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Twin Cities Campus

Business of Healthcare Minor

Finance
Curtis L. Carlson School of Management
  • Program Type: Undergraduate minor related to major
  • Requirements for this program are current for Fall 2023
  • Required credits in this minor: 12 to 13
The Business of Healthcare minor is available to degree-seeking students admitted to the Carlson School of Management at the University of Minnesota. The minor provides an opportunity for students specializing in one of the functional areas in business to gain additional skills that prepare them with a deeper knowledge of the medical industry. Students undertaking this minor will be exposed to courses on healthcare marketplace, institutions, regulations, reimbursement, medical technology, and analytics applicable to the medical industry. Knowledge of the medical industry landscape complements disciplinary training of the Carlson undergraduate majors.
Program Delivery
This program is available:
  • via classroom (the majority of instruction is face-to-face)
Admission Requirements
Freshman and transfer students are usually admitted to pre-major status before admission to this major.
This minor is only available to students who are pursuing a B.S.B. degree from the Carlson School of Management.
For information about University of Minnesota admission requirements, visit the Office of Admissions website.
Minor Requirements
Minor requirements
MILI 3585 - Navigating the Healthcare Marketplace with Economic, Social and Policy Lenses [SOCS] (3.0 cr)
MILI 3589 - Medical Technology and Society [TS] (3.0 cr)
MILI 3963 - Health Market Analytics (3.0 cr)
Take 3 or more credit(s) from the following:
· ACCT 5161 - Financial Statement Analysis (2.0 cr)
· ACCT 5201 - Intermediate Management Accounting (2.0 cr)
· FINA 4221 - Principles of Corporate Finance (2.0 cr)
· FINA 4422 - Financial Modeling (2.0 cr)
· GCC 3003 - Seeking Solutions to Global Health Issues [GP] (3.0 cr)
· GCC 3028 - Harnessing the power of research, community, clinic and policy to build a culture of health [DSJ] (3.0 cr)
· MGMT 3042 - Organizational Behavior: Groups and Teams (2.0 cr)
· HRIR 3111 - Human Resource Analytics (2.0 cr)
· IDSC 4210 - Interactive Data Visualization for Business Analytics (2.0 cr)
· IDSC 4310 - Prescriptive Analytics (2.0 cr)
· IDSC 4401 - Information Security (2.0 cr)
· INS 4105 - Corporate Risk Management (2.0 cr)
· MGMT 4034 - Technology Strategy (2.0 cr)
· MGMT 4035 - Mergers & Acquisitions Strategy (2.0 cr)
· MGMT 4044 - Negotiation Strategies (4.0 cr)
· MGMT 4055 - Managing Innovation and Change In Action (2.0 cr)
· MKTG 4074 - Data-Driven Marketing (4.0 cr)
· MKTG 4085 - Nudge: Improving Decisions about Health, Wealth, and Happiness (2.0 cr)
· SCO 3051 - Service Management (2.0 cr)
· SCO 3059 - Quality Management and Lean Six Sigma (4.0 cr)
· SCO 3072 - Managing Technologies in the Supply Chain (2.0 cr)
 
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MILI 3585 - Navigating the Healthcare Marketplace with Economic, Social and Policy Lenses (SOCS)
Credits: 3.0 [max 3.0]
Course Equivalencies: MILI 5990/6990/3585/5585
Grading Basis: A-F only
Typically offered: Every Fall
The healthcare marketplace constitutes over three trillion dollars in the United States and several trillion spent throughout the world. With growing demand for medical technology and the aging of the population, the scale and complexity of the healthcare supply chain is expected to dramatically increase over the next two decades. The healthcare sector is comprised of several markets for goods and services, including physician services, hospital services, insurance, pharmaceuticals and medical devices, and information technology. At the core of it all is healthcare consumers: us as patients, patient family members and caregivers. This course aims to 1) provide a historical evolution and social transformation of the healthcare sector, 2) critically review the current survey of the health economy, 3) discuss new health policy and reform initiatives and compare to international health system models. The overall goal is to provide an understanding of the scale and interactions between different health sector markets and consumers; to identify market opportunities and policy initiatives, as well as barriers to this expanding and global industry.
