The healthcare industry shows high job growth potential at 18% from 2016 to 2026. This translates to approximately 2.4 million jobs in just the sector alone. As Master’s in Healthcare Administration graduates, you have great career options in this burgeoning industry. This degree not only takes your career and finances to the next level; it also raises your standard of living.
A Master’s in Health Administration can lead to two broad career categories as they relate to work type. The first is classified as high-level management and specialists for a generalist venue, like careers in hospitals. The second category deals more with specialized locations such as nursing homes, optometric offices, pharmaceutical research labs, surgical offices, and therapy centers, to instruct medical experts. Interestingly, there isn’t a significant salary variance between the two groups. As high-level specialists manage more people, they enjoy a slightly higher premium than those taking on specialized roles.
A popular role under the first category is nurse manager, also known as a nurse administrator. This role is part of the big group that constitutes Medical and Health Services managers that primarily work in offices rather than in hospital rooms or clinics. They function like corporate middle managers that act as an intermediary between the hospital administration and the nurses. These managers also take part in the hiring process for nurses and nurse assistants. On the average, their yearly take-home pay is around $98,350.
A step up to this job is in operations management. As part of the upper management bracket, an operations manager is paid around $123,460 per year. They ensure that hospital or clinic day-to-day operations are proceeding efficiently. They also take an active part in planning and executing business policies together with the C-suite and board members of a hospital. Department heads and middle managers report to the operations manager.
A prime example of a healthcare administration professional that falls under the Specialized Roles category is the manager for nurse anesthetist. With an average yearly pay of S110,930, these managers work closely with nurses, physical therapists, dentists, and chiropractors. They plan daily schedules for patients and lay out healthcare provider routines. They usually work not only hospitals but also in nursing homes and assisted living facilities, and require not only a Masters in Healthcare Administration degree but also state licenses.
Freelancing positions are also open for Master’s in Healthcare Administration graduates. With a pay rate that falls anywhere between $48 to $75 per hour, consultants ensure that hospital’s administrative processes are up-to-date and compliant with current best practices. These consultants either work independently or through an agency, and can specialize in different areas like medical records, outpatient services, and healthcare systems. To thrive as a freelance administrative consultant in the healthcare industry, Master’s in Healthcare Administration graduates need to possess a plethora of expert skills and years of practical experience.