If you are thinking of going back to school to advance your career, you’re probably interested in increasing both your earning potential and the scope of your work. Whether you’re running into the dreaded mid-career slump faced by some healthcare professionals or you’re exploring work in healthcare administration, a Master of Business Administration with a Concentration in Healthcare Administration could be the right choice for you.
An MBA is one of the most coveted degrees in any discipline, and for good reason. The Graduate Management Admission Council offers the following data to support the career-enhancing potential of an MBA degree: More than eight in 10 MBA graduates of part-time, self-paced programs said that the skills they developed in business school advanced their careers, and nearly two-thirds said they received more promotions after graduation.
An MBA can be the perfect route for mid-career professionals looking to give themselves better options, job satisfaction and higher income in the healthcare industry.
The Role of Healthcare Administrators
Healthcare administrators are responsible for managing different groups within hospitals and other healthcare facilities. According to PayScale, “Today, an estimated 300,000 people serve in health administration; they are the heads of hospitals, nursing homes, physical group practices, and home health agencies.” Essentially, they are the glue that holds the different facets of hospitals and other care facilities together.
Administrators also report enjoying their work. On PayScale, the role of healthcare administrator received a 5 out of 5 for overall job satisfaction.
Administrators are tasked with staying up to date on the laws, regulations, and technological innovations that shape healthcare. According to the U.S. Bureau of Labor Statistics, “[Healthcare administrators] might manage an entire facility, a specific clinical area or department, or a medical practice for a group of physicians.”
How an MBA in Healthcare Administration Can Help
As PayScale also points out, “For upper management and CEO positions, MBA’s or healthcare-related Master’s degrees are common.” Not only will having an MBA give your healthcare career a boost, you’ll also have the upper hand over those with a four-year degree alone.
An MBA in Healthcare Administration can lead to satisfying and rewarding careers, as well as a substantial pay increase. According to HealthCareAdministration.com, “Healthcare MBA holders are more likely to work towards their dream job that satisfies their needs in terms of career development and personal fulfillment.” They go on to point out that the average salary for healthcare MBA holders is $95,000 to $250,000 per year.
A healthcare MBA is a flexible degree as well. The curriculum gives students the skills to navigate healthcare law, finances and ethics. These skills are vital to the success and efficacy of every healthcare organization, and a healthcare MBA sets up candidates to be valuable assets.
The field of healthcare management and administration is adding jobs at a much faster rate than average, thanks in part to a growing population of retirement-aged Americans. If you are already working in the healthcare industry and you feel that your career has grown stagnant, getting an MBA with a Concentration in Healthcare Administration can give you the career boost you seek.