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Healthcare Industry Gears Up for Big Changes

By University Alliance
Healthcare Industry Gears Up for Big Changes

Healthcare is a data-heavy industry. Gathering, managing and distilling meaningful information out of mountains of available data will continue to require new technology solutions to meet everyday business challenges. In light of the Supreme Court ruling that upheld the Affordable Care Act, greater access to and demand for healthcare in the U.S. will result in even greater volumes of data to manage.

Is the Healthcare Industry Prepared for a Flood of Data?

According to a report by technology giant Oracle, 77% of healthcare executives give their organizations a grade of “C” or lower on preparedness for the coming flood of data. Perhaps even more alarming, the same study showed that less-than-optimum data management costs healthcare providers over $70 million each year, on average. As the industry becomes more competitive and cost-conscious, healthcare providers are under increased pressure to get the right systems in place to manage data and convert it into cost-saving strategies.

Other findings from the Oracle Report:

  • All of the healthcare executives surveyed said they are collecting and managing more business information now than they were two years ago.
  • The average increase in data was 85%.
  • Zero percent of those surveyed gave their organizations a grade of “A” in preparedness for the increasing need for data management.
  • Specific areas that need improvement include customer relationship management, regulatory compliance, and billing and revenue management applications.

Electronic Health Records

Electronic health records (EHRs) are a challenge for many healthcare organizations. Improvements in healthcare information technology will help maximize the advantages of EHRs, which include better communication among providers, improved patient access to data, safer drug prescriptions and better compliance with clinical guidelines.

Despite the many benefits of EHRs, the Oracle study showed that healthcare organizations struggle with using the data from health records. In fact, 63% of those surveyed said they are not capturing enough or the correct information from EHRs, or haven’t yet put the system in place.

The healthcare industry has countless opportunities to improve data collection and analysis now and in the future. As the study showed, managers know that more data is coming and will need to be properly managed, and they know they need to be prepared. One way they’re doing so is by hiring skilled information technology and healthcare management professionals.

Healthcare Management and Information Technology Education and Preparation

In today’s healthcare industry, it is vital to obtain the specialized training and education that employers need to provide quality care, contain costs and compete in a crowded field. Many employers will show preference to candidates with an advanced degree, such as an MBA with a Specialization in Healthcare Management. This program offers instruction in valuable concepts, such as:

  • Applying modern theories of leadership, negotiation and management.
  • Creating and implementing marketing, operations, human resources and financial initiatives.
  • Making critical decision to solve real-world healthcare industry problems.
  • Analyzing financial, statistical and economic data to assess and manage risk.

Other healthcare providers will need to boost their numbers of skilled information technology specialists, and will be looking for prospective employees with advanced business and IT education. An MBA With a Specialization in Information Technology program is ideal for professionals who wish to learn:

  • The relationship between business and corporate-level technology strategies.
  • How to examine and improve organizational competencies and capabilities.
  • The value of emerging technologies and competitive advantages.
  • How to manage data in a complex environment and industry.

It’s possible to land an entry-level position with a bachelor’s degree, and then work toward an MBA to increase your career possibilities. Some employers offer tuition-assistance programs to employees who wish to pursue advanced degrees.

Other Qualifications Needed for Success

Breaking into the top levels of healthcare takes determination and drive, the right education and training, and other qualifications, according to the employer and position. In general, the following skills and attributes can increase the chance of success in the healthcare industry:

  • Analytical Skills – The ability to analyze data, understand regulations, and adapt to new laws.
  • Communication Skills – Communicating effectively with other health and IT professionals is essential.
  • Problem-solving Skills – The ability to find creative solutions to problems is an important attribute.
  • Technical Skills – At upper levels of healthcare management, the ability to follow advances in technology and EHR systems is vital.

Florida Tech University’s MBA Degree Programs for Healthcare Managers

Individuals interested in joining or advancing in the dynamic and growing healthcare field can obtain the required knowledge and training through online education. Florida Tech University Online offers Master of Business Administration (MBA) programs with a Specialization in Healthcare Management and a Specialization in Information Technology Management. Each program is offered 100% online, so working professionals can fit their educational pursuits into their busy schedules.

These MBA specialty programs cover progressive, fundamental business methods, as well as the latest industry trends you’ll need to succeed and advance in a healthcare career. The MBA in Healthcare Management program exposes students to subjects like legal responsibility, healthcare policy and information management in healthcare. Florida Tech’s MBA in Information Technology Management program covers such topics as managerial accounting, database management technology, and strategic management of technology and innovation.

Each program is designed to provide students with the well-rounded business foundation and specialized knowledge that healthcare employers need now. Courses are offered 100% online, through an interactive video-based platform that is available 24/7. Students can attend classes, view lectures, and interact with instructors and other students any time.

Get an Advanced Degree and Advance Your Career

With all the changes coming to the healthcare industry, now is a great time to prepare for a career in healthcare management or healthcare information technology. As demand for skilled professionals continues to grow, so will career opportunities for individuals with the right credentials. If the healthcare industry sounds like a good fit for your skills, explore Florida Tech’s MBA programs today!

Category: Healthcare Management