Healthcare has quickly become the nation’s largest industry, and its explosive growth shows no signs of slowing. Healthcare administration—which is little more than another name for healthcare management—was ranked eighth on Forbes’ 2012 “Best Master’s Degrees for Jobs” list. A master’s degree is required for most jobs in the healthcare management industry, and will open almost innumerable professional doors for graduates. The degree also provides a solid return on the investment needed to acquire it, with graduates sporting a mid-career median salary of $87,000. Here is a list covering a few of the industries and employers in which graduates can obtain employment, although it is by no means exhaustive:
Healthcare OrganizationsMaster’s in healthcare management graduates are a perfect fit for administrative and compliance positions within hospitals, as well as within the larger health networks that own and operate several facilities like them. These entities need employees to balance and allocate their budgets; make sure their personnel comply with all applicable federal, state, and local laws; manage their foundations’ funds and donations; and set internal policy for the facility, network or other entity.
From the federal government to its state and local counterparts, the public sector offers a variety of opportunities for graduates of master’s in healthcare management programs. The Department of Health and Human Services, the Food and Drug Administration, state local departments of public health and many more departments and agencies hire graduates to aid in formulating and implementing policy.
Businesses need advice about how to deal with the complexities of the healthcare industry more now than they ever have before. Consulting and professional services firms—for example, Ernst & Young, Deloitte, Price Waterhouse Coopers and KPMG, the “Big 4” professional services firms—are branching out from financial services. They are adding healthcare consulting, compliance and auditing to their growing list of practice areas. Firms’ efforts to become one-stop professional services shops ensure that these jobs offer great security to master’s in healthcare management graduates. These jobs also tend to pay better compensation than those available in nonprofit organizations or government agencies.
On top of all the federal, state and local laws to which they must adhere, pharmaceutical companies are subject to countless FDA rules and regulation. The agency is diligent in its oversight activities, and even minor violations can be quite costly. Therefore, it is in their best financial interest to stay on the right side of the law at all times. They seek out master’s in healthcare management graduates who know the law for these compliance purposes, also asking them to serve more traditional management and administrative functions.
A master’s in healthcare management is an extremely versatile degree that offers graduates access to a number of different positions within almost every industry imaginable. With the healthcare industry projected to continue expanding at an extremely rapid rate and providing graduates with a competitive salary progression, a master’s in healthcare management is a solid investment for students who wish to have a