A Master of Business Administration (MBA) is a sound investment. High demand and six-figure salaries are two reasons. Growing demand for healthcare managers makes an MBA in Healthcare Management a particularly worthwhile investment.
Healthcare management requires business knowledge like any industry, but it also requires an understanding of healthcare systems, including complex regulatory requirements. The online MBA with a specialization in Healthcare Management program at Youngstown State University builds business skills and specific healthcare leadership skills to give graduates an advantage in the job market.
5 In-Demand Jobs for Healthcare MBAs
Careers in healthcare management offer high earning potential, a strong job market and abundant opportunities for advancement. Following is a look at five jobs for healthcare MBAs.
1. Healthcare Compliance Manager
Healthcare is a high-risk industry. Compliance managers work to reduce risk by making everyone follow the regulations and laws that protect patients, ensure data security, prevent fraud and more.
For example, it may come as a surprise that basic hand hygiene compliance is a serious issue in healthcare. Working to improve compliance can reduce the risk of healthcare-associated infections (HAIs) to improve patient outcomes and achieve cost savings.
Median Salary: $111,942 (Salary.com as of July 2022)
2. Healthcare Consultant
If a consulting business is your goal, an MBA in Healthcare Management can give potential clients confidence in your expertise. Healthcare consultants may specialize in areas such as business operations, financial processes, organizational efficiency, regulatory compliance and technology implementation. You may also choose to work with a private consultancy firm.
The U.S. Bureau of Labor Statistics (BLS) notes that consultants are also called management analysts. Analytic and problem-solving skills are essential in this role. To build productive client relationships, consultants also need effective communication and interpersonal skills.
Median Salary: $93,000 (BLS as of May 2021)
3. Practice Supervisor (Medical Manager)
If you thrive on building a high-performing team culture, this position can be a terrific way to launch a career in healthcare management. These healthcare managers oversee the day-to-day operations of a medical practice or clinic site, intending to optimize efficiency and patient care.
As a member of the leadership team, practice managers oversee daily operations. Wide-ranging responsibilities include staffing and scheduling, patient access, resource utilization, compliance and reimbursement. As the person running the practice, you will need excellent communication and interpersonal skills, along with the ability to resolve conflicts — all top MBA skills.
Median Salary: $116,520 (BLS, as of May 2021; salary information is for “Offices of Physicians”)
4. Nursing Home Administrator
Residents of nursing homes are a vulnerable population, which makes the job of nursing home administrators especially impactful.
Nursing home administrators manage day-to-day operations in accordance with federal, state and local regulations and laws. Other responsibilities typically include:
- Overseeing staffing and employee activities
- Monitoring care plans and progress
- Establishing protocols to improve operational efficiency and patient outcomes
- Providing compliance and patient-safety training
- Administering budgets, billing and other financial activities
- Developing strategic plans for financial performance and risk management
- Overseeing the facility’s physical conditions
Median Salary: $123,411 (Salary.com as of July 2022)
5. Chief Nursing Officer
RegisteredNursing reports that an MBA in healthcare is becoming the “standard” for executive roles such as chief nursing officer (CNO).
CNO is a nonclinical, top-level administrative role that oversees a healthcare facility’s nursing staff and services. This role combines nursing expertise with managerial business skills such as financial analysis and planning.
RNs can prepare for the role of CNO by gaining leadership experience as nurse managers and directors of nursing.
Median Salary: $246,620 (Salary.com as of July 2022)
Return on Investment
What could you do with an extra $40,000 a year? According to the 2022 Corporate Recruiters Survey, that is the difference between the median salary for MBA grads ($115,000) and those with a bachelor’s degree ($75,000).
In addition to higher salaries, healthcare MBA grads can look forward to strong job growth. Employment of medical and health services managers should grow 32% from 2020 to 2030, much faster than the average of 8% for all occupations. Therefore, graduates of an advanced business degree in healthcare have confidence that pursing or advancing a career in healthcare management has numerous payoffs and position opportunities.