October 17, 2017

 

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Why Pursue an MBA in Healthcare Vs. a Standard MBA?

MBA

A Master of Business Administration (MBA) develops and builds key managerial skills necessary for supervisory or staff roles, however if you aspire to a leadership career in healthcare, you will likely want to enter an MBA program that specializes in Healthcare. Curriculums for most MBA programs offer a concentration in healthcare management and they devote three to five courses (about 20 percent) to the healthcare specialization with the remainder of study in general business and managerial courses. Because of the high level of demand for expert healthcare managers with an MBA, this specialty offers strong career growth and good salaries.

What are the Salaries for Careers in Healthcare Management for Those With an MBA in Healthcare Management?

The average annual wage for medical and health service managers in 2012 was:

10th percentile – $55,470
25th percentile – $70,960
50th percentile – $90,940
75th percentile – $117,740
90th percentile – $155,130

The exact salary a perspective healthcare manager might expect to earn annually depends on the specific job title, size of the institution or business and also the location of employment. The median annual salary of a health care administrator working in a practice with a maximum of six physicians is $86,459. The average salary increases to $115,000 in practices with seven to 25 physicians and reaches $150,756 in practices with 26 or more physicians.

What Is The Expected Growth For Healthcare Managers and Administrators with an MBA?

The US Bureau of Labor Statistics (BLS) predicts the employment of Healthcare Managers will grow at least 23 percent between 2012 and 2022. This is considerably faster growth than averages for other occupations in the US. With the combination of increasing age in the country and policy changes in the Healthcare Laws (Obama Care) the healthcare industry will continue to see increases in the demand for medical services.

What Are Some of the Careers and Their Respective Salaries for Graduates With an MBA in Healthcare?

Some of the top areas of employment for MBA in Healthcare are:

  • Hospital Chief Executive Officer (CEO) – CEO’s within a hospital systems are responsible for keeping the organization running in a cost effective manner while also being responsible for managing all organizations finances. They will have the ability to handle budgets, negotiate new contracts, and choose top executives for key hospital roles. Median salary currently for a Hospital CEO is $166,000 annually.
  • Hospital Chief Financial Officer’s (CFO) are responsible in ensuring a hospital is run in a cost efficient manner. They manage financial risks for the organization and are responsible for financial planning and record keeping. The median salary is $155,000 annually.
  • Hospital Administrators are responsible for managing daily operations for the smooth operation of daily hospital activity. They direct and coordinate departments in formulating specific goals, are the liaison to regulatory bodies, the press, and the community. They interact with and work with physicians, nurses, general staff, lawyers and patients. The median salary for a Hospital Administrator is $110,000 annually.
  • Product Managers in the Pharmaceutical Industry analyze investments, review current market data and designates promotions for new drugs and devices. Those interested in careers in this field generally need several years of consulting experience. The median salary: is $92,000 annually.
  • Medical Practice managers deal with many of the same responsibilities as a hospital administrator, but often on a smaller more direct scale. They are responsible for budgets, billing, hiring and managing staff, legal compliance, HIPAA compliance, managing schedules and ordering supplies. The Mean Salary is $81,000 annually.

Because of the increasing demand for expert healthcare managers with an MBA, there will be strong career growth and excellent salaries in the coming years.

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