What are the Best MBA Programs for Doctors?
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Physicians spend an average of 14 years studying and training to practice. After all that, going back to school for an MBA might seem masochistic. But the major challenges in American healthcare are largely business problems and physicians who spend the extra time to earn their MBA are better equipped to effect meaningful change. They’re also more likely to recoup their educational investment.
A 2021 study found that physician leaders achieve greater hospital performance than non-medical leaders. Furthermore, a 2022 report by the NDP Analytics, showed that “physician-led and owned hospitals are critical to the American healthcare system. They provide patients with increased access to care, high-quality services, and lower cost of care. These hospitals have significant economic and social impacts in communities across the country”. Therefore, a doctor with an MBA, however, is ideally positioned to lead within the healthcare industry.
Today’s MBA specializations allow physicians to customize their education to learn about much more than just business administration and online options mean it’s never been easier to add three more letters to the end of one’s name. Physicians are now pairing their rigorous training with expert understandings of finance, management, data analysis, and public policy.
To get a look at the best MBA programs for physicians, read on.
MBA in Finance
The United States spends more on healthcare than any other country. Annual health expenditures stood at over $4.4 trillion in 2022. How that capital is collected, managed, and spent has an enormous impact on who receives what type of care. Especially as the US health system transitions to a value-based model and away from traditional fee-for-service, leaders of healthcare organizations will need to be more adept and creative with their finances.
An MBA in finance can empower physician leaders to run their own practices and clinics or take charge of larger healthcare organizations. Already one of the most popular MBA specializations across all professions, the finance MBA provides strong fundamental knowledge of areas such as risk management, financial management, and capital budgeting.
The online MBA program at the University of North Carolina Kenan-Flagler Business School focuses on leadership development and strategic analytics and also includes a finance concentration.
The program’s core curriculum includes courses such as analytical tools for decision-making; business communication; business strategy; leading and managing; financial accounting; finance; and operations.
Through a variety of electives, the concentration curriculum covers areas such as financial reporting, financial analysis, tax, and corporate valuation. The program consists of 62 credits and can be completed in as little as 18 months.
Graduates of this concentration will be ready to take up roles such as accountants, auditors, budget analysts, chief financial officers, controllers, directors of finance, financial managers, payroll directors, and treasurers.
| Location: Chapel Hill, NC |
| Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC); Association to Advance Collegiate Schools of Business (AACSB International) |
| Expected Time to Completion: 18 to 36 months |
Washington State University’s Carson College of Business offers an online MBA in finance. This concentration can also be earned as a stand-alone nine-credit graduate certificate.
Through this concentration, students can hone their skills in financial analysis while exploring the complexities of global and domestic financial markets. They will study interest rates, investments, portfolio management, and financial futures thoroughly. Graduates will learn to evaluate the economic factors impacting investment decisions and how international assets and investments are managed.
The online MBA comprises 36 credits for those with a bachelor’s degree in business. For those with a degree in another field, the college offers up to 16 credits of foundational business coursework to ensure they have all the tools necessary to succeed in this program.
Courses include investment analysis; international finance; interest rates and finance markets; applying design thinking to career and life; financial management; accounting, performance measurement and controls; information systems management; and marketing strategy.
| Location: Pullman, WA |
| Accreditation: Northwest Commission on Colleges and Universities (NWCCU); Association to Advance Collegiate Schools of Business (AACSB) |
| Expected Time to Completion: 22 to 29 months |
MBA in General Management
As the fastest growing sector of the American economy, healthcare employs over 22 million workers, but the effective management of those employees and the organizational processes under which they operate are not taught at length in medical schools. On the other hand, MBA programs are precisely the place to learn the principles and practices of top-caliber general management.
An MBA in general management is a natural fit for any physician who wants to manage their own practice and get the most out of their staff. It’s also a useful tool for physicians who aspire to areas of higher leadership, where the main problems are business-based, rather than medically-based. While most physicians are already preternaturally gifted at logic and science, general management MBAs can teach physicians to also think strategically and relationally.
The online MBA program at Pepperdine University’s Graziadio School of Business and Management offers a specialization in leadership and managing organizational change. In addition to boosting their business acumen, graduates will hone their skills as leaders who celebrate diversity while making strategic and ethically responsible decisions.