MILI 3589 - Medical Technology and Society (TS)
Credits: 3.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Every Spring
Course Description Innovations in medical technologies are one of the leading areas of economic growth in the world. Whether new technologies take the form of pharmaceutical, medical device, biotechnology, information technology of some combination of these innovations, the opportunities for both private enterprise and social welfare are substantial. However, these innovations are not without cost, and require reimbursement from either a privately or publicly financed health care delivery system. Thus, the demand for the evaluation of new medical technologies continues to grow as new treatments are developed and health care costs continue to rise. This course aims to provide knowledge of the skills, data, and methodology required to critically evaluate new medical technologies from a social perspective as well as from a business perspective in order to meet financial investment and regulatory compliance objectives. The course will provide an introduction to the analytic tool kit needed to critically evaluate new medical technologies including: 1. Understanding regulatory pathways such as the FDA approval 2. Understanding the U.S. payment policy & reimbursement for medical technology 3. Assessing unmet needs and the relevant market for the technology 4. Evaluating the social and economic value to convince payers to cover and reimburse the technology 5. Recognizing provider, healthcare organization and market-level factors that influence adoption of new medical technologies. Throughout the course, students will work on team-based hands-on exercises that will provide them gain further understanding of the impact of medical technology from the perspectives of an innovator, a regulator, a payer, a public entity, and consumers of the medical technology including physicians, hospitals, health systems and patients.
MILI 3963 - Health Market Analytics
Credits: 3.0 [max 3.0]
Grading Basis: A-F only
Typically offered: Every Spring
This course prepares students to analyze large health care databases with a focus on advanced applications with health insurance claims data. The course is designed to be a STEM offering with the use of statistical programming languages including R, Tableau, and SAS. This course is designed to appeal to students with an interest in developing data science as core skill and already have knowledge of some programming tools, and experience with data manipulation in Excel, SQL, or Access. Prerequisite: We recommended that students have a background in statistics. Consider MKTG 3005 - or STAT 3011 or BA 2551 or equivalent course. We also recommend a previously taken class with Excel, R, SAS, SQL, or Access.
ACCT 5161 - Financial Statement Analysis
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Interpretation/analysis of financial statements. Introduces basic techniques of financial statement analysis and applies them in different settings (e.g., in investment/credit decisions). prereq: [5101]
ACCT 5201 - Intermediate Management Accounting
Credits: 2.0 [max 2.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
This course is an in-action course. The course explores the topic of management accounting in greater depth. The course expands introductory course material via special emphasis on decision making, problem solving skills and exploration of accounting's role within overall management. The course is an in-action class. We will have a project working on a business case from a firm as the final assessment for the course. prereq: 3001, acct or finance major
FINA 4221 - Principles of Corporate Finance
Credits: 2.0 [max 2.0]
Course Equivalencies: Fina 4221/Fina 4241
Grading Basis: A-F only
Typically offered: Every Fall & Spring
This course evaluates how the financing choices the firm makes influence the creation of firm value and allocation of firm risks among investors. Course presents the debt vs. equity trade-off, tax effects of financing, dividend vs. share repurchases, and the impact on managerial incentives and agency problems. prereq: 3001 or 3001H, CSOM major or Math/Actuarial Science major or Management Minor
FINA 4422 - Financial Modeling
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
This applied course builds on principles from the prerequisite courses and provides students with significant practice building financial models to identify the free cash flow from and required investment in projects or firms for discounted cash flow and sensitivity analysis. Course presents net operating working capital requirements, Valuation with Free Cash Flow based methods, and the construction of three statement pro-forma cash flow projections. Prereq: FINA 4221, ACCT 5101, CSOM major
GCC 3003 - Seeking Solutions to Global Health Issues (GP)
Credits: 3.0 [max 3.0]
Course Equivalencies: GCC 3003/GCC 5003/NURS 5040H
Grading Basis: A-F only
Typically offered: Periodic Fall
Often, the most progress on challenging issues such as health and equity is made when you apply an interdisciplinary perspective. The same is true for global health issues. Whether responding to emerging pandemics, food insecurity, maternal mortality, or civil society collapse during conflict, solutions often lie at the intersection of animal, environmental, and human health. In this course, students will work in teams to examine the fundamental challenges to addressing complex global health problems in East Africa and East African refugee communities here in the Twin Cities. Together we will seek practical solutions that take culture, equity, and sustainability into account. In-field professionals and experts will be available to mentor each team, including professionals based in Uganda and Somalia. This exploration will help students propose realistic actions that could be taken to resolve these issues. This course will help students gain the understanding and skills necessary for beginning to develop solutions to global health issues. This is a Grand Challenge Curriculum course. GCC courses are open to all students and fulfill an honors experience for University Honors Program students.
