Healthcare is a massive industry composed of many different parts, including physicians, nurses, specialists, practitioners and assistants. It takes a team effort to deliver on patients’ high expectations. The depth and degree of responsibility expected of every contributor is part of the reason why healthcare is an ideal field to enter for those expecting a challenge – and a desire to earn a strong starting salary.
Surgeons, specialists and primary care physicians are typically the positions that first come to mind when thinking of healthcare workers, but one position that should not be overlooked is that of a medical practice administrator. This position requires a deft combination of soft and hard skills to be successful when working in any healthcare management capacity.
The online Master of Business Administration degree from the University of Alabama at Birmingham offers a health services concentration, where you can develop the experience and expertise needed to excel in health administration. Whether your work environment is a hospital, clinic, public or private office, the school’s online MBA program can set you up for success on a highly rewarding career path – both financially and professionally.
Is healthcare management a good career?
To better appreciate how much healthcare managers and administrators stand to earn annually, their numerous responsibilities provide context as to why these positions are frequently high paying. As detailed by the Bureau of Labor Statistics, healthcare administrators:
- Plan, direct and coordinate medical and health services.
- Develop and monitor goals for various departments.
- Keep track of finances to avoid cost overruns.
- Serve as spokesperson for medical facilities during important conferences and meetings.
- Stay abreast of any changes and updates in compliance matters regarding regulatory procedures.
Why earn an MBA with a healthcare administration concentration?
Hospital administrators should be adept at multitasking, as they ultimately serve as the glue that keeps the multiple pieces of the medical facility puzzle together. This is part of the reason why hospital administrators frequently pursue an MBA in healthcare management.
While an MBA isn’t necessarily required for managers and administrators, employers tend to prefer individuals who have an MBA in addition to a bachelor’s degree, because it’s a clear indication they’ve received the additional training and comprehension effective health administration often necessitates. Those who have completed a master’s degree stand to earn a higher salary as a result.
How much do hospital administrators earn with an MBA in healthcare?
According to the most up-to-date figures from the BLS, the median salary for medical and health services managers nationwide is $99,730. Generally speaking, healthcare administrators with several years of experience stand to earn more than that, as annual income is largely tied with expertise both in the field and in the classroom. The highest 10% made more than $182,000 in 2018.
The same can be said when it comes to healthcare MBA salary levels. There aren’t many people who have an MBA in healthcare specifically, and because they have the specialized understanding of what it takes to run a medical facility, master’s graduates can provide services that are difficult to find or which may not be taught in undergraduate degree programs.
The online MBA program at UAB can truly broaden your learning – and earning – horizons. For more information on the curriculum, please visit our website.