The healthcare industry is rapidly evolving to meet advancements in medical technology and an increased focus on patient-centered care. As these transformations take hold, the job market is also shifting, necessitating healthcare leaders to adapt to new challenges and demands.
Advanced education can help current and aspiring healthcare leaders manage these new demands. Research shows a correlation between education level in healthcare leadership and patient outcomes; a 2021 paper concluded that “higher and advanced degrees of education affect the better leadership role, administrative competence, and patient experience.”
If you want to accelerate your healthcare management career and gain a competitive advantage in the job market, a master’s degree in healthcare management, like the online Master of Business Administration (MBA) in Healthcare Management from Case Western Reserve University can help you reach your goal.
Continue reading to learn how Weatherhead’s online MBA in healthcare management can help prepare you for healthcare management jobs.
Prepare for the Future of Healthcare
Gain the Skills To Lead in Healthcare Management
Overview of Healthcare Management Jobs
Healthcare management encompasses business and patient care responsibilities. It includes running hospitals, clinics, and other medical facilities; managing staff; and delivering positive patient outcomes.
What Do Healthcare Managers Do?
Medical and health services managers plan, direct, and coordinate medical and healthcare services. They may manage an entire facility or a specific department or function. Their day-to-day work varies by employer and the needs of the facility they manage. Responsibilities include:
- Setting efficiency and quality goals
- Ensuring that the facility complies with laws and regulations
- Hiring and supervising staff members
- Preparing and monitoring budgets
- Creating work schedules
Becoming a healthcare manager typically requires at least a bachelor’s degree in a healthcare or related field, like health administration or nursing. Some employers prefer candidates with a master’s degree. According to the US Bureau of Labor Statistics, top-level executive positions often require an advanced degree (i.e., a master’s or a doctorate).
Industry Profile: The Growing Demand for Healthcare Managers
Demand for healthcare managers is growing rapidly, with the BLS projecting a 29% increase in employment by 2033 and over 61,000 job openings yearly. The job market provides opportunities not only in hospitals, clinics, and other healthcare facilities but also in pharmaceutical and medical manufacturing, development, insurance and strategic planning.
Various trends impacting the healthcare sector—including an aging population and increased technology adoption—are driving demand for healthcare managers. As the U.S. population ages, the demand for healthcare services grows, creating a greater need for managers to coordinate medical information and healthcare personnel. Meanwhile, the increasing use of electronic health records drives the need for managers proficient with health information technology (IT) and informatics to manage, integrate, and oversee these records across the healthcare industry.
Common Healthcare Administration Positions
Numerous job roles fall within the scope of healthcare management. Healthcare management job titles include:
- Clinical manager: Clinical managers oversee the daily operations of a specific department within a healthcare facility, such as radiology or intensive care. This role combines clinical and business aspects of healthcare and typically requires individuals with a clinical background, such as nursing. A clinical manager earns an average salary of around $84,000 a year.
- Healthcare administrator: Healthcare administrators manage staff and coordinate the use of healthcare facilities. They also create and manage budgets and ensure regulatory compliance. Healthcare administrators can work at any facility that provides patient care. They earn an average yearly salary of about $105,000.
- Health information manager: Health information managers ensure patient health information remains accurate, secure, and well-organized. They work in healthcare organizations and businesses to manage patient records and clinical and administrative data. Health information managers earn an average yearly salary of approximately $107,000.
- Hospital CEO: CEOs serve as executive-level healthcare administrators responsible for leading the healthcare institution. Their duties include designing and implementing operational strategies, problem-solving and decision-making to ensure the hospital meets its objectives. Hospital CEOs bear a tremendous amount of responsibility and are compensated accordingly; they earn an average yearly base salary of about $455,000 and typically qualify for substantial incentive bonuses.
Skills Needed in Healthcare Management
Healthcare management demands a combination of soft skills, such as communication and critical thinking, and technical knowledge to oversee operations and lead teams effectively.
Importance of Communication and Leadership Skills
Successful healthcare managers need strong communication and leadership skills to manage teams, resolve conflicts, and foster collaboration. Earning an MBA in Healthcare Management from Case Western Reserve University can help you develop these essential soft skills.
The Weatherhead online MBA in healthcare management curriculum comprises various courses designed to nurture the skills successful healthcare leaders need. The “Empowering Healthcare Innovation” course covers topics that include change management, organizational design, and the impact of culture on innovation and change within a healthcare system. An immersive residency connects students with professionals from four hospital systems to learn how all of these topics contribute to leading transformational change in a modern healthcare organization.
Technical Knowledge and Analytical Skills
Financial planning, regulatory compliance, operations management, planning and scheduling, and analytics frequently appear among key skills listed in healthcare management job postings. Depending on the type of role you target, you may also need IT expertise, clinical knowledge, or patient care experience.
The online MBA in Healthcare Management teaches many critical capabilities needed to pursue healthcare leadership roles. Coursework covers accounting, economics, operations management, digital innovation in healthcare and change management in complex healthcare systems.
The Benefits of an MBA in Healthcare Management
In addition to helping you develop the advanced skills and knowledge needed to achieve your career goals, earning a healthcare management degree (or healthcare management MBA) makes possible other attractive benefits, including:
- Higher salary potential: According to the Graduate Management Admission Council (GMAC), MBA graduates earn an average starting salary of approximately $120,000, roughly 1.75 times that of bachelor’s degree holders.
- Competitive advantage in the job market: Employers actively recruit MBA graduates. According to the GMAC, 36% of employers planned to hire more MBA graduates in 2024 than in 2023.
- Specialized knowledge: Enrolling in a healthcare management MBA program can help you cultivate the expertise to pursue niche roles.
- Greater opportunities for advancement in different career paths: Earning an MBA in Healthcare Management will help you gain the leadership skills needed to pursue more senior positions.
- Robust professional network: An MBA program enables you to connect with industry peers and experts and build a strong professional network.
Alternative pathways–such as certifications or individual courses–offer opportunities to gain some of the skills covered by healthcare management master’s degrees. In contrast, an MBA program cultivates broad skills, mastery of business fundamentals and holistic readiness needed in healthcare leadership.
Prepare for the Future of Healthcare Management Careers
Healthcare management is growing rapidly, with a 29% expected increase in employment through 2033. As the healthcare industry embraces new technologies and strives to provide more patient-centered care, the need for cross-disciplinary, highly skilled leaders grows, underscoring the importance of advanced education in the sector.
If you want to enter or advance in this dynamic field, a master’s degree, like the online MBA in Healthcare Management from Weatherhead, can help you stand out in a competitive job market. The program helps graduates qualify for leadership positions through a curriculum covering core business skills and providing in-depth insight into the healthcare industry. The immersive residency experience also allows students to experience real healthcare settings and learn from active industry experts.
Ready to take the next step in your career? Contact an enrollment adviser to learn more about Weatherhead’s online MBA in Healthcare Management.