If you are interested in advancing your career in the medical or healthcare industry, consider getting a healthcare management MBA. There is a growing demand for qualified and well-educated healthcare administrators with the skills to streamline business and clinical process and improve patient and financial outcomes.
For those who seek to become leaders in one of the fastest growing sectors of the economy, a career in healthcare management can be both lucrative and personally rewarding.
Pursuing a Career in Healthcare Management
Healthcare managers are mainly responsible for planning, directing and coordinating health and medical services. Their work can range from running a hospital to hiring staff to managing information systems and big data for high quality care. Healthcare managers may also work in a variety of environments, including clinics, outpatient clinics, insurance companies, consulting firms, pharmaceutical companies, long-term care facilities and medical practices.
These types of undergraduate programs incorporate healthcare-related classes on finance, law and marketing into a liberal arts curriculum. As you might expect, the coursework for a healthcare management MBA is similar but more advanced and may also provide students with the opportunity to specialize in areas like finance or information technology.
A healthcare management MBA will provide you with the highly specialized process management skills needed to keep rising healthcare costs in check. You will also develop high level strategic skills to position a firm in the highly competitive healthcare market. Such advanced skills will put you in a better position to assume roles with greater responsibility and higher pay. Having an MBA degree is practically essential if you are aiming to get to the executive leadership level in healthcare management. It can provide you with the knowledge, experience and business acumen needed to oversee a department or even to run an entire facility.
MBA Healthcare Management Salary and Benefits
The Bureau of Labor Statistics reports the median annual healthcare management salary as of May 2015 was $94,500.1However, it should be noted that salaries may vary based on title, setting and location. To give you an idea of the earning potential among healthcare management careers, here is a list of average salaries by job title based on information from Indeed.com:
- Vice president of clinical services – $153,0002
- Hospital CEO – $133,0003
- Healthcare CTO – $117,0004
- Nursing home administrator – $99,0005
- Hospital purchasing director – $90,0006
- Pharmaceutical project manager – $87,0007
In addition to being a financially rewarding, a healthcare management career also offers significant job security. Between 2010 and 2020, the number of healthcare management jobs is expected to grow by 22 percent (notably higher than the average growth rate of seven percent). In fact, the Department of Labor expects nearly 68,000 jobs to be created.8 This is due in large part to the increasing medical needs of the aging baby boomer population and the effects of the Affordable Care Act.
If you are interested in a career in healthcare management, consider getting an Online MBA in Health Care Management at Widener University. Regardless of whether you have prior healthcare experience, Widener’s Health Care Management concentration is geared toward making you a leader in the healthcare industry. Students enrolled in the Online MBA program have the flexibility to continue working while they get their degree in just 33 credit hours.
To learn more, call 844-386-7321 to speak with a Program Manager or request more info.
1 “Occupational outlook handbook: Medical and health services managers.” BLS.gov. http://www.bls.gov/ooh/management/medical-and-health-services-managers.htm (accessed on September 6, 2016).
2 “VP clinical services salary.” Indeed.com. http://www.bls.gov/ooh/management/medical-and-health-services-managers.htm (accessed on September 6, 2016).
3 “Hospital CEO salary.” Indeed.com. http://www.indeed.com/salary?q1=hospital+ceo&l1=&tm=1 (accessed on September 6, 2016).
4 “Healthcare CTO salary.” Indeed.com. http://www.indeed.com/salary?q1=healthcare+cto&l1=(accessed on September 6, 2016).
5“Nursing home administrator salary.” Indeed.com. http://www.indeed.com/salary?q1=nursing+home+administrator&l1=&tm=1 (accessed on September 6, 2016).
6“Hospital purchasing director salary.” Indeed.com. http://www.indeed.com/salary?q1=hospital+purchasing+director&l1=&tm=1 (accessed on September 6, 2016).
7“Pharmaceutical project manager salary.” Indeed.com. http://www.indeed.com/salary?q1=pharmaceutical+project+manager&l1=&tm=1 (accessed on September 6, 2016).
8“Why should I major in healthcare management?” HealthcareManagementDegree.net http://www.healthcare-management-degree.net/faq/why-should-i-major-in-healthcare-management/ (accessed on September 6, 2016).