Healthcare administration is a unique career because it requires several distinct types of leadership abilities. Administrators may oversee the direct service aspects of medicine such as patient care, scientific and diagnostic work done in a research facility, or a combination of the two at a university hospital. Regardless of the setting in which they work, these healthcare professionals must also conduct the business of medicine, managing the fiscal operations and administrative responsibilities, as well.
Administrators with an MBA are sought after because they are prepared to lead a variety of medical teams and facilities. They are ready to take on the day-to-day challenge of managing people, payments and technology. MBAs who can step into an administrative role with advanced knowledge in the areas of finance, accounting and budgeting, strategic planning, funding and reimbursement streams, supply chain management, quality control, and healthcare technology are always in high demand.
Careers With Impact
The U.S. Bureau of Labor Statistics projects 20 percent growth in the healthcare management field by 2026, and the need for MBAs with healthcare credentials will surge as well.
MBA healthcare administrators work for corporate, nonprofit and government entities, making decisions and solving problems that impact the way medicine is practiced and funded. They can be found managing hospitals, research labs, companies developing new drugs or treatments, clinics for seniors or the uninsured, government programs for disabled veterans, or in a host of other professional healthcare settings.
Check out these interesting career options for MBAs who specialize in healthcare administration:
- Medical Practice Manager
- Laboratory Director
- Hospital Administrator
- Director of Surgical Services
- Chief Nursing Officer or Nursing Director
- Nursing Home or Assisted Living Administrator
- Government or Nonprofit Program Officer
- Healthcare Policy Analyst
- Chief Compliance Officer
- Chief Financial Officer
The Right Degree at the Right Time
MBAs often excel in healthcare administration because they bring the transformative leadership skills to their work that employers are looking for, and they are handsomely rewarded. As the shift from traditional fee-for-service models to value-based healthcare continues to progress, administrators designing new quality-driven care models must also protect the bottom line. Many who have met this challenge -- successfully implementing systems that reduce costs, boost efficiency and improve patient satisfaction -- have seen their salaries rise by an average of 6-8 percent annually in the last three years.
The continuing evolution in health data collection and reporting processes, electronic health records, and analytics also means that MBA administrators with knowledge of health IT (HIT) and informatics have excellent career prospects, especially in areas of the country that are underserved by HIT professionals.
As the demand for healthcare grows in America, medical innovation and access continues to drive the healthcare market. MBA healthcare administrators can help ensure that facilities, technologies and practitioners continue to meet the complex needs of patients while exploring the future of medicine.
Sources:NEJM Catalyst: What Is Value-Based Healthcare?
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