6 Jobs for an Online MBA in Healthcare Management
Healthcare managers need the background and credentials provided by an advanced business degree to lead effectively. An online MBA in Healthcare Management can prepare them for numerous career opportunities and responsibilities.
Great Career Potential for MBAs in Healthcare Management
The demand for business leaders is high in the fast-changing healthcare industry. A Master of Business Administration (MBA) in Healthcare Management offers strong career potential and good salaries. The Bureau of Labor Statistics (BLS) expects the demand for healthcare managers to grow by 22 percent before 2021. To meet the growing demand for qualified administrators, many colleges offer an online MBA in Healthcare Management. The career opportunities are many and varied, and salaries depend on the particular management role. Here are six top jobs for business leaders with healthcare management degrees.
1. Healthcare Manager
As with most professions, the salaries for healthcare managers depend on the facility size and location. In small medical practices, salaries are at or near the national median salary of $86,000. In large metropolitan hospitals, administrators can earn $115,000 or more.
2. Hospital Chief Executive Officer
A chief executive officer (CEO) is the most senior administrator of a business or organization. A hospital CEO manages the daily operations of the healthcare facility. He or she works with a board of directors to implement strategic plans for the hospital. Most professionals in this position hold a healthcare MBA or similar business degree. The average salary for a Hospital CEO is more than $300,000.
3. Hospital Chief Financial Officer
Hospitals must operate in a cost-effective manner. Someone with an online MBA in Healthcare Management can serve as a chief financial officer (CFO). The CFO is responsible for managing all of the hospital’s finances. The work entails financial planning, record-keeping, budgets, contract negotiations and other duties. The median salary for a hospital CFO is about $280,000.
4. Hospital Administrator or Manager
A hospital administrator works behind the scenes to ensure that patients are cared for in a safe, ethical and efficient manner. Healthcare administrators also work in nursing homes, outpatient clinics and mental health facilities. They hire healthcare providers, develop budgets, create policies, promote medical treatments and assure compliance with government guidelines. Their average salary is about $101,000.
5. Medical Practice Manager
An online MBA in Healthcare Management can also lead to a job in smaller or more specialized medical practices. A medical practice manager deals with the same issues that a hospital administrator deals with, but on a smaller scale. In addition to budgets, policies and compliance matters, a medical practice manager handles billing, staffing, schedules and supplies. Medical practice managers can expect to earn as much as $100,000 per year.
6. Pharmaceutical Product Manager
A healthcare MBA may also qualify you to manage a pharmaceutical business. The job duties include investment analysis, market data reviews and new product promotions. This particular career requires some consulting experience and excellent leadership skills. Pharmaceutical practice managers earn a median salary of $96,000.
An online MBA in Healthcare Management opens the door to other careers as well. Health informatics management, which merges healthcare administration with information technology, is an emerging career in healthcare management. The possibilities are endless for a business career in healthcare as the industry grows and evolves.
Learn more about the UT Tyler online MBA in Healthcare Management program.
Bureau of Labor Statistics, Department of Labor. (2014, January 8) ” Medical and Health Services Managers.” Occupational Outlook Handbook: 2014-2015 Edition. Retrieved July 25, 2014.