GCC 3028 - Harnessing the power of research, community, clinic and policy to build a culture of health (DSJ)
Credits: 3.0 [max 3.0]
Course Equivalencies: GCC 3028/GCC 5028
Grading Basis: A-F only
Typically offered: Periodic Fall & Spring
Imagine a world where factors such as race, ethnicity, and socioeconomic status had no bearing on a person's health status, quality of life, or longevity--a world where everyone had an equal opportunity to live a long and healthy life. Unfortunately, this is not the case. Despite decades of focused public health efforts, health inequities remain; individuals from low income and diverse racial/ethnic backgrounds are far more likely to, (1) struggle with chronic health conditions, (2) report lower quality of life, and (3) have a lower life expectancy, than others. Bold and innovative solutions are needed to address this grand challenge. Integration is one such method that can potentially increase the success and sustainability of approaches to reduce health disparities and create a culture of health for all. Integration is an approach to solving complex public health problems that merges academic research, clinical practice, policy and community resources in new ways. This interactive course will challenge students to identify root causes of health, including access to food, housing, transportation and education. Students will also focus on health disparities and barriers to eliminating these existing, disparate, negative outcomes. Students will be introduced to the concept of integration science and practice; will learn about the importance of integration across research, practice, community, and policy domains to address health disparities; and will cultivate the communication skills needed to intentionally and successfully facilitate integration practice. Course instructors with unique vantage points as concerned scientists, health practitioners, and policy wonks will engage students in class discussions and activities, individual writing assignments and small-group work aimed at unveiling the reasons health disparities persist globally--challenging them to consider opportunities for integration to alleviate existing disparities. The semester will culminate in students working in groups to create their own integrated projects aimed at addressing a health disparity.
MGMT 3042 - Organizational Behavior: Groups and Teams
Credits: 2.0 [max 2.0]
Typically offered: Every Fall
The purpose of this course is to understand both the impact and experience of the individual, leaders, and teams in an organizational setting. We will discuss the influence that individual differences and behaviors play within work teams, and how leadership may shape team experiences, focusing on the team as the key factor through which organizations function and grow. An employer?s success is largely attributable to the motivation and performance of those they employ. The factors that influence group, team, and organizational performance will be the focus of this class. We will explore topics such as communication, conflict, negotiation, leadership, organizational structure and change, among others. Each topic covered will enrich our understanding of the complex relationship between the individual, team, and the organization. Recommended prerequisite: HRIR 3021. Prior, the course's designator was: HRIR 3042.
HRIR 3111 - Human Resource Analytics
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Spring
This course introduces students to fundamentals of machine learning with a strong focus on communicating insights from data analysis and analytics. It is designed to provide students with opportunities to develop data processing, analysis, and visualization skills by taking a data-driven approach to HR?s impact on the business, with a topical focus on diversity, equity and inclusion. Students will learn how to effectively communicate insights from data analysis and analytics through streamlined storytelling presentations aimed to provide compelling recommendations to decision makers. Students will be given the opportunity to use Excel and/or Tableau, and will also be introduced to predictive analytics software. Prerequisites: HRIR3021 or HRIR3021H or IBUS 3021 and SCO 2550 or BA 2551 or equivalent statistics course
IDSC 4210 - Interactive Data Visualization for Business Analytics
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Fall
IDSC 4210 is an elective course for the undergraduate Business Analytics minor at the Carlson School of Management. It focuses on the fundamental and widely used exploratory data analysis technique of interactive visualization that is integral to modern business analytics. The key goal of this course is to prepare students for the rapidly changing digital environment faced by companies as it pertains to data-driven decisions. The students will also have hands?on experience with interactive data visualization using modern, state-of-the-art software on real-world datasets.
