According to the U.S. Bureau of Labor Statistics, employment of medical and health services managers, including healthcare managers, is expected to grow by 18% between 2018 and 2028 — which is much faster than the average projected growth for all occupations. There are more and more opportunities for highly skilled healthcare managers, as emerging technology continues to improve hospitals and medical facilities. But the job prospects for healthcare management majors extend beyond hospitals, as these graduates enter the workforce with a strong skill set in both healthcare and business. Students who choose a healthcare management major often find that, upon graduation, they have a range of career options to choose from.
Trends in Healthcare Management
One of the most notable trends in healthcare management relates to the expanded use of technology. For example, a growing number of doctor’s offices and clinics have begun to use data analytics to further two important goals: improving the quality of care and patient outcomes. In some parts of the U.S., artificial intelligence algorithms are being used to aid in clinical decision-making and, in some cases, to automate nonclinical tasks.
Consequently, students who have an interest in pursuing this career path must stay on top of current and emerging technologies. They must also understand how the use of new technologies can improve modern healthcare.
Careers in Healthcare Management
Professionals who have an interest in pursuing jobs in this field have a variety of paths to choose from. Following is information on popular careers, along with healthcare management major salary ranges:
Health managers are responsible for overseeing medical facilities in the areas of patient care, personnel issues, equipment and resources, and compliance with laws and regulations. They ensure facilities have effective interdepartmental communication, and they work to continuously educate staff about the latest industry research. Health managers often possess a master’s degree in addition to a bachelor’s degree and have prior work experience in healthcare or management.
May 2020 data from PayScale indicates that professionals in this field earned a median annual wage of around $60,500, but earnings may range from $40,000 to $90,000 depending on factors such as level of education and years of experience.
Healthcare Practice Manager
Healthcare practice managers oversee the staffing process and overall efficiency level of a medical practice, clinic, hospital department, or doctor’s office. They also ensure the practice complies with relevant policies and procedures.
Depending on the size and volume of the practice, healthcare practice managers may hold a bachelor’s degree or a master’s degree and related certification, such as Certified Medical Practice Executive, Certified Medical Manager, or Certified Physician Practice Manager.
PayScale reports that as of May 2020, professionals in this field earned a median annual wage of around $60,600 with salaries ranging from $45,000 to $85,000 per year depending on factors such as education and experience.
Healthcare Human Resources Manager
Human resources managers in the healthcare field are responsible for coordinating the functions of an organization. They serve as the link between management and staff for communication regarding recruitment and hiring, legal matters, and performance evaluations. While human resources managers generally possess a bachelor’s degree, some employers require these professionals to also have a master’s degree.
As of May 2020, PayScale reports that salaries for human resources managers, including healthcare human resources managers, range from $48,000 to $94,000 per year depending on level of education and years of experience. The median annual salary for professionals in this field was around $67,300 per year.
Medical Records Manager
Medical records managers work in the medical records departments of hospitals and medical facilities. They oversee departments that manage and maintain patient data. Typically, a medical records manager must possess a specialty certification, along with a bachelor’s degree.
PayScale notes that as of May 2020, the median annual salary for professionals who choose this career path was around $46,700, but wages may range from $34,000 to $69,000 depending on level of education and years of experience working in this field.
The Future of Healthcare Management
The need for qualified, experienced healthcare managers continues to be robust. For example, the aging baby boomer population has led to an uptick in demand for healthcare services. In addition, the expanded use of electronic healthcare records is creating demand for professionals who have knowledge of health information technology (HIT).
A third factor that will play a role in rising employment demand will be the need to replace professionals who are retiring. Although the BLS projects that employment opportunities will be vast, candidates who have completed an advanced education and have technological knowledge are likely to have the best prospects.
Your Path Toward a Career in Healthcare Management Starts at Maryville
Maryville University’s online bachelor’s in healthcare management aims to prepare its graduates to seize opportunities in the growing field of healthcare with a flexible healthcare management curriculum designed to provide students with strategic healthcare insights through courses such as financial management, software and technology, patient partnerships, and population health management. Students’ healthcare perspective is also informed by coursework in business, information systems, and communications.
Graduates may gain a competitive edge in the healthcare industry with a master’s in health administration (MHA) or a master’s in business administration (MBA), particularly in today’s ever-changing environment. Maryville’s online MHA and MBA programs strive to prepare students to lead a successful healthcare organization by providing them with practical coursework and experience in data management, healthcare strategies, population management, and senior services.
Are you ready to embark on the path toward a career in healthcare management? Let’s be brave together. Discover how Maryville’s online bachelor’s in healthcare management can help prepare you for the job you want.