As you read this article, you’ll be able to distinguish between healthcare administration and business administration. This allows you to decide what aligns best with your aspirations.
In a nutshell, you can find ready answers, thus clarifying your goals.
Business Administration vs. Healthcare Administration
Health administration and business administration sound quite similar. However, each has its focus.
Professionals in either field are trained to provide all kinds of solutions. So, are you wondering what the similarities and differences between these careers are?
Our objective is to provide the help you need.
What is Healthcare Administration?
Starting with healthcare administration is a diverse field that covers elements from several professional disciplines.
Such elements include regulatory compliance, business development, human relations, healthcare, accounting, and risk management.
Are more comprehensive definition is that given by the American Public Health Association.
It describes the field as concentrating on improving health service administration, including cost-benefit and operations, research, program activities, finances, standards, and monitoring the organization of health services.
Unlike medical practice or patient treatment, healthcare administration can be described as a non-physician role involving employment-related, financial, and organizational aspects of healthcare.
What is Business Administration?
On the other hand, business administration involves managing an organization’s resources, time, and people.
Also called business management, this field covers all aspects of overseeing and supervising business operations.
Trained professionals ensure the business or organization runs smoothly, efficiently, and profitably.
Business administration skills acquired by professionals include sales, leadership, finance, entrepreneurship, accounting, marketing, data analysis, and project management.
Other skills acquired by business administrators include accounting, IT management, and human resources.
Difference Between Healthcare Management and Business Administration
When comparing and contrasting healthcare administration and business administration, you’ll need to consider various vital areas.
These include career options & salary outlook, curriculum, job titles you may qualify for, how much education is needed, and skills learned.
i. Career Options & Salary Outlook
For a lot of people, career options and salary outlook will determine what careers they choose.
While healthcare administration and business administration have excellent career prospects, there are apparent differences.
The Bureau of Labor Statistics (BLS) projects job growth of 18% for healthcare administration managers between 2018 and 2028. Your level of education as a health administrator determines the type of job you hold.
Healthcare administrators with a bachelor’s degree can find jobs like medical secretaries or office managers, medical assistants, or medical records technicians.
If you have a master’s degree, the options are more varied.
With a master’s degree, you can find jobs like operations manager, hospital administrator, nurse manager, and chief executive officer. Others include the facilities manager and principal operations officer.
The median salary for healthcare administration professionals is around $118,800.
Like healthcare administration, your career options as a business administrator will largely be determined by your level of education.
With a bachelor’s degree, you can work as an administrative assistant, a customer service supervisor, or a sales consultant. More positions include sales manager and account executive.
The average salary for MBA graduates is around $101,034. As a business administrator, the industry you work in will determines your paycheck.
Consulting pays the highest salary of around $152,470, followed by the financial services industry, which pays $129,889.
Technology pays $124,289, healthcare $118,004, while retail pays around $108,270. There are lots of other details you’ll have to look at individually.
There are unique curriculums for each of these fields. Courses for healthcare administration include healthcare policy and regulation and healthcare systems management.
Others include healthcare financing, global health systems, and health service managers’ evidence-based decision-making.
There are still other healthcare administration courses like healthcare law, ethical issues, and healthcare marketing, to mention a few.
For business administration, examples of courses covered include functional & project management and finance principles.
More courses include human resource management, business analysis and intelligence, customer service, management concepts, and business law.
iii. How Much Education is Needed
Your career prospects are boosted mainly by your level of education in both fields.
In the case of healthcare administration, entry-level job positions accept applicants with bachelor’s degrees with little to no work experience.
While that is true, other jobs may require an advanced degree.
Healthcare administration positions you can hold with a bachelor’s degree include project coordinator and intake coordinator.
Others include program reimbursement specialists, medical & health services managers, patient registrars, and medical recordsassociatese.
You can also occupy an administrative medical assistant position, health information management abstractor, or clinic or practice executive manager.
With an advanced degree (master’s), you can hold a wide range of positions like operations manager and facility manager.
Nursing director, health services manager, medical records manager, healthcare consultant, and hospital administrator are more positions you can fill.
If you wish to pursue a career in business administration, all you need is to achieve the minimum, which is to earn an associate’s or bachelor’s degree.
Many professionals earn a master’s and even a doctoral degree to boost their careers. As seen above, your career prospects are inspired by your level of education.
iv. Skills Acquired
Regarding critical skills, professionals in these fields must obtain specific types relevant to their jobs.
As a healthcare administrator, relevant skills will include analytical, critical, and problem-solving skills. What more? You must be able to work in a face-paced environment.
Excellent communication skills are also needed. Experience, goal setting, superior presentation, and knowledge of best finance operations must be possessed by you.
For business administration, vital skills include leadership, financial management, problem-solving, and organizational skills. Communication skills are also necessary for effective functioning.
Technology skills and time management aren’t left out.
Get as Much Knowledge as you can
While seeking to know the differences between healthcare administration and business administration, you’ll do well to dig further for more details.
Luckily there are lots of these online. Any doubts you have must be cleared before proceeding with your preferred field of study.