Jobs for Healthcare MBAs are fulfilling and versatile with many opportunities for advancement. One can earn an excellent salary after completing an online MBA program in healthcare. The following are five of the top earning jobs for healthcare MBAs.
1. Director of Operations
Primary responsibilities include employee management, improving productivity, research and development. The director of operations helps develop and implement strategies to improve standard operating procedures. According to Payscale.com data from August 2016, the salary range for the director of operations is $79,305 – $146,865. It’s also possible for the director of operations to advance to vice president of operations, which has an average salary of $118,057. Some advance to senior vice president of operations with an average salary of $152,900. Another benefit of reaching the vice president level within a healthcare organization is the potential to earn other types of compensation, such as bonus, profit sharing and commission.
2. Practice Manager
Primary responsibilities include the daily operations of private medical offices or public medical clinics, staffing, scheduling, resolving patients’ complaints, ensuring legal compliance, improving operations and managing financials. The salary for a practice manager ranges from $43,507 – $81,652. Career advancement can include promotions to operations director or human resources manager.
3. Executive Director
Primary responsibilities include senior management of organizations and businesses, reducing organizational cost and improving efficiency, operational oversight, reporting to the chairperson and leadership. The executive director also helps company institute philosophy, monitor the budget and oversee company assets. The salary for an executive director ranges from $60,000 – $155,769. Career changes may include advancement to office manager, chief operating officer or vice president of business development.
4. Nursing Home Administrator
Primary responsibilities include management of the residents in the nursing home, overseeing the facility management system, supervising and coordinating all departments, understanding legal regulations, evaluating staff, managing the budget and training and educating staff members. Nursing home administrators must have licensure to work as a nursing home administrator, and they must participate in ongoing professional development to remain relevant. Salary ranges for a nursing home administrator are from $65,000 – $112,123. Typical advancement opportunities for nursing home administrators include executive director and other more senior roles in administration.
5. Healthcare Administrator
Primary responsibilities include managing nurses and nursing assistants, training staff, conducting performance reviews and obtaining facility accreditations. Healthcare administrators must have a degree in nursing, healthcare or business. They are required to have a registered nurse license, they must be certified in CPR, they must know how to conduct market analysis and they must be able to manage financial operations. The salary range for a healthcare administrator is $47,957 – $134,482.
An MBA in Healthcare Administration can open doors to a variety of career paths. With an online program, you can earn your degree in the comfort of your own home, according to your own schedule — benefits that are invaluable to working healthcare professionals. While this article surveys only five jobs for healthcare MBAs, there are many more positions available, such as chief nursing officer (CNO), hospital administrator and medical and health services manager.
An MBA in Healthcare Administration offers both professional and personal growth, which brings stability to the healthcare industry. There will always be demand for excellent healthcare services. If you are drawn to helping others live well, then an MBA in Healthcare Administration may the right career choice.