MBA in Healthcare Management Salary
Earning an online healthcare MBA degree in is the most direct way to become a deeply skilled professional on the path to management-level positions. These avenues are less impacted than clinical and administrative positions, which you might jump into if you were a registered nurse or another entry-level medical staff member.
What Is an MBA in Healthcare Management?
If you’re someone who always puts others first, you probably enjoy leading by example and helping others who look to you for guidance. An online MBA programs in healthcare management could be a natural fit for you because of your leadership skills, business background, and drive to succeed. The growing healthcare industry needs more qualified professionals. Having an MBA in healthcare management can help you stand out in the crowd. A program like this will give graduates the right skills to 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?
Nursing Home Administrator
The BLS says that nursing home administrators makes an average of $104,280 per year in 2021, and this career will grow 7% between 2018 and 2028. Employees of these professions supervise clerical and administrative staff.
Administrators of nursing homes and other senior care facilities are frequently tasked with handling a myriad of responsibilities, including ensuring the facility maintains proper medical supply inventory levels and making schedules for all staff levels, from physical therapists to the door greeters. These professionals may also perform other important job functions that ensure that the aging population can gracefully live out their later years of life.
Administrative Services Manager
Administrative services managers earn an average of $98,890 per year in 2021, and the BLS expects this career to grow 7% between 2018 and 2028. Those professionals oversee administrative staff members such as secretaries, clerks, and assistants.
Administrative services managers use their expert knowledge of office procedures and safety regulations to direct administrative staff to ensure office space is functional and clean. They also oversee supply orders, maintain files, and make sure the office stays stocked with all necessary equipment. Their expertise in records management includes ensuring that patient files are accurate and that staff is trained in health data privacy regulations.
Medical Health Services Manager
The Bureau of Labor Statistics (BLS) states that medical health services managers make about $104,280 per year on average in 2021. Growth is expected to increase 18% between 2018 and 2028, compared to average growth of 7% for all careers. Most people think that medical health services manager jobs are located only in hospitals, but the BLS states that some work in outpatient care centers. In fact, 23% of these managers work there.
Medical health services managers (MHSM) are responsible for the day-to-day operations of a healthcare facility. They keep the facility running as planned by working with department directors to make sure employees stay on task and have the resources they need to perform their job.
The average Healthcare Consultant salary is $83,621 as of April 27, 2021, but the salary range typically falls between $69,166 and $104,329, according to Salary.com. Their goal is to provide healthcare facilities with advice on overcoming problems and meeting goals. Professionals in this field need excellent communication and interpersonal skills.
Healthcare consultants work closely with health insurance and pharmaceutical companies, healthcare associations and organizations, as well as government agencies to develop business strategies. The field of healthcare management consulting is a rapidly growing industry, and healthcare consultants are finding jobs in a variety of different industries. The BLS projects management analyst jobs to grow 14% between 2018 and 2028.
According to Payscale, Healthcare administrators earn an average of $70,175 per year in 2021, and the Bureau of Labor Statistics projects this career to grow 7% between 2018 and 2028. These professionals facilitate training opportunities for doctors and nurses, oversee employee schedules and company records, and provide employee appraisals for subordinates.
Healthcare administrators are responsible for overseeing the entire hospital. They work closely with other healthcare staff, facilities, and equipment to ensure the hospital is up to code, progressing well, and stays within its budget. Through their careful evaluation of each staff member, patient, and department, healthcare administrators make sure each is doing its job to provide the best possible care.
Why Should You Get An Online MBA In Healthcare Management?
An online MBA in healthcare management is ideal for busy individuals who want to advance their career and move forward, but do not want to take the traditional route of face-to-face classes. It can be personalized to fit your schedule, allowing you to divide your time between professional and academic obligations. For example, you may be working at a hospital or clinic part time and want to build on those skills while still being able to work part time.
While an MBA covers many different subjects — including finance, leadership, marketing, and leadership — many programs offer the opportunity for students to select a specialization.
Individuals in these specialties are prepared to perform specific roles in the industry.
Individuals with this degree earn an average yearly salary between $65,000 and nearly $100,000, as mentioned in the career section above. Also, check our guide on scholarships for business majors and cost of a masters degree here.
Online MBA In Healthcare Management Salary
You can earn a reasonable salary in the administrative healthcare field with a bachelor’s degree, but an MBA qualifies you to earn significantly more.
Graduates of an online MBA in healthcare management can typically expect to earn more than someone with a bachelor’s in healthcare management. According to PayScale, the average annual salary for a graduate with a bachelor’s degree is $44,100, compared to $76,338 for a master’s graduate.
Graduates of a master’s degree 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.
In the table below, we provide an overview of the average annual salaries for two healthcare roles. For one role, an MBA is required and for the other only a bachelor’s degree is necessary. They both perform similar tasks, yet have salary differences of $7,197 between them. Check out our guide on landing a job here.
Comparison Of Average Annual Salary By Occupation And Degree Type
|Occupation & Degree Type||Average Annual Salary|
|Practice Administrator (MBA)||$73,289|
|Healthcare Administrator (Bachelor’s)||$66,092|
Professional Organizations For Healthcare Management
Each healthcare management professional is on a path that he or she chooses — in terms of training and education, work settings, and professional affiliations. The field of healthcare management encompasses many different areas of expertise including communications, financial analysis, sales and marketing, human resources, information technology (IT), facility management, and much more.
|Healthcare Financial Management Association||These organizations offer medical training and education to professionals working in healthcare. This organization provides members with access to a job board and certification opportunities.|
|The American Health Information Management Association||The American Health Information Management Association has more than 100,000 members worldwide and offers training, webinars, and conferences to professionals in the field.|
|National Association of Healthcare Access Management||This organization provides members with conferences, webinars, professional certification, and a conference for patient access professionals. Peers working in scheduling, admissions, patient finances, and guest relations can interact with members.|
|American College of Healthcare Executives|
The American College of Healthcare Executives (ACHE) is a healthcare management institution with a goal to make healthcare safer and more accessible for patients. The association conducts research, offers career guidance and resources, holds leadership positions, and provides continuing education.
|American Hospital Association||AHA provides educational tools for hospital professionals. AHA also keeps members informed on current events and how they relate to healthcare.|
FAQs About MBA in Finance Careers
Is an MBA in Healthcare Management worth it ?
Your resume will be enhanced significantly with an MBA in healthcare management, making it easier for you to command high salaries.
What Jobs can I get with an MBA in Healthcare ?
An MBA in healthcare management is an excellent advanced degree that opens avenues to success in a great variety of careers. It prepares students to direct and oversee administrative functions at hospitals, doctor’s offices, nursing homes, or acute medical facilities as the director of administrative services. Students can further their career with work experience and use it to become a partner, president, or chairperson of the board for one of these important organizations.
Is an MBA in Healthcare Management better than a Master of Health Administration ?
An MBA program provides candidates with general management skills that can be applied in many environments. The healthcare industry spans multiple disciplines, and an MBA in this field can give a candidate a broad knowledge base for roles that involve administrative responsibility. A master of health administration degree offers a specialization, and students may choose to focus their studies on the administrative aspects of healthcare or on clinical aspects.
What Certification Should I get in addition to an MBA in healthcare management ?
It might be worth earning certifications related to healthcare management if you want to position yourself as a more desirable job candidate or justify a promotion request. Certified revenue cycle professionals, certified medical managers, certified healthcare financial specialists, certified healthcare access managers, and certified healthcare quality professionals are some of the more common certifications in the healthcare field.