Earning an MBA in healthcare management is a great path to lucrative and in-demand roles within the medical field. Rather than working on the frontlines alongside medical providers, these professionals conduct behind-the-scenes tasks that make life-saving work possible.
An MBA in healthcare management can prepare graduates to serve on a hospital's leadership board. On average, a director of operations in this field earns $91,226 per year, according to Payscale. Read on to learn more about what it takes to pursue an MBA in healthcare management career.
What Is an MBA in Healthcare Management?
If you are an organized, natural leader and a strategic thinker, earning a master's in healthcare management could be a terrific fit for you. The degree explores areas such as business ethics, law, leadership, accounting, marketing, budgeting, and planning — all through the lens of healthcare. Graduates with an MBA in healthcare management can work as department directors, CEOs, and financial planners for hospitals, nursing homes, and acute care facilities.
What Can You Do With an MBA in Healthcare Management?
Medical Health Services Manager
Medical health services managers make about $104,280 per year on average. The Bureau of Labor Statistics (BLS) projects this career to grow 32% between 2020 and 2030, which is much faster than the national average.Medical health services managers improve the day-to-day operations of a healthcare facility. They work with department directors to make sure employees stay on task and have the resources they need to perform their job.
Nursing Home Administrator
On average, nursing home administrators make $98,890 per year, and the BLS projects this career to grow 9% between 2020 and 2030. These professionals oversee clerical and administrative staff.Additionally, administrators ensure the facility maintains proper medical supply inventory levels and create schedules for all levels of staff members, such as physical therapists and front door greeters. These professionals perform crucial job functions that ensure that the aging population can gracefully live out their later years of life.
Healthcare Consultant
Payscale reports that healthcare consultants earn $87,660, on average. They offer advice to healthcare facilities to help them overcome problems and meet goals. These professionals must possess excellent interpersonal and communication skills.Healthcare consultants also need strong organization, strategic thinking, and active listening skills. Professionals working in this role sometimes own their own consulting business or work for a private healthcare consulting company. The BLS projects management analyst jobs, which include consultants, to grow 14% between 2020 and 2030.
Administrative Services Manager
Administrative services managers earn $98,890 per year, on average, and the BLS projects this career to grow 9% between 2020 and 2030. These professionals oversee administrative staff members, including secretaries, clerks, and assistants.Administrative service managers also make sure hospitals, nursing homes, and doctors' offices remain safe and sanitary places to work and visit. In some cases, administrative services managers connect employees with training opportunities and other benefits like health insurance. Administrative services managers also oversee records management.
Healthcare Administrator
Healthcare administrators make $98,890 per year on average, and the BLS projects this career to grow 9% between 2020 and 2030. These professionals provide training opportunities for doctors and nurses, oversee employee schedules and company records, and provide employee reviews for subordinates.Healthcare administrators make sure a healthcare facility operates as smoothly as possible and provides the best possible care for patients. They help make hospitals safe, sanitary, and orderly. In some cases, healthcare administrators must hold a registered nurse license, particularly if they oversee other nurses.
Online MBA Programs for You
Grow your career, leadership, and business acumen with an accredited online MBA program.
Why Should You Get an Online MBA in Healthcare Management?
Pursuing an MBA in healthcare management online gives you the flexibility to balance your studies with personal and professional obligations. In fact, you may be able to apply what you learn in your studies directly to your job, allowing you to build up your resume and your portfolio before you graduate.
While an MBA covers the basics of many different topics — such as finance, leadership, and marketing — many programs offer the opportunity to specialize in a specific area. These specialties prepare learners for specific roles in the industry.
As referenced in the career section above, individuals with this degree can earn average yearly salaries between $65,000 to nearly $100,000.
Online MBA in Healthcare Management Salary
Although you can earn a reasonable salary in the administrative healthcare field with a bachelor's degree, putting in the hard work that it takes to acquire an MBA qualifies you to earn substantially more.
Graduates of an online MBA in healthcare management program typically experience more opportunities for promotion than someone with a bachelor's in healthcare management, as leadership roles demand more knowledge and training. Another factor that can determine pay is experience. Seasoned healthcare administrators make more than entry-level professionals.
In the table below, we outline the average annual salary of two roles in the healthcare field. One role requires an MBA and the other only requires a bachelor's degree. As you can see, these professionals perform similar job duties yet experience a salary difference of $7,197.
| Occupation and Degree Type | Average Annual Salary |
|---|---|
| Practice Administrator (MBA) | $73,289 |
| Healthcare Administrator (Bachelor's) | $66,092 |
Source:Payscale
FAQs About MBA in Healthcare Management Careers
What certification should I get in addition to an MBA in healthcare management?
If you want to position yourself as a more desirable job candidate or justify a promotion request, consider earning certifications related to healthcare management. Some of the more common certifications in the field include certified revenue cycle professional, certified medical manager, certified healthcare financial professional, certified healthcare access manager, and certified professional in healthcare quality.
What jobs can I get with an MBA in healthcare management?
With an MBA in healthcare management, you can become an administrative services director at a hospital, doctor's office, nursing home, or acute medical facility. After significant work experience, you can serve on the leadership board for one of these organizations, becoming a partner, president, or chairperson of the board.
Is an MBA in healthcare management better than a master of health administration?
An MBA in healthcare management covers multiple disciplines, while a master of health administration focuses on one discipline. An MBA covers business basics, including marketing, accounting, and ethics. If you wish to work in an administrative leadership position, possessing foundational business knowledge can help you effectively communicate with other business professionals.
Is an MBA in healthcare management worth it?
Earning an MBA in healthcare management adds significant value to your resume, positioning you for leadership roles with high earning potential.
Interview With an Expert
Joseph Welfeld
Joseph Welfeld is currently president of The Welfeld Group, LLC, and a venture partner for Fund Rx, a healthcare venture fund. Mr. Welfeld provides market strategy, business development, and advisory services to emerging healthcare technology organizations. He is a member of the healthcare management faculty of SUNY – Empire State College in Westbury, New York, and is on the faculty of the MBA and DNP programs at Dominican College. He is also a member of the advisory boards of both programs.
Mr. Welfeld is a fellow of the American College of Healthcare Executives, has an MBA in healthcare administration from Baruch College/Mt. Sinai Medical School in NYC, and has written Managed Care Contracting – A Guide for the Health Care Provider, published by the American Hospital Publishing Corp. in 1996.
Professional Organizations for Healthcare Management
To succeed in this ever-changing field, a healthcare management professional must commit to lifelong learning. Professional organizations offer informative webinars, educational conferences, and meaningful networking events that bring professionals in this field together. Below, we outline five organizations that can help you meet your professional goals.
Healthcare Financial Management Association
This organization provides professional working healthcare facilities with education and training. Members can earn professional certification through this organization and gain access to a job board.
The American Health Information Management Association
Hosting more than 100,000 members worldwide, the American Health Information Management Association offers training, webinars, and conferences to professionals in the field.
National Association of Healthcare Access Management
This organization provides member events, webinars, professional certification, and an annual conference for patient access professionals. Members can interact with peers who work in careers such as scheduling, admissions, patient finance, and guest relations.
American College of Healthcare Executives
The American College of Healthcare Executives aims to make healthcare safer and more accessible for patients. The organization conducts healthcare research, offers a career resource center, and gives members access to the latest research.
American Hospital Association
The American Hospital Association provides helpful educational tools for hospital professionals and helps members stay up-to-date on current events and how they relate to the healthcare field.
