What Can You do with a Healthcare Management Degree?

Healthcare is currently one of the fastest, if not the fastest growing industry in America.  As baby boomers begin retiring in droves our healthcare system is being pushed to expand to provide services for a rising percentage of the general public.  With this expansion comes jobs, and lots of them.  From technicians, aids, doctors, and a variety of nurses and therapists, to billing specialists, accountants, managers, and administrators, there are any number of roles to be filled within the healthcare field.

If you’re considering an education in healthcare management, here is what you might do with your degree.

 

Types of Work Locations

One of the great aspects of the healthcare industry is that there is a number of work environments in which you might choose to ply your trade.  You might want a location like a large hospital or nurse home facility where hundreds of people work each day and where you might be a supervisor, manager, department head or administrator.

Otherwise, you might choose to shoot for something smaller.  An outpatient center, a small doctor’s office, an assisted living facility or smaller nursing home environment might still give you the opportunity to put your healthcare management degree to use, but in a way where you have more patient interaction, get to know your staff on a more personal level, and don’t have the number of employees under your direct control as you might at a larger facility.

Given that healthcare further delves into subjects like medical assisting, nursing, psychology, counseling, one can also get a degree in these fields and would then work in a location that’s appropriate for the role. For example if one were to get a nursing degree then it opens up a whole lot of options as nurses are in demand across all healthcare facilities.

 

Roles and Duties

There are a variety of roles and duties you might find yourself encountering in healthcare management.  From assuring quality standards are enforced and employee schedules are completed, to resolving employee and patient conflicts, maintaining inventory levels and ordering supplies, maintaining budgets and other financials, conducting employee reviews, maintaining records, communicating department or facility progress to supervisors, and staying apprised of changes within the industry, there are numerous responsibilities that could come your way as a healthcare manager.

The scope and number of your managerial duties can depend upon the size and type of the facility in which you work, the number of employees under your supervision, and the level of management in which you are employed.

 

Pay

The pay and benefits in many healthcare roles is competitive with or better than many other industries and the career development options, opportunities, and job security are often positive aspects that come with work in the field.  According to the Bureau of Labor Statistics Occupational Outlook Handbook, “Employment of medical and health services managers is expected to grow by 22 percent from 2010 to 2020, faster than the average for all occupations. As the large baby-boom population ages and people remain active later in life, the healthcare industry as a whole will see an increase in the demand for medical services.”

It goes on to say, “Earnings of medical and health services managers vary by type and size of the facility and by level of responsibility.  For example, the Medical Group Management Association reported that, in 2010, median compensation for administrators was $86,459 in practices with six or fewer physicians; $115,000 in practices with seven to 25 physicians; and $150,756 in practices with 26 or more physicians.”