What Can You Do With an MBA in Healthcare?
Whether you are already a student, considering a career change or want to move forward into your dream position in healthcare, an MBA can help. Healthcare MBA degrees can lead to a wide range of opportunities in both healthcare facilities and related businesses; learning more about your options can help you decide if this lucrative and rewarding degree is right for you.
5 Potential Careers for a Healthcare MBA
The below offers a sampling of potential opportunities for healthcare MBA degree holders:
Medical Facility CFO
Put your financial and accounting acumen to work to help others. When you work as a Chief Financial Officer for a medical facility, you ensure that the organization remains fiscally healthy, that employees are rewarded for their hard work and that the business continues to grow and thrive.
You may not start out at the top, but finding a job that focuses on your strengths and MBA background will help put you on the path to success that leads straight to a C-suite office. According to the Bureau of Labor Statistics, a healthcare CFO can expect to make anywhere from $120,000 (for those in a government run facility) to just over $200,000 (CFOs in research, development and related healthcare businesses).
This role is experiencing average to above average growth and may cross over into other disciplines; a CFO is often on the team that deals with development and fundraising, on hand to provide insight into new hires and equipment and able to offer advice to stakeholders and the board of directors.
The most popular occupation for a healthcare MBA is also the most versatile. Many graduates with this degree go on to work in various departments of a hospital, nursing home, rehabilitation center or other medical facility. This position focuses on the successful management of a healthcare business, department or area of specialty. As a hospital administrator, you may be called on to run a specific department, including hiring, training and managing personnel and keeping accurate records of any details needed. You’ll need to present your goals, successes and challenges to the board or to upper management, be a savvy judge of character and be able to adapt to a fast paced, rapidly changing atmosphere.
You could find work in administration in any number of facilities, ranging from research centers, to community and private hospitals, clinics and more. This area is experiencing particularly rapid growth, due to an aging population and an ongoing demand for improved patient outcomes, access to high quality care and the need to comply with a variety of Federal regulations.
According to the Bureau of Labor statistics, you can expect to be in demand as a hospital administrator for the next decade; the agency predicts an astounding 20% growth during this time. While salaries vary based on region and facility, the Bureau of Labor Statistics reports that hospital administrators earn an average of just over $99,000 per year – and some command higher salaries that soar closer to $200,000.
Pharmaceutical Projects Manager
If you want to assist in the development and launch of new medications that save lives, without being involved in the actual medical research, a role as a project manager will be your perfect match. If you enjoy working with a development team made of designers, marketing professionals, scientists and more, you will thrive in this rapidly growing field.
The ability to multitask, to effectively prioritize and manage others and to interact with professionals from a wide range of verticals is a must for this role. From the very beginning of a new medication up until its clinical trials and eventual launch to the public, a pharmaceutical project manager leads the way.
If you love science, enjoy working in a research capacity and have excellent people skills, then this position might be a great match for you. For those who want to help others, but don’t want to work directly with patients or in a hospital setting, the pharmaceutical industry has plenty of versatile management opportunities available. Expect to earn an average of $154,900 in this lucrative field, and to soar well above $200,000 if you are great at your job, according to the most recent figures from the Bureau of Labor Statistics.
Healthcare Information Officer
Healthcare Information Officers, often also called CIOs, are responsible for any and all technology used by the facility. In this role, you’ll have all the responsibility of a typical CIO in any field, with the added security and privacy demands that medical records and healthcare information require.
Expect to manage a busy team of IT professionals, to make sure your facility is in full compliance with all federal rules regarding EHR and medical records privacy and that all regulations are followed. You’ll also need to have a strategic plan for your facility going forward, from choosing the right network and communications setups to preparing for emergencies and making proactive replacement decisions.
As a healthcare information officer, you’ll need to be closely aligned with several teams ranging from patient care to IT support and finance. You’ll also need to be able to attract and keep a high quality tech team in an increasingly competitive space. In return, you can expect to earn a robust salary and to be in demand yourself. According to the Bureau of Labor Statistics, a Healthcare Information Officer earns an average of $142,530 and can expect to see above average growth in the coming years.
Policy Analyst/ Researcher
Policy analysts and researchers ensure that a given facility is operating within stated government or insurance guidelines. A big part of this job is to create and monitor policies that help an organization comply with all current regulations. Since healthcare and insurance best practices and standards are constantly changing, the ability to keep pace with a rapidly evolving set of rules is a must.
Your role will impact the way the patients at your facility are cared for, how they are charged and even which patients you can accept based on insurance and other guidelines. You’ll need to be able to compile and assess large quantities of data from your own organization and from other sources, then make it easy for others to understand. Policy analysts play an important role in virtually any facility or business that handles consumer records, accepts Medicaid and related insurance and that maintains medical records and information. You can expect to earn anywhere from $40,880 to $87,128 annually in this role, according to payroll experts at PayScale. The wide salary range is based more on geography than differences in responsibilities or training.
Earning your Healthcare MBA opens many doors for you and allows you to consider a wide range of options. Depending on your preferences, skills and desires, any of the above jobs (or positions like them) could be available to you once you complete your degree.