While the program revolves around its online component, students will also attend one immersion workshop during their first term: the focus is on personal and leadership development. The program consists of 52 credits in total and can be completed in 20 months.
Applicants to the program must have a bachelor’s degree from an accredited institution, a statement of purpose, a current resume, official transcripts, and a letter of recommendation. GRE or GMAT scores are not required for admission.
Courses in the concentration include advanced principles of organizations and leadership, creating and leading teams, leadership and ethics, business negotiation and conflict resolution, and leadership theory and practice.
| Location: Malibu, CA |
| Accreditation: WASC Senior College and University Commission (WSCUC); Association to Advance Collegiate Schools of Business (AACSB International) |
| Expected Time to Completion: 20 to 24 months |
University of Saint Mary’s online MBA has several concentration options. One such concentration is in general management. This concentration allows students to direct their elective coursework toward their career goals and graduates can study general management essentials such as key concepts in project management, information systems, and operations management.
The 33-credit program includes core courses such as organizational and human resource management, marketing management, managerial economics, legal environment and commercial transactions, managerial accounting, and managerial finance.
Courses in the specialization include operations management; management information systems; leadership; project management; and small business management.
Notably, many of the other MBA concentrations at the University of Saint Mary have classes that are eligible for inclusion in this general management concentration.
| Location: Leavenworth, KS |
| Accreditation: Higher Learning Commission (HLC); International Accreditation Council for Business Education (IACBE) |
| Expected Time to Completion: 12 to 24 months |
MBA in Healthcare Informatics
Healthcare is perhaps the largest beneficiary of the data revolution. On the care delivery side, electronic health records (EHRs) are changing the way information is recorded, stored, accessed, and analyzed. On the business side of healthcare, data-driven thinking has become the gold standard for major strategic decisions.
An MBA in healthcare informatics can bring physicians up to speed on the language of healthcare data. These programs cover areas like data analytics, healthcare technology, and IT policy. As the future of healthcare becomes more intertwined with the power of big data, tomorrow’s physicians will need to be fluent in healthcare informatics.
Southeastern Oklahoma State University’s John Massey School of Business offers an online MBA with a concentration in healthcare information systems. Students in this program will learn how to navigate the laws around electronic health records and the politics of changes in the industry, as well as managed care and health insurance.
Graduates of this program will be ready to take up positions such as healthcare informatics consultants, management analysts, health services managers, chief medical information officers, and healthcare IT project managers.
This 30-credit program includes 24 credits of core MBA courses and six credits of concentration courses. Core courses include behavioral management; managerial economics; accounting for managers; research methods; marketing management; data analysis for managers; and strategic management.
Courses in the concentration include health information systems; electronic health records; contemporary issues in management; and principle-centered leadership and ethics.
| Location: Durant, OK |
| Accreditation: Higher Learning Commission (HLC); Association to Advance Collegiate Schools of Business (AACSB International) |
| Expected Time to Completion: 12 to 24 months |
Fayetteville State University offers an online MBA in health informatics. This concentration is intended to provide graduates with the skills, knowledge, and methods for collecting, analyzing, and identifying health information to inform business decisions.
Made up of 36 credits, the program includes core courses such as business & society; data analytics; managerial accounting; managerial economics; business analytics; leading organizations; and financial management.
Courses in the concentration include introduction to health informatics; healthcare information systems; managing health informatics; public policy for health informatics; and medical decision making and IT.
| Location: Fayetteville, NC |
| Accreditation: Southern Association of Colleges and Schools Commission on Colleges (SACSCOC); Association to Advance Collegiate Schools of Business (AACSB International) |
| Expected Time to Completion: 12 to 24 months |
MBA in Healthcare Management
Healthcare management is one of the fastest-growing careers in the country: according to the Bureau of Labor Statistics (2024), it’s set to increase at a staggering 28 percent between 2022 and 2032. The enormous complexity of the healthcare industry can’t be managed by frontline workers alone, nor can it be managed by solely business people, but those who have skills in both care delivery and organizational management are sorely needed.
An MBA in healthcare management is perhaps the most natural fit for physicians. These programs teach graduates how to handle complex strategic decisions within an organizational structure, while also taking into account the unique characteristics of the healthcare sector. Physicians with an MBA in healthcare management can go on to lead at the highest levels of the industry.
