The field of healthcare covers a wide variety of jobs, and individuals interested in pursuing a degree in the field have plenty of options. If you currently work in the healthcare field and are looking to advance your career, but you are not sure which direction to take, one degree you may want to consider is an online Master of Business Administration (MBA) with a Concentration in Healthcare Management.
Like many healthcare degrees, a healthcare management MBA offers several advantages. Here are four such advantages that make a healthcare management MBA worth consideration.
1. Rewarding Career
One of the main reasons why people choose an MBA in Healthcare Management is that it can lead to a very rewarding career. Workers in this field get the chance to positively impact their communities and the lives of those around them. Clinicians and other staff count on healthcare management professionals to manage operations, finances and other organizational matters on a daily basis, creating efficient processes that ensure quality care and patient safety while upholding regulatory and ethical standards.
2. Ability to Make a Difference
As a healthcare manager, you have a chance to make a real difference by increasing workflow and efficiency while managing the resources that healthcare providers need to perform their jobs well. The skills gained in an MBA in Healthcare Management can also help organizational leaders manage change effectively and mitigate crises when circumstances demand. For instance, healthcare management professionals played an integral role in helping hospitals pivot operations drastically during the COVID-19 pandemic, creating innovative solutions that resulted in thousands of lives saved.
3. Good Job Outlook
According to the U.S. Bureau of Labor Statistics (BLS), employment of medical and health services managers is projected to increase by an impressive 28% between 2021 and 2031. This figure is more than five times the average projected growth of all occupations. Healthcare is one field that will never go away. People will always need doctors and nurses to help them get well, and hospitals will always need healthcare managers to oversee staff and daily operations.
4. Impressive Income Potential
The salary potential for a person with an MBA in Healthcare Management is relatively large. According to BLS, the median annual pay for medical and health services managers in 2021 was $101,340. The top 10% of earners in this field were paid more than $205,620 that year. Plus, according to GMAC’s 2022 Corporate Recruiters Survey, new MBA graduates can expect to earn 22% to 40% more in starting salary than new-hires with just a bachelor’s degree.
If you love the healthcare job you have currently, but you are looking to further your career, an MBA in Healthcare Management could be a good fit. The degree program can help you develop skills and expertise that qualify you for jobs in a rewarding, challenging, fast-paced and life-changing sector. Healthcare management pays well, offers relative job security and comes with numerous other benefits. Once you consider the advantages of earning this advanced degree, you may realize that an MBA in Healthcare Management is just right for you.