Looking for a challenging, lucrative career with strong growth prospects that is resistant to recessions? Look no further than health services administration, a rapidly growing field, matching a sector of the economy that is growing just as fast.
The Centers for Medicare and Medicaid Services predict the health spending share of the U.S. Gross Domestic Product (GDP) will rise from 18.3% in 2021 to 19.6% in 2031, outpacing average overall GDP growth. The rate of Americans with health insurance hit a historic high of 92.3% in 2022, due to high Medicaid enrollment and an increase in Marketplace enrollment. These and other factors are driving rapid job expansion in the healthcare sector.
For instance, according to the U.S. Bureau of Labor Statistics (BLS), employment of medical and health services managers is expected to increase 28% between 2021 and 2031, much faster than the average for all occupations. BLS reports that median annual pay in the field was $101,340 in 2021, including data from professionals with and without the advanced education — such as a Master of Business Administration (MBA) in Health Services Administration — that can lead to the highest levels of job opportunities and pay.
Where Do Health Services Administration MBA Grads Work?
Graduates of MBA in Health Services Administration programs like the one offered fully online by Barry University take positions in healthcare administration and management, public health, and informatics. Demand is high for professionals with experience and training who are prepared to coordinate medical and health services, as well as manage employees in a variety of settings.
MBA in Health Services Administration graduates may work in medical offices, hospitals, long-term facilities, urgent care centers, and outpatient clinics. Many also work in supervisory roles for home healthcare providers and in related positions for NGOs, government agencies, nonprofits, insurance companies, and corporations.
The following are five health services administration positions to consider, along with salary data as noted:
Hospital Chief Financial Officer (CFO)
Average annual compensation according to June 2023 ZipRecruiter data for hospital CFOs: $142,417
The CFO of a medical facility like a hospital is charged with reviewing operating costs and budgets to determine if the organization has a financial surplus or deficit. This position maintains financial records and updates organizational leaders from managers to the C-suite on the financial details of the operation.
Medical Information Manager
Average annual compensation according to June 2023 ZipRecruiter data for medical information managers: $94,756
In large organizations including hospitals and managed care companies, health information managers are needed to disseminate data. The position may lead the health information management department, which acquires, analyzes, and protects the digital and traditional medical information needed to provide patient care.
Health Services Administrator
Average annual compensation according to June 2023 ZipRecruiter data for health services administrators: $101,984
Employee health services administrators ensure the maintenance of medical records in a manner compliant with policies and procedures. Responsibilities include administering healthcare program operations, supervising subordinate staff, administering employee physicals and injury-related diagnoses and other types of referrals, all in compliance with OSHA regulations. Importantly, employee health services programs also promote employee health through education, preventative services, and the creation of healthy work environments.
Average annual compensation according to June 2023 ZipRecruiter data for hospital administrators: $92,479
This role is critical to the efficient operation of a hospital system and the quality of care it provides, even as the political and economic conditions affecting healthcare continue to change dramatically from year to year. The position coordinates departments to ensure they function cohesively. Hospital administrators organize, direct, and monitor the outcomes of major services. Often, they serve as liaisons among governing boards, department heads and medical staff, and they recruit, hire, and evaluate medical and administrative personnel. They may also organize and control services established by the hospital board and oversee important patient programs and policies.
Pharmaceutical Marketing Manager
Average annual compensation according to June 2023 ZipRecruiter data for pharmaceutical marketing managers: $84,499
This is the role that manages the marketing and branding strategies for pharma products based on the company’s priorities. The position is responsible for driving strategic development of the brand portfolio, identifying new products, target audiences and opportunities, developing consumer promotions, and planning and monitoring budgets, as well as ensuring that program objectives are met.
These are just a few of the challenging and rewarding leadership positions available to graduates of the Barry University MBA in Health Services Administration online program. If you’re looking for a field that offers great opportunity and stability, few other career paths compare.
Learn more about Barry University’s online MBA in Health Services Administration program.