If you are interested in growing career with plenty of job demand and a strong salary, be sure to consider the health care management field. There is a surging demand for health care services, as the baby boom population retires and people are living longer, more productive lives.
With a master’s degree in health care management, you can become an important healthcare executive that is critical to the success of a hospital, health insurance company, nursing home, doctor’s office or medical facility. Whether you come from a clinical or administrative background, obtaining your master’s in healthcare management will offer you plenty of excellent job opportunities and a bright career potential.
Why Earn a Healthcare Management Master’s
Earning any type of master’s degree is a major investment of time and money. It is important to be sure that you will be able to earn a good living with your graduate degree. It is for that reason that earning a healthcare management master’s degree is such a good decision.
There will be at least 2.3 million jobs added in the US in this time period. This means that healthcare fields will add more jobs than any other group in the US.
Experts state that the growth is expected to stem from our aging population and also because of federal health insurance reform. More people will have access to health insurance in the coming years, which will lead to them using more healthcare services.
Increase in demand for healthcare services leads to more job demand for all types of healthcare workers. Both clinical and administrative workers will be needed in much greater numbers for years to come.
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Popular Career Paths for Healthcare Management Master’s
A master’s degree in healthcare management will offer you many enticing job opportunities in the administration of healthcare, such as:
Medical and Health Services Manager
Medical and healthcare managers are often referred to as healthcare administrators, or possibly healthcare executives. They are responsible for planning, directing, and coordinating medical and health services. They are often responsible for managing a whole medical facility, a certain clinical area or department, or a medical practice for a large group of health care providers
This is a highly important position, as most medical and health services managers are responsible for ensuring that their facility is compliant with all healthcare laws, regulations and technology.
Some of the common duties in this profession include:
- Strive to boost efficiency and quality in the delivery of healthcare services
- Develop new departmental goals and objectives that increase efficiency and boost patient care quality
- Make sure that the facility where they work is completely compliant with state and federal laws and regulations in healthcare
- Manage the operations and finances of the department or facility
- Prepare an annual budget and monitor spending to make sure that departments are operating within the budget.
- Provide regular communication and feedback to upper level management and members of the medical staff regarding budgets and clinical care
In graduate school, you may have the option of choosing a specific concentration in healthcare management for your career. You can then choose to work specifically in these major areas of healthcare management and administration:
- Nursing home management
- Clinical management
- Health information management or informatics
- General administration
Job demand for medical and health services managers will be a robust 17% by 2024. As there is more demand for health care services throughout the country, there will be more health care facilities expanding and being constructed.
This expansion will require the implementation of new data systems, upgrading of existing databases and working towards making electronic patient data to be easily shared among all health care providers. With the proper use of health management practices, patient care will be improved and costs will go down.
All of these new and larger healthcare facilities will result in more need for medical and health services managers.
Median pay in this field is excellent with a typical wage of $94,500, with the top 10% earning in excess of $165,000 per year. Most people who are at the top of this field will have at least their master’s degree.
One of the newest fields for people with a healthcare management master’s degree is health informatics. This is a term that describes how healthcare data is stored, retrieved and described. The purpose of better handling of this information is to allow for better collaboration among many healthcare providers regarding a patient’s health care information.
This is an evolving field that has close ties to IT, communications and healthcare, with the end result being to improve patient care quality and efficiency in the delivery of healthcare services.
There is massive growth underway for healthcare informaticists. This is being spurred by the much greater use of electronic health care records or EHRs that is required by the Centers for Medicare and Medicaid Services.
Health care providers are being required to use EHRs to work with Medicare and Medicaid. Thus, patient data must be stored and shared electronically and in a secure fashion. Health informaticists will be in higher demand for many years as healthcare facilities must digitize all of their patient information.
Some of the possible job possibilities in health informatics today include:
- Nurse informaticist
- Medical records manager
- Medical information officer
- Director of clinical informatics
- Clinical data analyst
- Health IT consultant
Another popular occupation for healthcare management professionals today is management analyst. This is a type of management consultant that provides ways that an organization can increase their efficiency. This is a very important aspect of healthcare facilities today.
As healthcare costs are getting higher and more demand for services is occurring daily, healthcare organizations seek innovative ways to drive down costs and to improve efficiency. Management analysts or consultants in healthcare can show upper level management how to save money and improve patient care results.
Many management analysts work for the company that they analyze. But others may work for healthcare consultancies and work with many different clients each year.
Employment of management analysts will rise by 14% by 2024, but we expect that the demand will be even stronger in healthcare. More management analysts will be needed to provide expert recommendations to healthcare organizations on how to control costs.
The median salary is a healthy $81,320. If you want to earn the highest salary, we recommend that you work as a contractor in the healthcare industry with the federal government; in such roles you can earn as much as $88,020 per year.
- Healthcare Occupations. (2015, Dec. 17). Retrieved from https://www.bls.gov/ooh/healthcare/home.htm
- Medical and Health Service Managers. (2015, Dec. 17). Retrieved from https://www.bls.gov/ooh/management/medical-and-health-services-managers.htm
- University of Florida. What Is Health Informatics? (n.d.). Retrieved from https://www.usfhealthonline.com/resources/key-concepts/what-is-health-informatics/
- Management Analysts. (2015, Dec. 17). Retrieved from https://www.bls.gov/ooh/business-and-financial/management-analysts.htm