Looking to get into a growing field with ample opportunity for employment? You may want to consider a career in healthcare management.
Due to recent changes in the healthcare system, such as the Affordable Care Act and an aging baby boomer population, the demand for qualified healthcare management professionals is increasing.1 As a result, the industry is rapidly changing, and there is a growing need for healthcare managers and administrators in a wide range of settings.2
To see if this field is right for you, here’s an overview of healthcare management.
The Benefits of an Advanced Degree
Whether you’re new to the industry or looking for professional advancement, getting an MBA in healthcare management can be a wise career choice. Healthcare organizations have a growing need for people with expertise in policy, finance and accounting.
Enrolling in an healthcare management graduate program program can provide you with the knowledge and skills you need to take on a leadership role in the healthcare industry. Coursework typically includes finance, marketing, organizational leadership, economics, accounting, information systems and management.
Most importantly, getting an advanced degree offers job stability, improves your outlook for career growth and helps increase your earning potential.3
Careers in Healthcare Management
The Bureau of Labor Statistics predicts 22 percent job growth in healthcare management between 2010-2020—that’s 68,000 jobs. The average salary is predicted to be $84,000 by 2020.1 Across the industry, statistics show earnings are higher for those who have an advanced degree.4 The top 10 percent of healthcare management industry professionals—most of whom have a master’s—earn an annual salary of more than $144,000.5
In addition to education level, the salary level for those with a graduate degree in healthcare management depends on several key factors, such as previous work experience, level of responsibility in a particular role, location and organization size. For example, the average salary for a health information management director nationwide is $70,000; in large cities, such as New York or Washington, D.C., salaries tend to be 40-70 percent higher than the national average. The median annual salary of a healthcare administrator for a small medical practice (defined as six or fewer doctors) is $85,000 while that of a healthcare administrator for a large practice (26 or more doctors) is over $150,000.5
To give you a better idea of potential career paths in the industry, here’s a look at five top positions in healthcare management:
- A Hospital CFO ($130,000 average annual salary)7 oversees the hospital’s finances, record keeping and risk management and reports financial status to executive leadership and the hospital board.10
- A Hospital Administrator ($90,000 average annual salary)8 is responsible for operations, policymaking, staffing, budgeting, adherence to compliance regulations, vendor management and promoting and implementing new treatments at a hospital, nursing home or outpatient clinic.5
- A Pharmaceutical Project Manager ($85,000 average annual salary)9 performs investment analysis, reviews market data and develops plans to promote new healthcare products, such as drugs and medical devices.
- A Health Information Management Director ($70,000 average annual salary)6 manages the flow of information within a medical facility, ensuring that data gets delivered in the most efficient way, computer hardware and software are up-to-date, and information is securely stored and tracked.5
- A Medical Practice Manager ($70,000 average annual salary),10 a role similar to a hospital administrator, is responsible for budgeting, billing, staffing, adherence to compliance regulations, vendor management and scheduling at a smaller medical facility.5
If you’re thinking about getting a master’s to advance your career and earn a higher salary, take a look at the Online MBA with a Concentration in Health Care Management at Widener University. To learn more, call 844-386-7321 to speak with a program manager.
1 “Why should I major in healthcare management?” Healthcare-management-degree.net. http://www.healthcare-management-degree.net/faq/why-should-i-major-in-healthcare-management/ (accessed February 23, 2017).
2 “What is the average salary for careers in healthcare management?” Healthcare-management-degree.net. http://www.healthcare-management-degree.net/faq/healthcaremanagementaveragesalary/ (accessed February 23, 2017).
3 “What are the benefits of an MBA in healthcare management?” Healthcare-management-degree.net. http://www.healthcare-management-degree.net/faq/what-are-the-benefits-of-an-mba-in-healthcare-management/ (accessed February 23, 2017).
4 “Salary.” Healthcaremanagement.com. http://www.healthcaremanagement.com/salary-2/ (accessed February 23, 2017).
5 “5+ top MBA healthcare management careers and salary outlook.” MHAdegree.org. http://mhadegree.org/mba-healthcare-management-salary/ (accessed February 23, 2017).
6 “Health information management (HIM director salary.” Payscale.com http://www.payscale.com/research/US/Job=Health_Information_Management... (accessed February 23, 2017).
7 “Hospital CFO salaries in the United States.” Indeed.com. https://www.indeed.com/salaries/hospital+cfo-Salaries (accessed February 23, 2017).
8 “Hospital administrator salary.” Payscale.com. http://www.payscale.com/research/US/Job=Hospital_Administrator/Salary (accessed February 23, 2017).
9 “Project manager, pharmaceuticals salary.” Payscale.com. http://www.payscale.com/research/US/Job=Project_Manager,_... (accessed February 23, 2017).
10 “Practice manager salaries in the United States.” Indeed.com. https://www.indeed.com/salaries/Practice-Manager-Salaries (accessed February 23, 2017).