IDSC 4310 - Prescriptive Analytics
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Spring
Prescriptive Analytics answer the question "What should I do?" This class of analytical techniques focuses on moving beyond simply analyzing the data to providing an optimal action plan. Prescriptive techniques combine learnings from the descriptive and predictive disciplines with a new layer of insight and computer algorithms that suggests an action plan rather than just describing the data or predicting what might happen. prereq: IDSc 4110 & 4210 recommended.
IDSC 4401 - Information Security
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Spring
Concepts/issues of security and data integrity threats that undermine utility, robustness, and confidence in electronic technologies in facilitating business transactions. prereq: 3001
INS 4105 - Corporate Risk Management
Credits: 2.0 [max 2.0]
Course Equivalencies: Ins 6105/ Ins 4105
Typically offered: Every Fall & Spring
Theory applied to corporate risk management and insurance practices. Identification, measurement, and treatment of an organization.s financial risks integrated with its property, liability, workers compensation, and human resource risks. Selection and application of risk control and risk financing tools: risk retention, reduction and transfer, including insurance.
MGMT 4034 - Technology Strategy
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Spring
This course addresses challenges and opportunities in the strategic management of technology and innovation. The course will equip students with the conceptual frameworks, tools, and language for analyzing and managing businesses in environments of technological change. We will examine how new technologies transform industries and create new markets, strategies for addressing technological change, and approaches for managers to shape and/or respond to new technologies. Because innovating or responding to new technologies often involves strategic and organizational change, we will also discuss how organizations change in response to new technologies. We will use a combination of readings, lectures, case discussions, and simulations. The final team project provides an opportunity to explore in-depth the technology strategy and innovation challenges of a particular organization. The class is heavily discussion-based, which means that all students must read the material and be prepared to contribute to the learning process. prereq: Mgmt 3004 or 3001
MGMT 4035 - Mergers & Acquisitions Strategy
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Spring
This course focuses on the strategic use of mergers and acquisitions (M&A) as a means of new market entry and growth. It covers such questions as: when should one pursue an acquisition? What are the sources of value from an acquisition? What are the common challenges acquirers face? What should acquirers look for in a potential target? How should they integrate a target post-acquisition? It also considers the sell-side strategies for firms looking to exit businesses through divestiture. The learning objective of this course is to help you learn to identify and define successful mergers and acquisitions, and offer solutions for the common problems that firms face when undertaking acquisitions. The course not only introduces you to core concepts around M&A, it also seeks to develop your ability to critically evaluate firms? M&A choices, and to effectively communicate your assessment of these choices to a business audience. prereq: Mgmt 4032
MGMT 4044 - Negotiation Strategies
Credits: 4.0 [max 4.0]
Grading Basis: A-F only
Typically offered: Every Fall
This course is an introduction to the theory and practice of negotiation as the art and science of securing agreements between two or more interdependent parties seeking to maximize their own outcomes. The concepts you learn and the skills you develop in this class will apply to both your work and personal negotiations. At the heart of this class is the idea that the best way to learn to negotiate is by engaging in negotiation and then rigorously analyzing your experience. Therefore, this course is designed to be a highly interactive learning experience. The role of the course instructor is to help you get the most out of this experience by selecting relevant and compelling exercises and readings, as well as by facilitating engaging and meaningful discussion of class negotiations, negotiation research and best practices.
