As the population is aging and staying more active later in life, the healthcare field overall is booming. There is a great increase in the numbers of medical professionals and medical facilities in the field of healthcare. This also means that there is more of a demand for good business managers for those healthcare facilities and practices. For example, the Bureau of Labor Statistics states that the demand for medical and health services managers will increase 22% in the next 10 years, which is faster than average.
This makes the healthcare field an excellent career path for professionals with an MBA. Some of the hottest career paths for healthcare MBAs are:
#1 Hospital Administrator Job Description
In this career, you will work behind the scenes making the healthcare facility work as efficiently as possible. You may work at a hospital, nursing home or an outpatient center. You will do some or all of the following:
● Recruit and hire physicians
● Develop budgets
● Create policies for quality assurance and patient services
● Promote and implement new types of medical treatments and equipment
● Assure compliance with government regulations
Median salary: $111,000
#2 Pharmaceutical Project Manager Jobs
If you have an MBA and marketing experience, you can use that experience as a pharmaceutical project manager. Some of the job responsibilities for an MBA may include:
● Analysis of investments
● Reviewing market data
● Development of promotional plans for certain drugs
Many pharmaceutical firms will look for strong project managers who are MBAs who have consulting experience, are strongly proactive and have demonstrated strong leadership ability.
Median salary: $92,000
#3 Practice Manager Job Descriptions
A hospital administrator deals with the business affairs of a large healthcare organization, while a practice manager deals with the operation of a smaller medical office. Some of an MBA’s tasks could include:
● Hiring staff
● Managing work schedules
● Ordering supplies
● Regulatory compliance
You also can eventually move into consulting or to a position at a larger medical organization.
Median salary: $81,000
#4 Hospital CFO Job Description
It is very important for a hospital to be run in the most cost effective manner possible. As a CFO, you would be responsible for meeting and managing all of the financial risks of the health organization. You also may be responsible for much of the financial planning and record keeping. Also, you will probably need to do most of the financial reporting to upper management above you. You will need to have strong skills in finance, business, marketing and management. An MBA in healthcare is an excellent background for this job.
Median salary: $155,000
#5 Hospital CEO Job Description
The CEO is the head of the hospital and has a great deal of responsibility. You will be in charge of the directing, planning and organizing all operations for your company. You will need to do a hospital budget, negotiate contracts with outside vendors, analyze sales reports and financial information, decide on how to save money, and select personnel for top positions in the hospital. You will usually report to a board of directors for major decisions.
Median salary: $166,000
#6 Healthcare Consultant Job Description
In this MBA job, you will work with client companies to do organizational studies and evaluations. You will design new systems and procedures, and prepare manuals to help healthcare clients to manage their healthcare organization in a more effective fashion.
Median salary: $96,000
#7 Research and Development Business Manager Job Information
If you are not working in a hospital or a nursing home, many people with a background in healthcare management with an MBA will be involved in research and development. You would be involved in the business management aspects of the research and development organization. This could include:
● Making budgets
● Hiring management staff
● Compliance with financial regulations
Median salary: $102,000
#8 Health Information Manager Job Information
In this MBA role, you will be working in a hospital, medical practice or other healthcare facility managing the information flow in the organization. You will ensure that all data is delivered in an efficient fashion to the right areas of the organization. You also will ensure that all of the computer hardware and software is up to date and is processing information accurately. Also, you will need to constantly make sure that all information is being stored and tracked properly, according to the latest government regulations.
Median salary: $84,000
The market for healthcare MBA professionals is constantly growing, and you really should consider focusing your career in this booming field.