With the American health care system booming – Reuters reports a projected 5.3 percent growth in the industry in 2018 – Spring Arbor University’s online Master of Business Administration (MBA) students who specialize in the field of health care management can be primed for plentiful career options after graduation. Here are some of the top jobs potentially available for those holding an MBA in health care management.
A practice administrator or manager traditionally serves as a director of a smaller-scale medical facility, such as a private clinic or limited provider medical office. Online health care MBA recipients who pursue these roles would be in charge of the major corporate decisions for the clinic or office, including regulating the facility’s budget, setting the schedule for the participating providers and overseeing all hiring and training protocols.
A job with a substantial amount of responsibility, practice manager positions can make for a great opportunity for online health care MBA graduates to gain valuable managerial experience as a stepping stone to a similar executive role within a larger hospital network. Salaries are satisfying as well: Payscale.com reports the average salary for practice administrators and managers falls between $59,000 and $82,000, with administrators’ salaries tending to be higher than those of managers.
Pharmaceutical Brand Manager
Another dynamic option for online healthcare MBA recipients is that of a pharmaceutical brand manager. Professionals in this industry are tasked with managing the branding, promotion and overall development strategy for new and existing pharmaceutical offerings.
Pharmaceutical brand managers must be savvy with both research and sales, as they know their target markets and understand what medical professionals and their clients desire. Pay for these roles can vary depending on the specific position attained within a pharmaceutical company, but an added advantage to this career path is that there is room to ascend the managerial hierarchy. For instance, those who start as an entry level pharmaceutical sales representative can, according to Payscale.com, enjoy an average annual salary of $66,948; district sales managers, however, can see average annual wages closer to $117,000.
Health care consultants look to the “bigger picture,” so to speak, of a medical facility and seek out ways to improve services or optimize performance. Having the advantage of an objective outsider’s eye on the management and operations of a medical facility, health care consultants research practices and offer their recommendations on aspects in which a given facility might seek improvement.
Online health care MBA graduates who pursue such a consultancy should be prepared for research-heavy roles with tight deadlines but at the same time can look forward to a dynamic working environment that offers engagement with a wide variety of health care facilities. Pay for such positions is also noteworthy: Payscale.com reports an average annual salary for health care consultants as $81,325, while U.S. News and World Report sets the average much higher at $126, 919.
Hospital Executive Administration (CEO, CFO, Chief Nursing Officer)
The top jobs for professionals holding an online health care MBA are those within the upper echelons of hospital administration. These roles, such as Chief Executive Officer, Chief Operations Officer or Chief Nursing Officer, oversee the crucial function of a medical facility and make key decisions relating to department funding, work order requests, staffing and training and so on.
These health care executives often serve as the public face for the health care facility and typically put in long hours to ensure efficient operations, but in exchange, they are rewarded with substantial salaries. Payscale.com reports, for one example, that the average salary for Chief Nursing Officers in 2017 falls over $130,000; Chief Executive Officers achieved a mean annual salary over $175,000.
Seek New Opportunities with an Online Healthcare Management MBA
The growth of the health care industry and the consistent demand for health care management MBA graduates combine to make Spring Arbor University’s online healthcare management MBA a fantastic option to consider. Designed to cultivate a core understanding of business managerial theory alongside the nuanced aspects of healthcare administration, Spring Arbor University’s online healthcare MBA primes its students to embrace the challenges and complexities of the healthcare industry with clear, strategic thinking and cutting-edge innovation.
Wherever your career in healthcare administration might take you, Spring Arbor University’s online MBA in healthcare management can be an effective and efficient first step. Contact us to find out more.