The online MBA in healthcare management at Case Western Reserve University equips students with the management knowledge and skills to lead healthcare organizations and solve real-world business challenges. Graduates will benefit from flexible classes and complete hands-on training during two in-person residency experiences at some of the nation’s top-ranked hospitals. The immersive training allows students to apply healthcare management lessons in real-life situations while they grow their network, hone their skills, and build their confidence to succeed across different healthcare settings.
The program’s healthcare-focused curriculum builds on the university’s long-standing relationships with nationally recognized institutions such as Cleveland Clinic, MetroHealth System, Louis Stokes Cleveland VA Medical Center, and University Hospitals.
The program, which comprises 48 credits, includes courses such as probability, statistics, and quantitative methods; accounting for managers; managerial marketing; financial management; operations management; healthcare decision-making; finance issues and applications in healthcare; economic issues and applications in healthcare; digital innovation in healthcare; and innovation and entrepreneurship in healthcare.
| Location: Cleveland, OH |
| Accreditation: Higher Learning Commission (HLC); Association to Advance Collegiate Schools of Business (AACSB International) |
| Expected Time to Completion: 24 months |
University of Mount Saint Vincent offers an online MBA program in healthcare management, preparing students for various career paths in various settings such as hospitals or health systems, pharmaceutical organizations, and clinics. Graduates will be able to expand their knowledge of the relationship between core business functions as they develop expertise in issues, policies, and strategies affecting healthcare administration, management, and finance in both the private and public sectors.
Applicants to the program must have a bachelor’s degree from an accredited institution with an undergraduate GPA of 2.75. GMAT scores are not required for admission.
The 30-credit program includes courses such as healthcare administration, healthcare finance, law for healthcare professionals, marketing for healthcare programs, healthcare policy, data analysis and modeling for managers, and operations and production management.
| Location: Riverdale, NY |
| Accreditation: Middle States Commission on Higher Education (MSCHE) |
| Expected Time to Completion: 12 months |
MBA in Public Administration
Citizens of practically all political allegiances agree on one thing: American healthcare needs policy reform. And as much as business decisions guide the healthcare sector, policy decisions do, too. Businesses and the government must work together to make America’s healthcare system work for everyone. Within that collaboration, a physician’s perspective is a force multiplier.
An MBA in public administration can give physicians a louder voice within healthcare policy. It can also boost their understanding of the incredibly complex and nuanced regulatory landscape that healthcare organizations and their employees face. An MBA in public administration prepares its graduates to interface with government entities, but it also provides a strong background for those working in highly regulated sectors, such as healthcare.
Strayer University offers an online MBA in public administration program preparing students for leadership roles in the executive branches of state, federal, and local governments or the nonprofit sector. Graduates of this program will be able to evaluate public programs and policies using quantitative analysis skills, apply financial techniques and tools to the management and development of public budgeting, and apply management and organizational practices to ensure accountability and efficiency within nonprofit and public organizations.
The program, which comprises 54 credits, includes courses such as modern public administration, managing public and nonprofit organizations, public budgeting and finance, public personnel management, financial accounting for managers, leadership and organizational behavior, strategic management, managerial economics and globalization, financial management, and marketing management.
| Location: Several campuses are located throughout the mid-Atlantic, southern, and south-central U.S. |
| Accreditation: Middle States Commission on Higher Education (MSCHE); Accreditation Council for Business Schools and Programs (ACBSP) |
| Expected Time to Completion: 24 months |
The online MBA at Champlain College offers a specialization in public administration. Upon completion, this MBA program will also provide a graduate certificate in public administration. Graduates of this program will receive an advanced business education, with the latest practices, trends, and theories shaping the world of management and public policy.
This 33-credit program includes core MBA courses such as succeeding in a global environment, technology as a disruptive force, strategic organizational assessment, communication and negotiation, innovation, ideation, and strategy, and purpose-driven organization.
Courses in the specialization include public administration – theories, practices, and trends; public policy analysis & design; and public budgeting and financial management.
Graduates will gain real-world insights into policy design and analysis, the intricacies of financial management and budgeting in the public sector, and public administration. The certificate equips them with the skills and knowledge needed to navigate the complexities of public environments and make collectively informed decisions that drive public value.
| Location: Burlington, VT |
| Accreditation: New England Commission of Higher Education (NECHE) |
| Expected Time to Completion: Six terms |
