is a healthcare MBA from an accredited school worth it?

I am a hospital pharmacist. I already have a job, but I would like to increase the chances of getting promoted in my hospital or getting a managerial job in another hospital in the future (I had 3 years of previous supervisory experience in a small hospital). I got accepted into an accredited online healthcare MBA program. The program is quite expensive (~70K), and I would have to pay for it myself. While I can afford to pay, I want to know if it's going to be worth it in a sense of expanding my career options. ( I did a search of online forums, but all the questions I saw were from people who were either just starting out or were pursuing non-healthcare-related mbas).

 

You have a terminal degree, PharmD, correct. There is little for you to gain from the time you will invest. I spoke with a friend who is PhD Psychologist and said he once considered getting an MBA to improve his skills at running is Mental Health Practice. In the end he concluded he could learn what he needed for free and on his own schedule rather than being forced to follow a program.

 

I agree with Novadar, if you already have a Doctorate as terminal degree. There is no reason to continue for your education; especially, for the Master level. It would a little value into your credential, I know moving up the lather requires education/knowledge; however, experiences always beat everything else.

 

Of course, it doesn't need to be "all or nothing." You could go the certification route:

Graduate Certificate: Health Management - UMassOnline.net (for example)

 

If your goal is to get a managerial position, it certainly can help. It may very well give you that edge against the other healthcare professionals trying to move into management.

The one caveat I have with your plan is the $70K price tag on your degree. Unless this degree is from a big name school, I would personally look for a cheaper MBA. I know you can afford it, but why waste the money if you can get a degree that is just as good for a third of the cost, or less?

What school is this degree from and why are you considering that school in particular.

 

I hate to pimp my current school but NCU has an affordable MBA that one can complete in less than a year.
You will learn from the experience.

 

GetEducated.com maintains "Best Buy" lists of regionally accredited degree programs in some popular degree level-subject area sets, ordered by total tuition. There are some good programs that should be listed among the lower cost ones that they miss; nonetheless, they're a great starting point with some fantastic options.

GetEducated Best Buy Online MBAs, AACSB (The AACSB is seen as the most exclusive U.S.-based specialized accrediting agency for business schools; an AACSB degree is seen as especially advantageous if you might be interested in teaching in the future.)
GetEducated Best Buy Online MBAs, RA Non-AACSB
GetEducated Best Buy Online Masters in Healthcare Note a set of interesting M.S. degrees in pharmacy subjects from the University of Florida.
Other lists! Note, among master's programs, lists for Management/Administration (non-MBA), Leadership, Public Administration, and Public Health (CEPH specialized accreditation is seen as a very big plus there).

While I'm pushing lists, Jonnie Liu's lists of distance learning programs are an international treasure.

 

One of my golden rules: Better have it and don't need it than need it and don't have it. Why pay $70k when you can do the same with less money? Even with your experience in supervisory and or managerial, you can be label by some, that you may have not any business training or education for that matter. So, it may be worth the investment!

 

Sorry for what I am going to write, but don't take it personal nor as an attack, it just can not help my self: Here I go. Sir, you are shilling for our school!

Caveat: I am a graduate from NCU.

 

I would say that this is a solid general principle.

 

It's worth doing as you already have a job. Distance learning is good only if you have a good job in hand. These courses help you to prosper in life. However, measure the opportunity of these type of courses in the job you are presently pursuing. Think twice on which field you want to pursue your career in future. Decide on it.

 

What are your reasons for saying this?

 

I would not invest $70K if I had a PharmD and some management experience. You make no mention of a desire to teach business courses so while nice a MBA from an AACSB school would not be needed unless you think you may switch employers in the future (although one never knows if this will be forced upon you). If you find an AACSB program you like, then go for it. If not you could look at a program accredited by ACBSP if teaching is not in your future or look at a program that has a solid reputation. A graduate certificate may help but since you have no prior "business" classes or training I think a degree may be more helpful and give you an edge.

If the organization you work for accepts an Organization Leadership Master's and you have a job in mind and available right now it may be worth it. My wife was in lower middle management in a hospital system and several of her coworkers had MOL degrees. However, to move above into a VP position the hospital is now requiring an MBA (general or health care management). The health system is a top ranked system so this could be a trend.

 

Auburn offers an MBA specifically designed for doctors. I would assume a PharmD would qualify and I believe the program is less than $70k. I'd at least take a look at the program. I disagree with previous respondents who say the degree wouldn't be useful. If you want to advance in the hospital or go into BigPharma I definitely see the benefit.

http://business.auburn.edu/academics/executive/physicians-executive-mba/