The healthcare industry is expanding rapidly. As the science and technology converge, old systems just aren’t working. Instead, health care is drawing on practices of innovation and entrepreneurship to navigate these changing waters. While this growing opportunity is attracting some of the top talent from other fields, people like healthcare MBAs, who have knowledge of both health care as a practice and management techniques are bound to be in a position to take advantage of the market.
Health care may not be a common MBA path, but it is a profitable one. Healthcare MBAs have an average take-home salary of over $100,000 per year. Here are three top jobs in health care for MBAs.
Practice or Project Administrator
One of the biggest ways healthcare MBAs are getting into management is through becoming project or practice administrators. In this role, they work behind the scenes to make projects or practices more efficient. Administrators can be found managing departments in a hospital, overseeing outpatient clinics, and managing nursing homes. It is also possible to act as an administrator for a pharmaceutical product. In both cases, the position involves collecting data, analyzing resource usage, and streamlining efforts. Budgeting, billing, and regulatory compliance are also concerns of practice and project administrators. People in these roles generally have consulting experience, and many people use administrator roles to validate the experience they have before moving on to consulting for larger firms.
Systems Information and Analysis Manager
For healthcare MBAs who do not have consulting or management experience, working as a systems information and analysis manager is an option. This role involves managing the information flow either within research and development of the facility. Systems information and analysis managers oversee what data is tracked, how that information is stored, and perform analysis on that data to tease out actionable details. This information is used to make budgets, billing decisions, set schedules, and hire help as needed. Systems information and analysis managers also make sure the facility software and hardware is accurate, up to date, and sufficient for the needs of the department or facility.
Hospital or Center Executive
Healthcare MBAs, who have considerable healthcare management experience, may consider becoming a hospital or healthcare center executive, such as a CEO or CFO. In this executive role, the individual is in charge of meeting and managing the operational needs of the organization. Budgeting and financial planning are important concerns, as are negotiating contracts, analyzing sales information, finding ways to save money, examining financial reports, making sure the organization is in compliance with regulations, and so on. Healthcare MBAs considering this field will need a strong background in healthcare management as well as a good understanding of finance, marketing, and business best practices.
Technology is driving big changes while the industry itself is changing from one focused on curing illness to one centered on preserving health. The shift means hospitals and clinics are being run more like businesses — and businesses need managers. Healthcare MBAs are in a perfect position to apply recognized business and management concepts while providing insight into health care as a field.
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