There are several healthcare management jobs that graduates can pursue with an MBA, and selecting th Read More
An online Master of Business Administration (MBA) program, like that offered by Northeastern University’s D’Amore-McKim School of Business, provides students with the opportunity to specialize in a particular area that will best align with their future career goals. In this way, students can build and hone the necessary skills they need to pursue advanced and in-demand careers in certain fields of interest.
One of the specialization areas offered by Northeastern University’s Online MBA is Healthcare Management. This concentration centers around the leadership and management skills that graduates need to succeed in healthcare and provides them with the understanding they need to properly oversee care delivery.
There are several healthcare management jobs that graduates can pursue with an MBA, and selecting the Healthcare Management concentration puts students on the right path to achieve these careers. Let’s take a closer look at the skills professionals need for these positions, as well as the various healthcare management jobs MBA students with an interest in healthcare can consider.
Key Skills for Healthcare Management Jobs
Before delving into the specifics of the potential careers, it’s important for MBA students to understand the types of skills they’ll need for success in these roles.
An MBA with a Healthcare Management concentration can provide students opportunities to build their knowledge in areas like:
- The historical and contemporary function of the U.S. healthcare system
- Healthcare data analysis, implementation, and decision-making
- Management and storage of personal health records, including electronic health records (EHR), in accordance with industry compliance requirements
- Establishment and management of operating budgets, and other key healthcare finance skills
Check out our curriculum to see the other skills students can learn through an MBA, and specifically in the Healthcare Management concentration.
MBA Healthcare Management Jobs
When it comes to the specific employment positions well-suited for MBA graduates, there are a few in-demand and advanced roles to consider:
Medical and Health Service Manager
According to the U.S. Bureau of Labor Statistics (BLS), this management-level healthcare role is one of the fastest growing in terms of job outlook. Overall, this position will experience 18% growth, resulting in more than 71,000 new positions from 2018 to 2028.
Medical and health service managers, also known as healthcare executives or healthcare administrators, are responsible for overseeing and ensuring quality and efficiency in the delivery of the facility’s healthcare services. Thus, these managers will establish goals for the health service department and manage the recruitment, training, and supervision of employees working under them.
Medical and healthcare service managers are also in charge of creating the budget and monitoring the facility’s spending while ensuring that the institution remains within its operating budget without sacrificing quality of care. Accordingly, the health service manager oversees records related to the facility’s operations, including overall costs and number of patients, beds, and other resources.
The current median annual wage for medical and health service managers was $100,980 as of May 2019, but pay can vary depending on the type of facility in which professionals work. Those in nursing and residential care facilities, for instance, earned $86,820 annually in 2019, whereas those in government facilities earned an average median wage of $111,520.
One of the highest-level positions MBA graduates can pursue in healthcare is that of a healthcare executive. Some of the duties in this role overlap with that of the healthcare manager. However, healthcare executives typically sit on the executive board of a healthcare facility. Thus, they are not only establishing goals and maintaining the budget for the healthcare service department, but doing so for the entire organization.
As the BLS noted, healthcare executives also consult with other members of the executive team and engage in high-level decision-making, including that related to contract agreements and negotiations. Executives work to hire or appoint the other managers and department heads in the facility, such as the medical and healthcare service manager.
Overall, about 7% of all executives work in the healthcare industry, and this sector is also one of the better-paying work environments for top executives. As the BLS noted, the median annual wage for healthcare executives was $166,410. For comparison, top executives working in the retail trade made only $73,190 annually.
Currently, the job outlook for this role is predicted to grow by 6%, about as fast as average, through 2028.
Pharmaceuticals Project Manager
Project management is an area that’s becoming increasingly important across all industry sectors, and is particularly valuable for pharmaceuticals. This is yet another role that graduates of MBA programs can consider in the healthcare field.
As PayScale stated, project managers in pharmaceuticals are responsible for managing the activities involved in all new products, or new iterations on existing products. These managers are involved with the project from beginning through completion, and take part in tasks like:
- Assembling the project team, including potentially outside partners, or help in recruitment and hiring efforts for that initiative
- Laying out and delegating the necessary goals and tasks required to support the project
- Overseeing team members as they complete these stated tasks
- Creating and maintaining the schedule for the project, including the target completion date
As of July 2020, the average salary for pharmaceutical project managers is $92,869, according to PayScale. But salaries can vary—the lowest earners took home $60,000 on average, whereas the highest 10% in this role earned $144,000 annually.
Preparing for Healthcare Management Jobs
Those with an interest in these or other healthcare management jobs can begin their journey by enrolling in an MBA program that offers a concentration in Healthcare Management.
To find out more, check out the program details and connect with our enrollment advisors today.