Healthcare managers are in charge of budgeting, agenda-setting, policy-making, strategic planning, and the professional development and training of administrative personnel. A Master of Business Administration (MBA) in Healthcare Management can prepare professionals for a career in hospitals, group medical practices, nursing and home care organizations, government agencies, biomedical or pharmaceutical industries, ambulatory healthcare services, and more. It’s also common to find a job as a medical practice manager with a private physician practice.
An online Master of Business Administration in Healthcare Management from the College of Mount Saint Vincent (CMSV) can help students improve the lives of others by increasing the efficacy and efficiency of the healthcare system. Graduates will gain the knowledge necessary to lead in the management of the rapidly growing essential industry. Healthcare managers perform a critical role that is crucial to the ongoing functionality and viability of the medical system. Designed for working professionals, CMSV’s online degree program can prepare graduates for a wide range of career paths.
Top Jobs With an MBA in Healthcare Management
Successful healthcare managers are excellent communicators, highly organized, and possess outstanding administration skills. Earning an MBA in Healthcare Management is ideal for those who want to work in the medical field behind-the-scenes, rather than on the front lines with patient interaction. By ensuring their individual departments operate efficiently to meet their goals, healthcare managers hold unique leadership positions that can make lasting contributions to their local healthcare community.
Growing diversity in the healthcare industry provides various career paths available to professionals with an MBA in Healthcare Management. Below are some of the top jobs in this field:
- Medical and health services manager. A medical and health services manager is in charge of the daily operations of a nursing home, hospital, group practice, or other healthcare service to ensure it runs smoothly. They work with medical administrators, doctors, and insurance representatives to problem-solve and coordinate care delivery. Medical and health services managers are detail-oriented, highly organized, excellent communicators, and have up-to-date technical skills. According to the U.S. Bureau of Labor Statistics, the median pay for this role is approximately $101,340 per year or $48.72 per hour. The job outlook through 2031 is 28%, much faster than the average for all other occupations.
- Financial manager. A financial manager is responsible for the financial health and outcome of an organization. They supervise expenses, produce financial reports, analyze data, develop plans and strategies for long-term investments and financial goals, monitor cash flow, develop budgets, and manage the risk of loss. Financial managers need to remain current on regulatory and legal requirements, as well as changes in tax laws. The average annual salary is approximately $131,710, or $63.32 per hour. The U.S. Bureau of Labor Statistics predicts the job outlook at 17% through 2031, which is much faster than average.
- Pharmaceutical project manager. Pharmaceutical project managers oversee operations and projects in pharmaceutical companies, including managing teams that study the effects of existing therapies or the development of new drugs. These managers have solid communication skills, manage drug development, set budgets and timelines, and regularly collaborate with scientists and biochemists. The median yearly salary for this position is $79,667, depending on education level and years of experience.
The Benefits of an MBA in Healthcare Management Degree Program
This online degree program allows students to expand their knowledge base and develop expertise in the issues, policies, and strategies that affect healthcare management, finance, and administration in both the private and public sectors. With courses like Health Care Administration; Health Care Finance; Foundations of Management, Human Resources, & Business Law; and Strategic Management, graduates will have well-rounded knowledge for their healthcare management careers.
Learn more about the College of Mount Saint Vincent’s online MBA in Healthcare Management program.