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Healthcare MBA Salary Outlook 2021

January 5, 2017 12:59 am0 commentsViews: 372

Now is a great time for healthcare professionals to consider getting their MBA in healthcare. Why? Healthcare jobs are projected to increase by 19% by 2024, which means that many healthcare employers will be expanding operations.

On the business side, things are also looking bright: the Graduate Management Admission Council (GMAC) found in 2016 that 88% of responding companies stated that they intend to hire new MBA graduates this year. This is a 33% increase from 2010 – the depths of the last recession.

If you are an experienced clinician and you earn your MBA, you will have many excellent career opportunities to choose from. Also, if you are a business or administrative professional who earns a healthcare MBA, you will have many excellent healthcare administration positions to consider.

There are opportunities available that will be interested in hiring an experienced clinician from within the organization, and also opportunities where the organization will bring in a well qualified business expert from the outside.

Below is more information about specific healthcare MBA jobs and the salary outlook for each:

Healthcare Administrator

Job Description: A healthcare administrator may also be referred to as a medical and health services manager. These administrative professionals are responsible for planning, directing and coordinating medical and healthcare services for hospitals, nursing homes, long term care centers, doctors’ offices and more. Some healthcare administrators may manage the entire facility, while others may manage a large clinical staff or department. Healthcare administrators play a crucial role in ensuring the profitability and compliance for many healthcare organizations.

Earnings: Healthcare administrators earn an excellent median wage of $94,500, as of May 2015. Those who work for hospitals tend to make the highest wage: $102,600. Obtaining an MBA is the best path to earning a top salary in this field.

Demand: Federal government statistics show that employment for healthcare administrators will rise by 17% by 2024, which is much faster than average. Experts think that the demand will be driven by greater need for all kinds of healthcare workers, which increases the need for effective administrators.

Job Tip: Most healthcare experts advise that healthcare administrators need to work hard to minimize staff turnover. High staff turnover leads to lower profits because it takes time and energy to train new staff. Keeping employees happy is a key part of keeping profits and efficiency high in healthcare organizations.

Medical Practice Manager

Job Description: A medical practice manager implement policies and procedures that lead to the smooth operation of the office. They are usually responsible for scheduling and staffing, ensuring that the office complies with regulations, and managing revenue and overseeing computer security so that patient information is protected. Practice managers also need to identify ways to reduce overhead costs and boost efficiency, as well as oversee non clinical staff which include administrative assistants.

Earnings: The median wage for medical practice and health services managers was $95,500 in 2015, with the top 10% earning at least $165,000 per year.

Demand: The job field for medical practice managers is bright, with an 18% increase in demand anticipated by 2024. The demand in the field is thought to be on the rise because the number of baby boomers who are retiring is growing. But they are continuing to be active as they get older, and the healthcare industry is seeing more demand for medical services.

Job Tip: Long term care facilities also need excellent managers, and the demand is strong in this area.

Nursing Director

Job Description: A nursing director usually has a master of science in nursing, and is responsible for managing and planning nursing activities for a large staff of nurses in a healthcare facility. This will involve evaluating and setting goals and standards for the nursing department. Nursing directors are in charge of patient care; review and approve nursing hiring and training procedures; and create short and long term plans to meet departmental goals. The nursing director also must work with all personnel levels to achieve the facility’s or department’s goals, including executive staff.

Earnings: The median salary for nursing directors was $109,000 as of 2010.

Demand: Job demand is expected to grow by at least 15% by 2024, as there is a strong growth trend for nurses. This of course means that there will be a growing need for nursing managers and directors.

Job Tip: Successful nursing managers report that it is very important to set clear guidelines and expectations for staff as soon as possible. This can be challenging if you were at one point a staff nurse yourself, but it is critical to hold people accountable as the director.

Healthcare Executive

Job Description: A healthcare executive is a senior management leader of a healthcare facility or healthcare system. Your job is to devise forward thinking strategies and policies to ensure that the healthcare facility meets its profit and patient care goals. As healthcare executive, you will be responsible for planning, directing and coordinating all of the operational activities of the healthcare organization. You also will be in charge of directing and overseeing the facility’s financial and budgeting activities. Most healthcare executives also answer to a board of directors who ensure that the healthcare facility is meeting financial goals.

Earnings: Median pay for all senior executives was $175,000 in May 2015.

Demand: Job demand for top executives overall will increase by 6% by 2024, which is about average when compared to other occupations. However, it is believed that there will be more demand for healthcare executives, as there is such explosive growth in the health care field. There will be more healthcare facilities and hospitals opening in the next decade, which means more executives and senior leaders will be needed.

Job Tip: Experts advise that before a healthcare executive can make improvements in a healthcare system or facility, you have to know all of the opportunities that exist for improvement, and then you need to establish baseline outcomes. You should review trends and statistics from your facility’s electronic health records as well as outcome studies to identify areas that need the most improvement.