Healthcare expenditure accounts for a significant share of every country’s gross domestic product (GDP), including Canada. Canada’s universal healthcare system is a complex ecosystem of publicly funded hospital and physician services and privately funded (i.e., private insurance or out of pocket) services that are not covered by public insurance such as dental care, long term care and outpatient prescription drugs. Woven together by public policy and regulatory oversight, the system is supported by an array of private enterprises supplying essential goods (e.g., pharmaceuticals, medical equipment, and supplies) and services (e.g., IT, consulting).
The healthcare landscape is rapidly evolving due to the aging population, complex diseases, and longevity. There is an increased demand for services with limited resources. More than ever, business practitioners are required in healthcare to lead disruptive business models and process innovations, reduce healthcare resource waste, increase efficiency, and lead transformation. While the healthcare industry requires a broad range of clinical talent, it also requires specialized businessmanagement practitioners with skills ranging from strategic planning, operational management, analytics, IT, finance, marketing, business development, human resources, and workforce planning.