Benefits of Getting a Healthcare Management Master’s Degree
• More Careers Opportunities
• Better Pay
• More Responsibility
• More Knowledge
• More Flexibility
Despite it taking a few more years to complete, there are several benefits to earning a master’s in healthcare management. Bachelor’s degree programs are a valuable commodity in any healthcare settings and will open many doors in the healthcare industry, but candidates typically find more options with a master’s degree. Not only will graduates of master’s degree programs find more positions available to them but will usually also find better wage opportunities. Here are 5 benefits of obtaining a master’s in healthcare management.
1. More Career Opportunities
With the growing emphasis on the medical industry and providing better healthcare to patients everywhere, there are new positions opening up every year. There are also new healthcare facilities opening up in many areas. Where there are healthcare facilities, there is a need for healthcare managers, and those with a master’s in healthcare management are usually the most qualified. There are many areas within a healthcare facility where an employee can make a positive impact, and they may not all be healthcare manager positions. Having the master’s degree qualifies them for various career advancements and the ability to branch out into other areas of healthcare.
2. Better Pay
Although wage potential for healthcare managers can vary by employer, size of company and location, professionals with master’s degrees typically earn very good wages. Having an undergraduate degree may bring about good earnings, but they’re generally much high with master’s degrees. Medical and health services managers earned annual wages ranging from $56,970 to $172,240 with the average wage at $109,370 according to a May 2017 report by the U.S. Bureau of Labor Statistics (BLS). Those holding healthcare management master’s degrees generally earn wages at the higher end.
3. More Responsibility
Healthcare managers are highly-qualified professionals who may oversee a specific department of a medical facility or oversee the entire facility. Whichever the case may be, they have a mountain of responsibility in seeing that the facility is run efficiently and profitably while still providing the very best of care to patients. Individuals who strive on having a lot of responsibility will benefit greatly by earning a master’s in healthcare management. It can also make this career extremely rewarding and challenging.
4. More Knowledge
Any healthcare management degree will provide students with the knowledge of healthcare management and healthcare in general, but earning a master’s degree provides students with an in-depth study of all aspects of both healthcare management and business. Students complete courses in market research, accounting, finance and management skills. As valuable as an MBA is in today’s business world, the MHA is even more valuable to those interested in healthcare management. Another bonus of earning a master’s in healthcare management is that it offers various areas of specialization.
5. More Flexibility
Earning a master’s degree in healthcare management often puts individuals in positions where they can pick and choose what type of medical facility or network in which they want to work. The healthcare industry is constantly changing with new facilities opening up everywhere. While a graduate may be perfectly happy working as an administrator of a nursing facility one year, he or she may decide managing an entire health network would be a better fit. With a master’s degree and the experience one can gain, there is a lot of flexibility in career choices.
Medical and health services managers are expected to see a job growth of 20% between 2016 and 2026 as reported by the BLS. Healthcare workers with master’s in healthcare management typically see the best career opportunities and are the most in demand.