Top five careers for graduates of online MBA in Healthcare Management programs
Because people will always need healthcare, the healthcare profession has a reputation for being “recession-proof.” You don’t have to be a hands-on provider, though, to take advantage of the job security that the healthcare industry provides. The success of any medical organization depends upon effective administrators who can successfully navigate the fine line between providing compassionate care and maintaining the bottom line.
The value of an MBA with a Concentration in Healthcare Management is its versatility. Here’s a look at some of the career doors that will open for you once you’ve earned your MBA in Healthcare Management.
Medical Practice Manager
Medical practice managers are charged with planning budgets, ordering supplies, staying on top of billing, hiring and managing staff and making sure the practice remains in compliance with the Affordable Care Act and other legal guidelines. On average, medical practice managers make $79,000 a year.
Hospital Administrator
Hospital administrators are responsible for helping hospitals run as efficiently as possible. Hospital administrators develop budgets, hire physicians and other healthcare providers, and develop and implement quality assurance protocols. Though the average hospital administrator salary is $82,000 a year, hospital administrators with MBAs can make as much as $110,000 a year.
Pharmaceutical Product Manager
Pharmaceutical companies hire individuals with an MBA in Healthcare Management to investigate product funding sources, review market data, develop new promotional campaigns for drugs and medical devices and manage existing investments. This position demands some familiarity with pharmaceutical science as well as strong management skills. The average salary for this role is approximately $92,000 a year.
Health Informatics Specialist
One of the key features of the Affordable Care Act was a mandated shift from paper records to electronic medical charts. The health informatics specialist oversees these electronic data records, ensuring that the information they contain is available to healthcare providers and other individuals who need to have access to it, and that the information is secure and maintained in compliance with the Health Insurance Portability and Accountability Act (HIPAA). Informatics specialists are also responsible for making sure computer hardware and software is processing data accurately. On average, health informatics specialists earn $89,000 a year.
Healthcare Consultant
Healthcare consultants are the hired guns whom hospitals and other healthcare providers call to resolve major issues with efficiency, processes, procedures, compliance or policy. Healthcare consultants are self-employed but have generally put in many years as healthcare providers and/or healthcare administrators. The sky’s the limit on their earning potential.
Of course, this is only a small sample of the many jobs that are available to you with an MBA in Healthcare Management. In all likelihood, prospects will only get better. The Bureau of Labor Statistics projects that the demand for health services managers will increase a whopping 23 percent by 2020.
Learn more about the UT Tyler online MBA with a Concentration in Healthcare Management program.
Sources:
1. CBS News, The Healthcare MBA: One Fast Track in a Slow Economy
2.The Bureau of Labor Statistics: Health Service Managers