Careers in Healthcare Management
Best Masters / MBA in Healthcare Management
The old adage of health is wealth has never really rung truer than in the excruciating recent past – the pandemic. It has brought the globe to a screeching halt, affecting lives, livelihoods, and even large-scale economies.
And the healthcare sector has hardly been more tried and tested before this crisis. One of the glaring implications of this crisis is the significance of effective healthcare policies, programs, resources, and implementations.
The challenges emphasized in the crisis – health care delivery, workforce capacity, medical supply, protective measures, and financial loss – have all pointed to the need for better health care management systems equipped for an increasingly unpredictable world.
Why choose a Healthcare Management career?
Among the various “big picture” reasons of fulfillment and purpose, one of the main tangible ones is the fact that healthcare services and their management is a never ending and ever-growing sector.
The demand for professionals who can make a valuable difference is immense. Especially with the sector turning towards a more streamlined corporate structure for better facilities and reach.
The United States Bureau of Labor Statistics projects its ten-year job growth at 33%, with median salaries well over $100,000.
Although a Bachelor’s degree may be sufficient to get your foot through the door, a Master’s degree – whether an MSc or an MBA – can help boost your career into upper management roles from the get go. A number of job roles are in fact only open to graduate degree holders in the field.
Besides, the job itself can lead to the satisfaction of working towards making health services affordable, accessible, and streamlined so anyone can reap its widespread benefits.
The sector also promises the excitability of a constantly evolving working atmosphere – with automation and digitization of medical services. And with a degree in healthcare administration, you will be in demand in virtually anywhere around the world, doing your bit to make it happier and healthier.
Job Roles in Healthcare Management
Professionals with a healthcare management graduate degree can lend their expertise to a number of job roles like Health Service Administrator, Healthcare Finance Manager, Health Promotion and Wellness Coordinator, Assisted Living/Hospice Coordinator/Director, Healthcare Consultant, Medical Services or Emergency Healthcare Manager, Quality and Improvement Manager, Medical Information Technology Professional, and more.
Typically, Healthcare Managers oversee a department covering various healthcare teams such as physicians, nurses, etc.
They could be responsible for the financial management, cash flow, budgeting, accounting, etc. in a medical establishment.
They may be responsible for overseeing medical quality compliance or other day to day operational issues within the healthcare system.
Salaries and career growth in Healthcare Management
Overall, as we have already mentioned, there is a 30% projected job growth in the next ten years, which is quite promising. The range of employers too gives widespread options to choose from.
According to BLS, 33% are employed by hospitals (government and private), with sprinkled demand in Nursing and Residential facilities, Physicians’ offices, Outpatient Care Centers, government administrative offices, as well as a large (30%) employed elsewhere that include insurance and research facilities who seek healthcare leaders with strong business and strategic management skills.
An entry level position in patient care services, nursing administration, government relations, planning and development, human resources, finance, etc. can eventually lead to higher management roles later.
With median salaries at $101,000, healthcare management salaries are quite competitive compared to other similar management level job roles.
Salaries can typically start at $70k for beginners. BLS lists the median annual wages of healthcare managers, by industry, that we have shown below.
| Industry | Median Salary (approx..) |
|---|---|
| Government | $112,000 |
| Hospitals | $110,000 |
| Outpatient Care Centers | $95,000 |
| Physicians’ offices | $92,000 |
| Nursing and Residential care | $87,000 |
How to get into a Healthcare Management career?
Although a Bachelor’s or an Associate degree can land you an entry level job in the industry, as a healthcare management professional, an MBA or MS degree can give you the necessary business and leadership skills to catapult your career to upper management roles.
Roles like Healthcare Administrator, Program Director, Development Director, Chief Compliance (CCO), Operations (COO) and Executive (CEO) Officers can open up with an advanced degree qualification.
Besides the business aspect of the education, these degrees can also train with skills like leadership, communication, interpersonal, as well as strategic decision making.
Here are some of the well-known programs to get head start in your healthcare management career. For a detailed list, with tuition et al, we refer you to these articles on Best MBA for Healthcare Management and Best MSc in Healthcare.
| University | Program | Country |
|---|---|---|
| Northwestern University (Kellogg) | MBA with a Health Enterprise Management major | USA |
| University of Texas Austin (McCombs) | MBA with Healthcare concentration | USA |
| University of Michigan (Ross) | MBA | USA |
| University of Pennsylvania (Wharton) | MBA | USA |
| Harvard University | MBA | USA |
| University of North Carolina | MBA | USA |
| University of Virginia (Darden) | MBA | USA |
| Emory University (Goizueta) | MBA | USA |
| Carnegie Mellon University | MBA & MS in Healthcare Policy Management | USA |
| Washington University in St Louis | MBA/MS in Public Health | USA |
| Boston University | MBA/MS in Public Health | USA |
| UCLA | MBA | USA |
| UC Berkeley (Haas & UC Berkeley School of Public Health) | MBA | USA |
| IESE (Healthcare Initiative) | Executive Education | Spain |
| INSEAD | Research focus on Healthcare Management Initiative | France |
| Indian School of Business | Advanced Management Program for Healthcare | India |
There are plenty of good competitive programs available to gain the necessary healthcare management acumen for a successful career. Many of which are not included in this list.
We encourage you to explore your options and understand how an MBA or Master’s in Healthcare can boost your career in the industry.
If you need further professional help, we suggest you contact us at: info [at] mbacrystalball [dot] com
And here are some related healthcare and other specialized Master’s programs for the interested.
– Why I chose Master’s in Public Health
– Why Doctors are joining MBA programs
– MBA in Canada vs India decision for Healthcare marketing applicant
– Specialized Master’s Programs
– Guide to Master’s Degree for international students
Sources: 1, 2, 3, 4