January 29, 2023

What are the Top Healthcare Management Careers of the Future?

As the average age of the United States population advances, healthcare careers are growing at an unparalleled rate. The Bureau of Labor and Statistics (BLS) predicted that the healthcare industry would create more than 3 million jobs between 2012 and 2020. This growing industry creates a growing need for qualified and experienced managers to help improve the quality and efficiency of healthcare processes. Some of the top healthcare management careers include:

Hospital Chief Executive Officer (CEO)

A hospital Chief Executive Officer (CEO) is the person responsible for the management and operation of an entire hospital or healthcare organization. They often report to a board of directors, and are responsible for ensuring that the hospital is run in the most cost-effective manner possible. The average salary for a hospital CEO is $166,000. Depending on the size and location of the organization where they manage, CEO’s can make significantly more. CEO’s plan, direct, or coordinate operational activities at the highest level of management with the help of subordinate executives and staff managers. They are required to possess a minimum of a Master’s in Business Administration (MBA), a Master’s in Healthcare Administration (MHA), a Master’s in Healthcare Management (MHM), or a Master of Medical Management (MMM) along with experience in the healthcare system.

Director of Nursing or Chief Nursing Director

Nursing Directors are responsible for the management of an entire nursing department and are generally the highest-paid among all nursing career options. They usually report to the CEO of their organization. Most nursing directors possess a master of science in nursing or a master of health administration. The average salary for a director of nursing, according to the Bureau of Labor Statistics, is $173,000 and the projected growth from 2012 to 2020 is at least 23 percent. http://www.bls.gov/ooh/healthcare/home.htm Directors of nursing or nursing directors are typically individuals who want to assume more responsibility in a managerial capacity. Their responsibilities often include supervision and review of nursing staff, overseeing department budgets, reporting to high-level staff members, maintaining high standards of care, managing patients’ data and medical records and interaction with doctors, patients and family.

Hospital Administrator

Hospital Administrators are those professionals who work behind the scenes allowing all varieties of healthcare facilities to work as efficiently as is possible. Hospital administrators work in nursing homes, hospitals and outpatient facilities. Responsibilities can include hiring doctors, developing budgets, creating and implementing new policies, patient services, promoting and implementing new medical treatments, and insuring compliance with government guidelines. To become a hospital administrator, an individual must have a minimum of a bachelor’s degree in finance, accounting, economics, or business administration, however many employers now require at least a master’s degree in business administration, finance, or economics. The Median salary for a Hospital Administrator is $110,000.

Hospital Chief Financial Officer

A Hospital Chief Financial Officer (CFO) ensures that a hospital is run in the most cost efficient manner as possible. They are responsible for managing all financial risks for the company. CFO’s also handle the planning of finances and maintenance of records, reporting the financial status of the hospital to the CEO and other upper management. Almost all CFO’s hold a minimum of a master of business administration or equivalent degree and are required to have significant experience within healthcare management. The median salary for a CFO is $155,000.

Health Care Actuary

A health care actuary performs actuarial analysis that provides information to one or more decision makers in the health care marketplace. This information helps reduce the risk associated with making a decision; the health actuary thereby facilitates change in health care delivery and financing. Generally, healthcare actuaries will work for an insurance company or a self-insured medical group. These professionals are responsible for the evaluation and the minimization of financial risks to the organization. The work focuses on the determination of proper pricing for insurance plans by properly analyzing external risk factors. Actuaries need a minimum of a bachelor’s degree, but often hold a master’s degree and must pass a series of exams to become certified professionals. They must have a strong background in mathematics, statistics, and business. The average salary for a Healthcare Actuary is $114,000.

These are a just few of today’s top positions in healthcare management – there are many other areas within the healthcare system that are rewarding, challenging and have the potential for high salary potential.