Whether you are in graduate school or pursuing your undergraduate degree, it’s important to consider the types of jobs available with a Healthcare MBA. This is a specialized degree offered by many colleges that follows the same path as a Master of Science in Healthcare Management. The Master of Science in Business Administration (MBA) in Healthcare will teach you how to create budgets, handle employees, and tackle all of the other duties that come with running a medical facility. The following are just a few of the many career paths available with an MBA in Healthcare degree.
Health Information Manager
Health information managers have one primary goal: to spread information. These positions are typically available in organizations that own numerous medical facilities as well as in large hospitals. The board of directors shares information with the health information manager who then passes that information along to each department within the facility. In other words, health information managers are responsible for ensuring that everyone knows when the board institutes a wage freeze, a hiring freeze or any other policy.
The Bureau of Labor Statistics indicates that medical managers earned a median hourly wage of $46.41 or a median annual salary of $96,540 per year in 2016. The Bureau also expects that employment of medical managers is projected to increase 20 percent between 2016 and 2026. As one of the more popular careers available for those with a Healthcare MBA, students can prepare for this field by pursuing internships at the graduate and undergraduate levels. Although managers typically maintain or run a specific department within a facility, they may also be responsible for every department. Their duties include keeping workers informed of new changes, scheduling and handling tasks relating to the organization’s budget.
Medical Facility CFO
Those with a strong background in accounting and finance may find a career as a Chief Financial Officer (CFO) of a medical organization or facility. CFOs are responsible for analyzing the medical facility’s budget as well as its operating costs in order to determine whether the facility needs to cut back on costs or if it has a surplus of funds. They are also responsible for maintaining the organization’s financial records and meeting with directors, executives and managers to ensure all parties are kept up-to-date of the facility’s financial situation.
One of the first jobs most people think of when considering a Healthcare MBA is that of a hospital administrator. These professionals work in a number of medical facilities, including doctors’ offices, hospitals, physical rehabilitation centers and substance abuse centers. Hospital administrators are responsible for hiring new nurses, physicians and other works, and they place ads, screen applications and meet with candidates in order to hire those who best meet the needs of the position and the organization as a whole. Other duties include following any state or federal laws, instituting new policies and creating budgets.
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Although most students can earn an MBA within two years, it’s important to consider your career path after you graduate. The types of jobs available with a Healthcare MBA include positions as health information managers, CFOs, medical managers and healthcare administrators who work in substance abuse centers, hospitals and other types of medical facilities.