Are you interested in going back to business school to earn your MBA? If you are thinking about dedicating more time to earning a Master of Business Administration, it is in your best interest to choose a popular specialization in a high-paying field that is stable so that you earn a return on your investment into the degree. There are plenty of different specializations that you can choose from, but one popular specialized MBA program is one focusing on Healthcare Management.
With a growing population of baby boomers and new healthcare regulations changing the rules doctors and hospitals must comply with, entering the field is great choice for the future. While there is no denying that healthcare is one of the fastest growing sectors, you must consider the average earnings of professionals in the field before you commit to any degree path. Read on to discover how much you could earn once you earn an MBA in Healthcare Management.
Your Earnings Depend on Several Different Factors in the Healthcare Industry
There is an increase in the number of medical facilities through the United States, and more facilities create a need for more healthcare management professionals. In each region throughout the United States, the average salaries for each title can range. This is based on the budget of the facility, the quality of care offered and the cost of living within the region. While you can get a general idea on the amount of money you can earn in a specific occupation based on national averages, you must consider influencing factors to determine how much you can earn in different cities and different settings.
Average Salaries For Common Career Paths for MBAs in Healthcare Management
When you earn an MBA in Healthcare Management, you are learning how to lead operations of facilities or departments within different healthcare settings. You must consider the career path you are interested in to gather information on future earnings. Here are a list of popular career options for MBAs along with the average salaries reported:
* Hospital Administrators report an average salary of $111,000
* Practice Managers in medical offices earn an average of $81,000
* Health Information Manager earns an average of $84,000 annually
* Chief Finance Officer in Hospital settings earn an average of $155,000
* CEO in Hospital Setting earns an average of $166,000 per year
* Healthcare consultants earn an average of $99,500
What is the Job Outlook Like for New MBAs?
When you decide to dedicate 1 to 3 years earning your MBA in Healthcare Management, you need to be sure that job outlook is positive for long enough so that you can take advantage of opportunities once you graduate. While employers will hire fewer MBAs this year as a whole, a majority of those who are hired will be pursuing a career in healthcare. The pools of MBAs are on the rise, but new graduates with a focus in healthcare have a better placement rate.
The population is aging and life expectancy rates are higher than ever. As these numbers rise, the need for medical professionals to run facilities behind-the-scenes continues to grow. If you want to become a part of the fastest growing industry, earning your MHA could give you a major advantage.