a career in healthcare with an MBA

For healthcare workers, an MBA is a powerful tool that unites medical expertise with advanced business knowledge, enabling you to take on challenging tasks and grab new opportunities in a sector that is changing quickly.

Balancing an MBA and a healthcare career comes with certain challenges, which we will be discussing below:

• Time management

As a healthcare professional, managing both your career and pursuing an MBA can be a daunting task. You need to work according to both schedules as you need to find the time for classes, assignments, and patient care.

• Work-life balance

The intense nature of a career and education can lead to difficulties in maintaining a healthy work-life balance. Extended work hours combined with the demanding requirements of MBA programs can put a burden on interpersonal relationships and self-care.

• Mental and physical fatigue

A career in healthcare and an MBA program will add mental and physical pressure on professionals. This makes it challenging for healthcare professionals to manage their physical and mental exhaustion. The stress from high-stakes medical responsibilities and academic deadlines may lead to burnout, depression, anxiety, and more.

• Different academic and professional demands

MBA programs frequently include a lot of assignments and tests in addition to intensive training. Healthcare workers need to find effective ways to fit study time into their already full schedules. A professional’s ability to fulfil their academic obligations is restricted as clinical work and patient care demand immediate and complete focus.

• Affects patient care

The dual commitment to an MBA and a healthcare career can indeed raise concerns about the potential impact on patient care and professional performance. Allocating significant time to academic responsibilities may limit the time available for direct patient care.

You may like to know about the intended learners of MBA in healthcare.

Tips to manage MBA and a healthcare career

Balancing an MBA and a healthcare career comes with certain challenges. However, with careful planning and proactive management, you can minimize the potential impact on patient care and maintain high standards in both areas. These are some tips to manage both effectively:

1. Assess your current schedule

Develop a detailed schedule that allocates specific slots for academic work, clinical duties, and personal time. Document all your daily, weekly, and monthly commitments, including work shifts, MBA classes, study sessions, meetings, and personal activities. This helps ensure that patient care remains a top priority while balancing academic commitments and leads to improved performance and reduced stress.

2. Set clear goals and priorities

Setting clear goals and priorities is crucial for managing an MBA program and a healthcare career effectively. To do this, you need to determine your current goal, the reason for pursuing an MBA, and more.

Set smaller, achievable goals and identify a specific skill set you need to develop. Sort your goals into priority and urgency categories using the Eisenhower Matrix or a similar tool. Prioritize and allot time for the things that are both urgent and significant.

3. Select the best MBA program

Choosing the right MBA program is crucial. You can select from various options:

• Full-time MBA: This takes two years to complete and can be done offline or online. You need to completely dedicate yourself to the program with no professional obligations.
• Executive MBA: It is designed specifically for working professionals and is usually offered in flexible or weekend formats.
• Hybrid MBA: The program combines elements of both in-person and online learning, offering a flexible approach for busy professionals.

4. Leverage employer support

Many companies have policies to support employees’ further education. Engage in open discussions about your MBA plans, highlighting their alignment with career goals and potential benefits to the organization.

If feasible, try to get a flexible work schedule or remote employment. 

5. Develop a study plan

List all your work obligations, including shifts, meetings, and patient care duties. Also, note your MBA course requirements, such as lectures, assignments, and exams. Determine the amount of free time you have each week after accounting for work and personal commitments. Establish clear objectives and set out certain time slots for assignments, classes, and responsibilities.

6. Utilize technology and resources

The best way to balance an MBA and a healthcare career is to use technology and available resources. Use apps like Google Calendar or other apps to schedule your work, assignments, and other duties.

Also, access academic journals and research papers online or take advantage of e-books or audiobooks available online. Make digital notes by using apps like Microsoft OneNote and engage with online forums to get guidance and mentorship.

7. Seek support from family and friends

Friends and family are our biggest assets who are always with us through thick and thin. Before starting your MBA journey, seek support from your family or friends.

Clearly outline what kind of support you need, whether it’s help with household responsibilities, childcare, emotional encouragement, or understanding when you’re unavailable.

8. Practice self-care and stress management

In this daily struggle to balance an MBA and a healthcare career, don’t forget to practice self-care and stress management.

Prioritize getting 7-9 hours of quality sleep each night, exercise regularly, and eat a balanced diet. Set aside time for leisure, hobbies, and social interactions. Use weekends to catch up on personal interests and spend quality time with loved ones.

Why should healthcare professionals pursue an MBA?

Here are several compelling reasons why an MBA is well-suited for healthcare professionals:

• It equips healthcare professionals with advanced leadership skills, preparing them for executive roles like administrators, department heads, or health system executives.
• Understanding business principles aids healthcare professionals in managing healthcare system complexities, adapting to market changes, and driving innovation within their organizations.
• Professionals learn to streamline operations, implement process improvements, and enhance efficiency.
• These programs provide excellent chances for healthcare networking, which can result in new partnerships, employment, and career progression.

Which MBA program is best suited for people who work in the medical field?

Selecting the appropriate MBA specialization can greatly impact professional development. Two well-liked specializations for those working in the healthcare industry are:

MBA in Healthcare Management

Individuals who complete the MBA in Healthcare Management program will have the skills and knowledge needed to successfully lead and manage healthcare companies. This specialization covers the operational, financial, and strategic facets of healthcare management.

It focuses on general management techniques specific to the healthcare sector, enabling individuals to take on a variety of leadership positions.

MBA in Pharmaceutical Management

The MBA in Pharmaceutical Management program focuses on the particular difficulties and opportunities faced by the pharmaceutical industry, such as marketing and medication development, regulatory compliance, and medication research.

Analyzing the economic aspects of the pharmaceutical industry, including pricing strategies, reimbursement, and healthcare policy impact. It also offers specific knowledge and abilities pertinent to the pharmaceutical industry, which makes it perfect for people hoping to progress in this field.

Conclusion

Many career options in General Management, Finance, HR, Marketing, Drug Development, Insurance, MedTech, and Clinical Settings are accessible with an MBA in Healthcare Management. However, an MBA for healthcare professionals comes with certain challenges, which we have already discussed. Thus, the tips provided above help balance an MBA and healthcare career to guide you towards a successful profession.