Master of Business Administration Healthcare Administration Concentration
An MBA with a concentration in healthcare management can give you several advantages, including credentials to move into leadership roles, greater earning potential, and entry into a growing industry. In fact, the Bureau of Labor Statistics (BLS) projects that the number of medical and health service manager jobs will grow by 20% through 2026. Furthermore, salaries for professionals in the healthcare management field often reach up to six figures.
Earning an MBA with a concentration in healthcare management opens up multiple job opportunities. To those aiming to become the director of a hospital should consider getting their MBA in healthcare management. That said, professionals who graduated with this degree also go on to work for nonprofit and for-profit health organizations as financial managers, consultants, and administrators.
Other colleges and universities offer similar programs; however, CIU’s missional focus coupled with strong core values, a strong online study, student recruitment and support team, a robust yet intuitive Learning Management System, a commitment to meeting the unique needs of the working adult learner, a competitive price point and a compelling vision for the future give CIU a competitive advantage.
Career and Ministry Opportunities for MBA Healthcare Administration Concentration Graduates
The first job that most people think of in regards to healthcare management MBA degrees is a hospital administrator. They work in all types of medical facilities, including substance abuse centers, physical rehabilitation centers, hospitals and doctors' offices. Administrators are the ones responsible for hiring new doctors, nurses and other types of workers. They place ads online and in other places, screen applications that come in and meet with workers to find those who are best suited for the job. Other duties of an administrator include creating budgets, instituting new policies and following any state of federal laws.
Medical Facility CFO
If you have a strong background in finance and accounting, you might find employment as the Chief Financial Officer of a medical facility. A CFO is someone responsible for looking at the budget of a medical facility and its operating costs to determine if the organization has a surplus of funds or if it needs to cut back on costs. They maintain the financial records of the facility and meet with managers, executives and any directors to update them on the financial details of the facility.
According to the Bureau of Labor Statistics, medical managers earn a median hourly wage of $42.59 or a median annual wage of $88,580. The BLS also estimates that the need for medical managers will increase by 23 percent in the future, which indicates an increase of approximately 73,300 new healthcare management jobs. As one of the more popular types of jobs available with MBA in Healthcare Management, students can better prepare for working in this field with internships at the undergraduate and graduate levels. Managers often run and maintain a specific department in a hospital, but they may be responsible for all departments. They handle duties relating to budget, scheduling and keeping workers informed of any new changes.
Health Information Manager
One of the jobs available with MBA in Healthcare Management that might interest you is the job of health information manager. Those working in this field have one primary goal in mind: the spread of information. You'll often find these positions available in large hospitals and in organizations that own multiple medical facilities. Managers take the information presented by the board of directors and shares that information with each department in the facility. They make sure that everyone knows when the board institutes a hiring freeze, a wage freeze or any other policy.