The American population is aging. The over-65 population—who typically experience increased health-related problems of greater severity—is expected to double between 2000 and 2030. The industry must hire more physicians and healthcare workers to meet demand. It will also need capable managers to organize and oversee medical personnel and operations.
According to the U.S. Bureau of Labor Statistics, employment of medical and health services managers should increase by 28 percent over the next decade, with over 50,000 job openings expected each year. Top healthcare administrator positions should number among those listings; this article explores a few of them. It also examines how an online Master of Business Administration (MBA) in Healthcare Management from Case Western Reserve University can help you qualify for these roles.
Qualify for Top Healthcare Administrator Jobs With an MBA
Study Under Experienced Faculty, Entirely Online
Healthcare Administrator vs. Executive: Defining Leadership Positions
Healthcare management comprises many functions, from executive positions to leading specific business functions. This article highlights four top healthcare management jobs and their key responsibilities.
Chief Executive Officer (CEO) in Healthcare: Leading the Way
Many hospitals are led by a Chief Executive Officer (CEO). Typical hospital CEO responsibilities include overseeing hiring and staff training, ensuring legal compliance, fundraising and future planning. Hospital CEOs also lead and make decisions during medical and public health emergencies.
The average hospital CEO can earn over $600,000 annually, placing the role among the most lucrative career options in hospital administration. Unsurprisingly, hospital CEOs require in-depth industry knowledge and many years of leadership experience to qualify. These executives may begin their careers as healthcare administrators or managers before working up to C-level.
Each hospital imposes unique educational requirements, but nearly all CEO candidates hold at least a master’s degree; Crist Kolder Associates’ 2023 Volatility Report found that half of CEOs at top-performing healthcare companies have an MBA. An MBA with a healthcare management focus is particularly suitable because it teaches business principles in a healthcare context.
Hospital Operations Manager: Orchestrating Efficiency
Operations management—coordinating processes to create and distribute products and services to ensure efficiency—is vital in healthcare. Typical hospital operations manager responsibilities include:
- Optimizing budgets and implementing strategies to reach financial goals
- Creating policies that support organizations and the provision of quality care
- Analyzing workflows and updating strategies to improve efficiency
Salary.com indicates that hospital operations managers can earn an average yearly salary of $122,000. These healthcare professionals must develop strong analytical skills and know how to implement new systems, optimize processes and minimize operational disruptions. Pursuing a healthcare MBA can help you cultivate these skills. The CWRU online MBA curriculum features courses on operations management, emphasizing lean operations in healthcare systems.
Healthcare Financial Manager: Navigating the Fiscal Landscape
Healthcare organizations require significant investment and financial resources to function. A 2015 report from the National Library of Medicine points to a measurable correlation between hospital financial performance and quality of care.
Healthcare offers several financial leadership roles. Chief Financial Officers (CFO) control the fiscal aspects of the business, e.g., supervising budgets, managing investments and reporting to ensure a steady revenue stream. Hospital CFOs can earn an average of $260,000 annually, while CFOs within physician practices earn an average income of $309,000 a year.
Healthcare financial managers plan, report on and analyze healthcare organizations’ finances to ensure profitability. Salaries vary among employment sectors; financial managers at general medical and service hospitals earn around $169,000 annually, while their nursing care facility counterparts earn closer to $141,000 a year.
Financial professionals can pursue a healthcare MBA to understand the industry better. CWRU’s online MBA in Healthcare Management curriculum covers various aspects of financial management and includes a course focused on finance issues and applications within.
Health Information Manager: Making Data-Driven Decisions
Healthcare organizations constantly collect and manage patient data. They hire health information managers—industry experts with advanced analytical and technology skills—to collect, analyze and protect digital and traditional medical information to improve patient health outcomes and gain population health insights.
According to the American Health Information Management Association (AHIMA), health information managers earned a median salary of $100,980 in 2019. AHIMA’s 2028 outlook also expects health information manager jobs to increase by 18%. An online MBA in Healthcare Management can help prepare you for this career path; CWRU’s online MBA curriculum teaches probability, statistics and quantitative methods to develop your data analytics skills.
How to Identify Which Healthcare Administrator Role is the Right Path for You
Healthcare administration encompasses many roles. Finding the right career path can be challenging. One of the benefits of a healthcare-focused MBA program is exposure to multiple healthcare administration fields. When choosing an MBA, consider programs that offer career support services and access to health systems that help you gain experience in numerous roles.
The Advantage of Earning an Online MBA in Healthcare Management from CWRU
The CWRU online MBA enables students to network with faculty experts from various industries, as well as healthcare professionals from top hospitals through residency experiences. CWRU attracts diverse peer groups, including clinicians and aspiring healthcare leaders committed to building more robust healthcare systems. CWRU online MBA faculty member Philip Cola explains, “Case Western Reserve is uniquely situated to deliver excellent healthcare management education. Part of that has to do with the community we’re in: we’re surrounded by these massive healthcare institutions.”
All of this contributes to a high-quality educational experience. And, you will enjoy all of these benefits without having to relocate or suspend your career. Many students complete the program while continuing to work full time.
Take the First Step Toward Health Administration Jobs
You need advanced training and expert business knowledge to qualify for healthcare administration and leadership roles. A CWRU online MBA in Healthcare Management can prepare you for top healthcare administration jobs like hospital CEO, operations manager, financial manager and health information manager.
Take the next step in your healthcare management career by starting your application today or scheduling a one-on-one call with an enrollment advisor to learn more.