Most people who explore the possibility of working in healthcare administration consider working in hospitals or healthcare provider offices. And with good reason – more than 40 percent of healthcare workers work in a hospital setting. However, hospitals represent only about two percent of the healthcare operations in the United States.
What does this mean for a student earning an MBA in healthcare management, or another advanced degree focused on healthcare administration? It means there are plenty of opportunities outside of the hospital, clinic or physician’s practice where you can apply your knowledge and pursue your passion for healthcare administration.
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Consulting
Although healthcare providers often have experienced, bright and capable people on their staffs, it’s not uncommon for executive teams to call on outside consultants to help them devise strategic plans, manage change, contain costs or overhaul operations. With a degree in healthcare administration and some experience, you can work as a consultant, either independently or as part of an established consulting firm. Consultants earn a median annual wage of around $78,000, although the earnings can be much higher depending on bonus and commission structures.
Government
The U.S. government is the largest insurer in the country, thanks to the Medicare and Medicaid programs. As a result, experienced individuals are needed to manage programs, conduct research and make recommendations to ensure everything runs efficiently. With a degree in healthcare administration you could work for a government agency managing healthcare and health promotion programs. The salaries for these types of positions vary, but on average, manager-level positions pay around $84,000 a year.
Insurance
Much like the government, insurance companies need people who can successfully manage the complexities of today’s insurance landscape. The understanding of financial management in healthcare that you gain from programs like the University of Scranton is highly desirable to insurance companies. The Scranton University online program requires multiple courses dealing with financial management and issues that affect both healthcare facilities and insurers. When you work for an insurance company, though, you’ll be able to apply more than just your understanding of financial concepts. With a healthcare administration or management degree, you’ll have a unique understanding of how the healthcare environment operates, knowledge that you can bring to insurers to help them work more effectively with healthcare providers.
Health Information Management
With more facilities turning to electronic medical records and computerized management, experienced and knowledgeable professionals are needed to manage the process and ensure that health information is being handled properly. When you earn a degree in healthcare administration you’ll learn about the issues surrounding health information such as privacy laws, the latest advancements in record keeping and how to ensure accuracy in record keeping. Some healthcare providers manage records in house, but some facilities engage the services of an outside vendor to assist them with managing health information – meaning there are plenty of opportunities if this is the path you wish to pursue.
Pharmaceutical and Biomedical Companies
The companies that provide medication and medical equipment to hospitals and healthcare facilities do not only employ scientists, engineers and salespeople. Those with backgrounds in healthcare administration are also in high demand by pharmaceutical and medical device companies. Not only do they assist with the management and organization of the company, but with a solid understanding of how healthcare facilities operate, healthcare administration professionals can provide interpretation and guidance in areas such as policy, marketing and crisis management.
Job opportunities in healthcare and healthcare administration are expected to grow at a faster than average rate over the next decade. While many of the healthcare administration jobs will be in the hospital environment – it’s important to have knowledgeable professionals developing and implementing plans and policies to ensure that facilities run efficiently and in compliance with current standards – there are also plenty of opportunities outside of the traditional hospital realm. In addition to the industries mentioned above, healthcare administration graduates can expect to find jobs at nursing homes and assisted living facilities, home health care agencies, healthcare systems and in small, private practice environments. With such a wide range of career opportunities, studying healthcare administration or management is a smart decision when you’re planning to go back to school.
About the Author:
Lindsay Rogers has a bachelor’s degree in business administration and is currently working on a MBA with a concentration on healthcare administration. She works in human resources for a large hospital in the northeast, but hopes to transition into a consulting role in the next few years.
