If you have an interest in healthcare but would prefer to find a job as a manager, executive, or administrator, then you might consider obtaining a master’s degree in healthcare administration (MHA). MHA programs are designed to transform students into individuals prepared for the needs and demands of leadership, by helping them to find the resources required to respond effectively in the growing field of healthcare. Your graduate level education will help you determine the knowledge, values, and skills required to offer patients the highest standard of healthcare.
In many circumstances, MHA graduates will work in careers that oversee the business side of running a health organization. They will work with the financial and clerical aspects of medical care, and frequently supervise other employees at the same time, ensuring that ethical, legal, and financial regulations are met at all times. A master’s degree in this area can help individuals access careers in health information management and healthcare administration.
MHA Employment Options
Before you can determine what kind of salary you might be able to receive with an MHA, it’s important to understand the career opportunities that are available to you. Most people with an advanced degree in administration will work in health service and medical management, as a professional responsible for directing, planning, and sometimes coordinating health care services. They work to manage facilities, clinical areas, and medical practices depending on their level of skills and experience.
A lot of health service managers find themselves moving into higher paying positions with greater levels of responsibility as they develop greater skills in their area. Those with an MHA regularly work in hospitals, doctor’s offices, outpatient care centers, home healthcare organizations, nursing homes, and doctors’ offices.
According to research, professionals with an MHA degree should also expect their employment prospects to grow in the coming years at a rate that is faster than average when compared to other occupations. The growth from 2010 to 2020 should be around 22%, thanks to the increased need for doctors, procedures, and healthcare facilities across the nation. What’s more, the median pay for a health services manager at a basic level is around $84,000, but it’s important to note that those with higher levels of experience, potential for specialized careers, and so on, can earn a lot more. What’s more, how much you are compensated with for your MHA will depend on your level of responsibility and where you choose to work. For instance, administrators in practices with more than twenty-six doctors can earn approximately $150,000 a year.
The most common jobs taken by those with an MHA and the corresponding salary are listed below.
1. Healthcare Administrator
Healthcare administrators are in charge of the healthcare provider’s business and various office operations. These individuals may be employed by hospitals, medical practices, healthcare networks and insurance companies. According to the US Bureau of Labor Statistics (BLS), the administration field for healthcare also includes executive positions, and healthcare administrators can work as chief executive officers, responsible for overseeing the function of the entire company.
On average, the kind of a salary an individual can expect to receive for a position as a health service manager was around $103,680 in 2014, and the BLS suggests that medical manufacturing and pharmaceutical companies paid the highest amount to health service administrators, with people in these areas earning over $150,000 a year. However, it is important to recognize that competition is often steep in this particular job market, particularly for people with senior-level positions. While the BLS suggests that a bachelor’s degree can be enough for entry-level work, the best chance of getting an executive position comes with a master’s degree.
2. Medical Records Director
Medical records directors are responsible for caring for and managing health information about patients. According to statistics, medical records technicians often reach this senior level of employment through an MHA. Medical records directors are required to keep all medical data up-to-date, accurate and secure at all times, while ensuring that information is always filed and updated as promptly as possible. The BLS indicates that these individuals must possess technological skills as well as being highly organized, considering the importance of complying with federal regulations.
Many health information managers work in physicians’ offices, hospitals, and medical centers, and some are also responsible for dealing with financial records. In very small settings, information records will frequently oversee various different types of records, and managers working for larger companies will be in charge of supervising various employees.
Statistics suggest that, on average, health information managers can be paid anywhere between $29,606 and $71,619 a year, depending on where they are employed and the amount of responsibility they are given. Information managers who work within a hospital setting are often the most generously compensated too.
3. Hospital CEO/CFO
An MHA degree equips graduates with the leadership skills that they need to obtain a job at rhw managerial level, which is why many of these individuals go on to pursue careers as hospital CFOs or even as CEOs. These are the professionals that oversee the workings of the entire healthcare facility, from ensuring that other individuals throughout the organization do their jobs as effectively as possible, to making sure that all operations are carefully considered to enhance productivity. In a CEO role, they are responsible for overseeing the work of other staff members and implementing new policies to benefit the organization, and the patients they serve. These individuals are also responsible for negotiating new contracts, hiring and firing people, and also making plans for the future of the healthcare organization.
Alternatively, a hospital CFO is responsible for many of the same things as a CEO, but they place their focus more heavily on the financial aspects of running a healthcare organization. This regularly means taking responsibility for the financial plans for the organization, as well as keeping records on how budgets and money are spent. This individual will also need to ensure that the organization is getting the best deals from vendors, and come up with ideas on how to can save money within the organization without reducing the level of care provided. The main aim in this position is to manage the financial risks of the company and ensure that the financial status of the hospital remains healthy for as long as possible.
In these positions, it is possible to earn anywhere between $155,000 and $166,000 a year depending on your level of responsibility, and the geographical location in which the person is hired.