A Master of Business Administration (MBA) in Healthcare Administration / Management (also known as a Healthcare MBA) can help prepare you for a variety of careers in healthcare management. According to US Bureau of Labor and Statistics in 2012, Medical and Healthcare Managers held about 315,500 jobs. Most Healthcare Managers work in offices in healthcare facilities, including hospitals and nursing homes, and group medical practices. Statistics from BLS indicate that employment for most healthcare managers in 2012 were as follows:
- Hospitals (State, local and private) – 39%
- Ambulatory Healthcare service – 26%
- Nursing and Home Care Organizations – 11%
- Government – 8%
The five highest-paying states for health services managers included Washington, Massachusetts, Rhode Island, New Jersey and New York.
Some of the top areas of employment for Healthcare MBA Graduates
- Hospital CEOs are responsible for managing the day-to-day operations as leaders who articulate the hospital’s mission and vision to the public community while developing strategic vision and policies for the hospital. Median salary for Hospital CEO is $166,000.
- Hospital Administrators are those managers who will work behind the scenes to make healthcare facilities work efficiently and effectively. Most hospital administrators work in nursing homes, hospitals or outpatient clinics. Job responsibilities may include hiring doctors, developing budgets, coming up with new policies for Quality Assurance and patient services, promoting and implementing new sorts of medical treatments, and assuring compliance with government guidelines. Median salary for Hospital Administrators is $110,000.
- Health Services Managers are employed within the healthcare industry to help ensure that healthcare businesses run smoothly. Health services managers are responsible for ensuring companies adhere to government reforms to healthcare delivery. They often oversee the work of doctors, technicians, and clerical workers. In smaller facilities they are responsible for or co-manage an entire healthcare facility ( as opposed to a large facility where they more typically manage a department, such as patient care services or finance). Median Salary for a Health Service Manager is $84,270.
- A Chief Financial Officer or CFO ensure their hospital runs as cost efficient as possible. They manage all financial risks for the company and may have responsibility for financial planning and record keeping. Median Salary for a CFO is $155,000.
- Pharmaceutical Product Managers are responsible for analyzing investments, reviewing market data, and new promotions for new drugs and devices. These positions often require several years of significant leadership experience. Median salary for a Pharmaceutical Product Manager is $92,000.
- Medical Practice Manager is a similar position to that of a hospital administrator but on a smaller scale. They work on budgets, billing, hiring and managing staff, legal compliance, HIPAA compliance, managing schedules and ordering supplies. Median salary for Medical Practice Manager is $81,000.
- Health Informatics Managers typically are employed in medical organizations or hospital and they manage information flow to be efficient ensuring data is provided to all parts of the organization accurately. They also keep computer hardware and software is working and ensures data is processing properly. Median salary for Health Informatics Managers is $84,000.
There are many other areas of employment for those with an MBA in Healthcare Management some of which include: Healthcare Consultant, Research and Development Business Manager, Hospital CEO, Financial Manager, Medical Devices Sales and Chief Nursing Officer.