Healthcare management and healthcare administrators are creating a huge impact on the business world, and having an MBA with a focus on healthcare is your ticket to entering this industry; it’s also your ticket to being within the top 10% of earnings for management positions in the medical field. Whether you’re looking to explore the medical field through a private clinic, a hospital, or an entirely different type of health-related business the strong calling for healthcare managers is creating an expanse of growth in this field which is also making competitive salaries abundant. The most current data reported through the Bureau of Labor Statistics has actually suggested that by the year 2020, the need for more managerial roles within the healthcare industry will have expanded by 22%.
There are many jobs to choose from when you graduate with an MBA in healthcare, and the type of institution you work for and what your title is will determine your salary and signing bonus. As a hospital administrator you have the option of working in a hospital, a private clinic, or even in nursing homes and elderly care facilities. The median pay for this position is $110,000, although the average pay is about $82,000, which will certainly supply you with an incentive to work long hours in close quarters with doctors and patients as you hire, create and control policies, promote new treatments, and administer compliance to budgets.
As hospital CFO your job includes the management of finances for the branch of healthcare that you work in. This applies to record keeping, budgets and price negotiations, and handling vendors and the contracts that are created with them. Unlike the position of a hospital manager which selects doctors and other staff to work within the facility, as CFO your hiring rights lean more toward the selection of executives within the organization. The average salary is around the $106,000 mark, but the median salary in this field can be as high as $166,000.
Research And Development Business Manager
MBA graduates in the field of healthcare management who choose not to find positions within hospitals or continuing care homes may choose to work within the area of R and D. Research and development careers generally include billing, enlisting staff for supervisory and managerial roles, creating and managing billing, and formulating and complying with financial laws and regulations. The median salary for this position is $102,000.
Pharmaceutical Product Manager
Managers working in the pharmaceutical industry with a degree in MBA can expect to make between $90,000 and $92,000, although incentives and bonuses may vary from company to company. This position holds many responsibilities including the management of pharmaceutical representatives, market data analysis, investment review, and promotional and marketing management of new medical drugs and equipment.
Health Informatics Manager
With a salary falling between $84,000 and $89,000, working within the field of health informatics can be a financially rewarding career. Within this role you’ll find yourself managing the flow of information within a medical practice or large hospital. Computer components such as software as well as hardware will fall under your jurisdiction, making it part of your job to monitor the flow of data and be sure that everything is running smoothly.