According to the Centers for Medicaid and Medicare Services, the cost of healthcare in the United States reached $3.3 trillion dollars in 2016 and shows no sign of slowing down as the population of aging residents grows. This burgeoning need for medical care translates directly to job creation. According to the U.S. Bureau of Labor Statistics (BLS), the healthcare industry will grow 26 percent between 2012 and 2022, resulting in the creation of an additional 4.1 million jobs in healthcare.
Healthcare Industry Growth
Colorado, a state with a reputation for a commitment to health and wellness, is also experiencing growth in the healthcare industry. According to recent data provided by the Colorado Hospital Association (CHA), over 8 million patients were treated on an outpatient basis at acute care hospitals in 2012. In the same year, hospitals alone generated $19 billion dollars of revenue toward the state's economy.
In response, job creation for healthcare workers in Colorado continues to rise and the 108 hospital and healthcare systems of Colorado continue to report a shortage of qualified employees. Currently, hospitals in Colorado directly employ over 70,000 employees, not including the large population of healthcare workers employed outside of the hospital system.
Rated one of the top 10 healthiest states in 2017, Colorado recently committed to working toward improving healthcare access for all residents. Initiatives include increasing the number of available healthcare facilities. The Colorado Department of Public Health and Environment (CDPHE) plan includes focus on both rural and urban healthcare services ensuring employment opportunities throughout the state. As Colorado seeks to ensure that individuals in rural areas receive care of similar quality to that in urban areas, individuals with analysis and strategic planning skills will likely be in high demand as Colorado works toward state-mandated health and wellness goals.
Healthcare Leaders in Colorado
According to the U.S. Bureau of Labor Statistics, 10 of the top 20 fastest growing occupations are in the medical field. Even during times of economic distress such as the Great Depression, hospitals continued to create new jobs. As the number of frontline healthcare workers increases, the demand for professionals prepared for leadership, administration and management in healthcare will continue to rise.
The implementation of new technologies, a shortage of healthcare workers, rising costs, the growing number of payments options, and increasingly difficult third-party payment regulations require managers and administrators with a business education to help hospitals better serve the general public.
An MBA in healthcare administration provides the business acumen necessary for advancement to a management role. As competition for these roles continues to grow, a healthcare MBA will allow you to stand out from other candidates, providing an important addition to your education and experience, and contributing to your success in this rapidly growing field.
Learn more about the UNC online MBA program with an emphasis in Healthcare Administration.
Sources:HealthcareAdministrationEDU.org: Health Administration Salaries in Colorado
Have a question or concern about this article? Please contact us.