With concentrations in human resources, management, strategy, leadership and more, an MBA can take many forms. This includes healthcare administration, one of the most rewarding concentrations for MBA students. A healthcare administration concentration is not a medical degree, it’s a master’s-level business degree that focuses on the organization and management of the healthcare industry. When completed, you will understand what it takes to run an entire healthcare facility in an efficient, affordable, and most importantly, an effective manner. During your healthcare administration studies, you’ll take a wide range of courses that include general business classes, such as Leadership in Business, as well as healthcare-focused course like Trends in Healthcare Administration & Management and Managerial Finance in Healthcare.
With this degree, you will be ready for a wide range of potential careers and job opportunities. Professionals with an education in MBA healthcare administration hold jobs like medical practice administrator, nursing home administrator, director of operations for a hospital, and health service managers. While the specific duties will vary depending on the positions, you may work with physicians, develop departmental goals, recruit and train staff, or conduct compliance reviews for the entire facility. This educational path brings a staggering list of career responsibilities, but as you’ll see it also has some excellent benefits, including great pay, outstanding opportunities, and the chance for unbeatable pride in your career.
Excellent Potential Earnings
Pay is certainly not the most important part of a career choice, but neither should it be ignored. Knowing you have the chance to earn a high-quality income is one of the top reasons that you may choose an MBA with a focus on healthcare administration. Finding precise data on job earnings is tough, as one person working a job in, say, Manhattan, Kansas, won’t earn the same as another working the same job in Manhattan, New York. However, the Bureau of Labor Statistics says that “Medical and Health Services Managers” earn a median income of $96,540 a year, while the top 10% earn over $172,000.
The BLS says that the District of Columbia has the highest median income for this position with a total of $142,380. New York ($135,640), Connecticut ($129,710), California ($122,800), and Alaska ($121,530) round out the top five. For metro areas, the San Francisco region has the highest wages with a median salary of $162,530. No matter where you live, there is strong evidence that this career will bring a significant income. To make things even better, you should have little trouble finding work.
Plenty of Opportunities
The healthcare field is in high demand, driven by many factors, such as the aging baby-boomer population. While this is driving the need for nurses and doctors, it’s also creating the need for people to organize and manage healthcare facilities. According to the BLS, there will be a 20% increase in available jobs for “Medical and Health Services Managers.” Considering that the expected average growth for all occupations between 2016 and 2026 is 7%, this means that medical management jobs will be in high demand compared to the job market as a whole.
As medical technologies improve, you will likely see a shift in services from hospitals to the offices of health practitioners. Because of this, there will be a need for people to manage medical practitioner facilities. The use of electronic health records is also on the rise, creating a demand for managers and administrators who understand these systems and can implement them effectively across the entire medical industry. There’s no doubt that the medical field is in need of people to fill practically every position on the roster, and that means more demand for people to hire, train, manage, and organize these life-enhancing and lifesaving professionals.
Creating the Potential for Advancement and Leadership
Many careers offer the opportunity for advancement, but with an MBA focused on healthcare administration, you are setting yourself up for excellent chances for future growth. You can go on to not just lead medical departments, but over time you could become the leader of an entire medical facility. If you think a leadership role would be ideal for you, then an MBA in general is a great choice. However, focusing on healthcare management allows you to dial in on leadership skills and, when completed, will give you an opportunity to oversee large staffs that include many different healthcare specialties.
Put Your Degree to a Higher Cause
When you work as a healthcare administrator, you won’t be administering lifesaving medication. You won’t be working directly with patients to increase quality of life, and you won’t be there to witness physical recovery. But you will be part of it.
There are certainly rewards to working as a manager or administrator in other industries, but when you bring your administrative talents to the healthcare field, you are helping people to improve their lives. Instead of simply overseeing an office staff that performs basic corporate services, you are helping to organize the care and wellbeing of children, adults, and the elderly. You may not be saving lives yourself, but when you work in healthcare administration, you are literally hiring the people who will. This alone can be an impactful reason for choosing on online MBA healthcare program.
There are many reasons to choose a MBA degree with a concentration in healthcare administration. If you think this path might be right for you, contact Spring Arbor University today and we’ll make sure you have the right information for a fully-informed decision.