Looking for a challenging, lucrative career with strong growth prospects and resistance 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.
As of February 2019, the Centers for Medicare and Medicaid Services predict healthcare’s share of GDP will rise from 17.9% in 2017 to 19.4% in 2027. An increase in utilization and intensity of services projects to a third of this spending growth, and this is driving unprecedented job expansion. According to the U.S. Department of Labor, job growth for medical and health services managers is expected to increase 18% between 2018 and 2028, much faster than the average for all occupations. Median pay in the field is now $99,730 per year, and this includes data from professionals without MBA training.
Graduates of the Barry University online MBA in Health Services Administration program take positions in 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. Barry graduates 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.
Some positions to consider, along with salary data (December 2019):
Medical facility chief financial officer (CFO): average annual compensation $152,154
The CFO of a medical facility 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.
Health information manager: average annual compensation $88,902
In large organizations including hospitals and managed care companies, health information managers are needed to disseminate data. They take information from the board of directors and share it internally with each department in the organization. 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.
Employee health services manager: average annual compensation $114,778
This position ensures 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.
Hospital administrator: average annual compensation $101,880
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 brand manager: average annual compensation $94,173
This is the role that manages the 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 and packaging 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.
Sources:
U.S. News & World Report: 5 Top Jobs for MBA Grads in Health Care
U.S. News & World Report: Online Master’s Degree in Health Care Administration
U.S. Bureau of Labor Statistics: Medical and Health Services Managers
Modern Healthcare: Healthcare Spending Will Hit 19.4% of GDP in the Next Decade, CMS Projects
ExploreHealthCareers.org: Health Information Manager
Salary.com: Health Information Management Manager
ZipRecruiter: Hospital Chief Financial Officer Salary
Becker’s Hospital Review: 4 Trends in Hospital CFO Compensation
Salary.com: Employee Health Services Manager
HealthcareAdministrationEDU.org: Hospital Administration Careers
ZipRecruiter: Hospital Administrator Salary
