What can I do with an MBA with a Healthcare Management Focus?
Pursuing a Master of Business Administration (MBA) might be the next step in your professional journey. An MBA can make you a more versatile job candidate while increasing your earning potential. On average, the salary of a professional with an MBA can be about 30 percent higher than that of a professional with a bachelor’s degree. An MBA with a healthcare management focus gives you insights into the inner workings of the healthcare industry and professional skills that always are in demand.
The healthcare industry is growing
According to the World Bank’s data, the healthcare sector accounts for 17% of the United States’ gross domestic product. In terms of job growth, by 2026 more than 2.3 million new jobs will be created. In December 2017, the number of people employed in the healthcare industry grew by 31,000 individuals. The U.S. Bureau of Labor Statistics defines healthcare professionals as healthcare practitioners (doctors, surgeons), healthcare support occupations (nurses, technicians), and administrative roles (hospital administrators, accountants, etc.). Job growth is attributed to the continuous expansion of healthcare services. Businesses are continuously adapting their management and marketing strategies to keep up. As a result, an MBA with a healthcare management concentration can position you for a variety of careers in the financial, marketing, and management sectors of the healthcare industry.
Pharmaceutical Brand or Product Manager
A pharmaceutical brand manager is responsible for the planning, development, and direction of marketing efforts for the brand or a range of products. They are tasked with identifying marketing opportunities and defining effective strategies to reach the brand’s target audiences. Product managers are expected to have a good understanding of the marketplace and the brand’s competitors. A senior brand manager can expect a salary in the range of $100,000 to $150,000 annually.
Hospital Administrator
A hospital administrator oversees the day-to-day operations of a hospital, medical facility or public health organization. They ensure efficiency and quality in patient care. One of their primary responsibilities is to coordinate the activities of various departments. These duties may include recruiting, hiring, training, mentoring and evaluating healthcare professionals. Hospital administrators are also responsible for managing an organization’s budget, securing necessary funding for research, and defining the organization’s business strategy. The job requires organizational skills and the ability to combine business knowledge with the best medical/healthcare practices. Some administrators are generalists, meaning they could be responsible for an entire organization while others are specialists who may be in charge of one specific department. The average salary for a hospital administrator is approximately $110,000, but this can vary depending on education and experience.
Healthcare Consultant
A 2016 U.S. News & World Report survey ranked healthcare consultants as the highest earners in the healthcare industry. Consultants can earn a salary that is 20 to 50 percent higher than full-time employees with similar credentials and responsibilities. A healthcare consultant acts as a management analyst. Consultants examine the structure, efficiency, and profitability of an organization. After analyzing internal and external processes, consultants identify areas of improvement. An MBA with a healthcare management concentration provides students with strong foundational business knowledge. A strong business acumen is ideal for consulting, a position that requires entrepreneurial knowledge and management expertise. Experienced consultants may be able to earn more than $100,000 per year.
In order to be successful in the healthcare industry, you may want to gain a working knowledge of major industry topics and best business practices. Walsh University Online offers an MBA with a healthcare management concentration that allows you to launch the next phase of your career in as little as one year. Courses are conducted online and with six intakes per year, you won’t have to wait to get started. Take the next step in your career with an online program that allows you to balance your personal and professional life. Find out the difference you can make with a Walsh MBA.
Sources
https://www.bls.gov/careeroutlook/2015/article/should-i-get-a-masters-degree.htm#Healthcare and social service
https://www.usnews.com/education/best-graduate-schools/articles/2017-03-22/5-top-jobs-for-mba-grads-in-health-care