The nation’s health system is growing, and it needs a diverse range of qualified administrative professionals to help guide it. A high level of work satisfaction, an increase in pay and market demand are just several reasons why you should consider earning a Master of Business Administration (MBA) with a concentration in Healthcare Administration.
The MBA in Healthcare Administration program at Texas A & M University-Corpus Christi (TAMU-CC) is designed for working adults, which means it is flexible and convenient, allowing you to realize your career goals sooner than you may think.
Here are a few of the reasons why this is the best time to go back to school to earn your MBA in Healthcare Administration.
Work Satisfaction
If you are looking for a profession where you can contribute to the good of society, consider a career in healthcare administration. Professionals in this line of work have the opportunity to positively influence the lives of a number of groups, including patients, physicians, employees and volunteers, reports CNNMoney in association with PayScale. A high level of work satisfaction is one of the factors that earned Hospital Administrator a ranking of eighth of 100 on their “Best Jobs in America” report. In fact, it earned a grade of A for both Personal Satisfaction and Benefit to Society.
According to an article in Poets & Quants (citing PayScale’s data), healthcare management received a 78 percent satisfaction score, with healthcare administration at 73 percent. As a point of reference, MBAs in different fields ranked in the 50 to 58 percent range, and several, like corporate finance, earned the lowest scores.
Aside from the benevolence factor, part of what makes a career in health administration satisfying is the intellectual challenge it provides. According to Public Health Online, healthcare administrators juggle a myriad of responsibilities, including operations, budgets and staffing issues. They have opportunities to practice their communication and listening skills, design creative solutions to problems, and make decisions that affect entire facilities. They are true leaders who motivate and inspire their employees to excel.
Competitive Pay
In general, MBA candidates earn more than their colleagues with bachelor’s degrees. According to Poets & Quants, MBAs in the finance sector made about $16,000 more than their BA counterparts in early career, and about $40,000 more mid-career.
The Graduate Management Admission Council (GMAC) estimates that more than half of employers who hire workers with MBAs in 2017 plan to increase the annual starting salaries at or above the rate of inflation.
Attractive salaries are also present in the healthcare field. Healthcare administrators earned a median annual salary of $94,500, according to the United States Department of Labor.
Within the healthcare field, hospital workers earned at the top tier, with a median of $102,060. Those at nursing and residential care facilities earned a median salary of $78,540.
Although it is theoretically possible to find an administrative job with a bachelor’s degree, the U.S. Bureau of Labor Statistics (BLS) says that those with a master’s degree in health administration or related field will likely have the best job prospects.
High Demand and Job Stability
Another benefit of earning an MBA is the potential it offers for career advancement. Per GMAC, 79 percent of employers expect to hire MBA graduates in 2017.
This trend is also evident in the healthcare industry. The BLS projects that healthcare administration will add 17 percent more jobs between 2014 and 2024; this is considered much faster than the average growth rate for all occupations. The healthcare needs of an aging American population partly explain the rising demand.
As the demand for nurses, physicians and other healthcare practitioners continues to grow, so will the call for administrators capable of leading and managing.
By earning an MBA in Healthcare Administration through TAMU-CC’s online program, you can prepare yourself for jobs like health services manager or administrator in a range of facilities. The program focuses on the essential components of healthcare administration; it includes a review of the American health system, issues related to healthcare delivery, principles of healthcare economics, public policy and the basics of financial management used in healthcare. Students can complete this program in 12 months, and it is designed for working adults. Earning an MBA is well within your reach.
Learn more about the TAMU-CC online MBA in Healthcare Administration program.
Sources:
CNN Money: Best Jobs in America
Poets & Quants: Highest Paying MBA Concentrations of 2016
GMAC: Year-End Poll of Employers
Bureau of Labor Statistics: Medical and Health Service Managers
