When people outside the healthcare profession think of working in this field, they typically conjure images of doctors and nurses. Yet behind the scenes of frontline patient care thrives an industry with rewarding positions occupied by people who are detail-oriented and strategic thinkers, fascinated by the management and financial side of things.
What Do Medical and Health Services Managers Do?
Healthcare administrators, managers and executives, according to the U.S. Bureau of Labor Statistics (BLS), direct and coordinate medical and health services. “They might manage an entire facility, a specific clinical area or department, or a medical practice for a group of physicians. Medical and health services managers must direct changes that conform to evolving healthcare laws, regulations and technology.”
These professionals work in a variety of settings — hospitals, medical offices, emergency clinics, outpatient clinics, insurance companies, managed care organizations, integrated delivery systems, even in pharmaceutical companies and accounting firms. The Healthcare Financial Management Association has members employed by all of these organizations as CEOs, CFOs, controllers and patient account managers. A master’s degree, along with work experience in an administrative or clinical role, is desired for leadership positions in the field.
Career Prognosis
If your career path goes through medical and health services, chances are you like this industry for its salary and job growth potential. According to the BLS as of May 2018, the median pay is $99,730 per year, or $47.95 per hour.
The job outlook for 2016-2026 is 20% growth, much faster than the average for all industries, with 72,100 new jobs expected in this time frame. The aging Baby Boomer population, advances in technologies, changes in healthcare delivery and increasing reliance on big data are all catalysts for the projected growth.
Your Pathway to a Rewarding Career
Increasingly, employers in this field require master’s-level specialized training for managerial positions. The online Master of Business Administration with a Concentration in Healthcare Administration from UNC’s Monfort College of Business prepares you by broadening your perspective on healthcare systems. It gives you a practical knowledge of finance, budgeting and reimbursement models and their applications, and healthcare management techniques.
The program was designed with input from leading employers and is based on specific skills required for management and executive-level leadership. The curriculum features practitioner-focused concentration courses in healthcare systems and an in-depth analysis of healthcare economics and system structure. Students learn to manage qualitative issues in healthcare organizations; navigate executive decision-making scenarios; and analyze healthcare-related managerial issues such as ethics, technological trends and strategic management.
The curriculum addresses matters both quantitative and qualitative. One course, Healthcare by the Numbers, provides non-financial healthcare managers with practical knowledge of finance, budgeting and reimbursement models, and how to utilize these models in executive decision-making. Another course, Managing Qualitative Issues in Healthcare Orgs, provides an overview of managerial issues, with topics including ethics, technologies and the roles of generalists versus specialists in healthcare organizations.
Few fields offer such a dynamic array of career options with excellent growth and income potential. The key to pursuing these careers is acquiring specialized knowledge, and an online healthcare MBA from the University of Northern Colorado makes that possible for working professionals.
Learn more about the UNC online MBA program with a Concentration in Healthcare Administration.
Sources:
Robert Half: All You Need to Know About Healthcare Finance Jobs
U.S. Bureau of Labor Statistics: Medical and Health Services Managers