MGMT 4055 - Managing Innovation and Change In Action
Credits: 2.0 [max 2.0]
Course Equivalencies: IBus 4050/Mgmt 4055
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
This course focuses on how business organizations innovate and change. The course covers foundational topics and combines both theoretical insights and practical knowledge based on cases and hands-on exercises. The class topics address the following questions: What are the sources, types and patterns of innovation? What are the characteristics of an organization?s innovation ecosystem? How do organizations compete and collaborate in innovation ecosystems? What are some external forces shaping organizational innovations? How do organizations adapt to these external forces? By the end of this course, students will: Learn the key principles of success and failure of innovation and change in business organizations across different products, services and geographies. Apply course concepts to real organizational cases, diagnose problems and recommend solutions. Use clear written, verbal and online communication skills. Collaborate to create novel solutions to tasks and problems. Demonstrate the use of a wide range of qualitative and quantitative sources to support conclusions and recommendations. prereq: MGMT 3001 or MGMT 3004 or MGMT 3010 or MGMT 3015
MKTG 4074 - Data-Driven Marketing
Credits: 4.0 [max 4.0]
Grading Basis: A-F only
Typically offered: Every Spring
This course emphasizes various analytical techniques and statistical models with hands-on applications of marketing data and software tool kits. The course will cover classic marketing topics such as segmentation, positioning, new product development, advertising, and pricing. It will focus on how to choose and apply the most effective statistical tool to analyze questions on marketing topics and then translate the information from analysis into data-driven decisions. The goal is to increase students' comfort level of analyzing large marketing databases and help understand how a scientific approach can enhance marketing decision making by converting data into insights. prereq: Mktg 3011 (or 3010)
MKTG 4085 - Nudge: Improving Decisions about Health, Wealth, and Happiness
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Spring
People do surprising and funny things. Business leaders, policy makers, and scientists long have been interested in why people do what they do, and for a long time that interest has fallen under the rubric of a "rational man" model. It is now clear that the rational model is imperfect, at best. This course takes a look at the less rational side of life, studying the shortcuts, the low road, and the error-prone processes that enable people to feel, decide, and act efficiently--despite costs to rationality. For most of the past 200 years, most of what organizations, politicians, and well-meaning people did in order to make consumers change their behavior consisted of what might be called "shoves"--heavy-handed, choice-restricting, highly-incentivized, information-dense treatments that basically told consumers what to do (or else!). Those, by and large, do not work. Not only do they not work, but they are also costly and can even make the unwanted behavior emerge even more than before the shove by creating boomerang or counterproductive effects. prereq: MKTG 3001
SCO 3051 - Service Management
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Fall
Issues unique to managing service processes. Identifying service needs, designing services, and managing services. prereq: 3001
SCO 3059 - Quality Management and Lean Six Sigma
Credits: 4.0 [max 4.0]
Grading Basis: A-F or Aud
Typically offered: Every Fall & Spring
Concepts and principles of Quality Management and Lean Six Sigma. Process improvement is an important part of every manager?s job. Both the managerial and the technical aspects of quality improvement are considered. Three tiers of the quality field are presented including; quality frameworks, quality methodologies, and quality tools. The foundation starts with learning the overarching quality frameworks such as the Malcolm Baldrige Performance Excellence framework, Six Sigma process improvement, and ISO 9001. Next the course examines quality methodologies such as the six sigma DMAIC methodology, Rummler-Brache process improvement methodology, Lean Thinking, Plan-Do-Check-Act, and the Theory of Constraints. Applications of process improvement are conducted using the many tools of process improvement; SIPOC diagram, Critical-to-Quality Tree, cross-functional process maps, project charter, affinity diagram, quality function deployment, cycle of service, moments of truth, service recovery plan, control plan, statistical process control, control charts, process capability, balanced scorecard, performance metrics matrix, design of experiments. Lean tools such as; Kaizen, Kanban, Five Why, Andon, 5S, Gemba, 8 wastes, Takt time, standardized work, bottleneck analysis, poka-yoke, root causal analysis, and visual control. prereq: 3001 or equiv or instr consent
SCO 3072 - Managing Technologies in the Supply Chain
Credits: 2.0 [max 2.0]
Grading Basis: A-F only
Typically offered: Every Fall & Spring
Technologies and technological change within/between firms as opportunities for professional leadership. Selecting technologies, nurturing their adoption, and ensuring their exploitation. prereq: 3001