If you want to lead in the field of healthcare, for instance in a medical clinic, hospital or medical office, then you may want to study towards an MBA with a healthcare specialization. Those who have completed this degree have a hugely important role to play in the field of healthcare, as they are the ones responsible for ensuring that a medical institution is run properly and profitably, while continuing to have a focus on improved patient outcomes. It is also for this reason that MBA healthcare grads are able to enjoy some very well paid positions. Let’s take a look at the top 10 highest paying jobs for MBA healthcare grads.
1. Hospital CEO
The CEO of a hospital is responsible for making sure that the full machinery of the hospital itself ticks efficiently and in a cost-effective manner. The CEO and CFO of a hospital are responsible for everything from running the budget to choosing executives within the organization itself. They are at the head of the organization itself and they have to manage and balance everything from the cleaning staff to the budget for neurosurgery. According to Indeed.com the average salary for a hospital CEO is $92,000. However, the actual organization for which the CEO works is of great importance, with a large hospital CEO earning as much as $260,000 per year.
2. Hospital Administrator
In this role, you will work largely behind the scenes. Your job is to ensure that a healthcare facility is managed efficiently. You may be employed in a hospital, nursing home or outpatient clinic. You will be responsible for the recruitment of doctors and physicians, the development of new policies for patient services and quality assurance, promotion of treatments, compliance with government guidelines and more. According to the Houston Chronicle, the starting salary for a hospital administrator is $96,030 per year. However, many of these do not have a master’s degree and if you are more highly educated, you will also enjoy a higher salary.
3. Hospital CFO
The Chief Financial Officer (CFO) of a hospital ensures that full cost efficiency is maintained, without compromising on the quality of outcomes. CFOs manage all the different financial risks. Additionally, they plan budgets, keep financial records and report to upper management and the CEO on the financial status of a hospital. According to Becker’s Hospital Review, the average salary for a hospital CFO is between $95,000 and the mid-$300,000 level.
4. Pharmaceutical Product Manager
If you hold an MBA in healthcare management, you can work in the pharmaceutical industry, which is a highly lucrative career. You will look at market data, analyze investments and ensure drugs and devices are promoted properly. It is recommended that you first gain leadership and consultancy experience. According to Payscale.com you can expect to earn around $92,000 per year.
5. Medical Practice Manager
Medical practice managers are responsible for many of those things that a hospital administrator is also responsible for. However, they tend to work on a much smaller scale. Their workload includes billing, budgets, managing staff, hiring staff, HIPAA compliance, legal compliance, ordering supplies, and managing schedules. According to Payscale.com, you can expect to earn around $80,000 per year.
6. Health Informatics Manager
As a health informatics manager, your role is to make sure information flows in an efficient manner. Additionally, you must ensure that data is received in the right places and that it is recorded properly. You will also be responsible for the functioning of all computer hardware and software. The Education Portal has reported the average salary to be around $89,000 per year.
7. Talent Acquisition Consultant
As a talent acquisition consultant, you will be responsible for finding and selecting the best possible healthcare workforce. You will work with human relations strategies and tools to ensure each position is filled up properly. According to Payscale.com, you can expect to earn around $55,481 per year.
8. Oncology Coordinator
As an oncology coordinator, you will ensure that specialties are integrated properly and aligned with the various programs. You will ensure high quality care is delivered in a cost efficient manner. According to Glassdoor.com, you can expect to earn around $48,813 per year in this job. However, this will increase if you hold an MBA degree.
9. Revenue Management Analyst
Here, your role will be to teach other departments how to manage their accounts and clinical information. This reduces the number of denials. According to Indeed.com, you can expect to earn around $55,825 per year.
10. Physician Relations Liaison Officer
Finally, you can liaise between patients and physicians, advocating the community as a whole and promoting your service. According to About.com, you can earn around $59,000 per year.