Business Development Managed Care Career and Salary Profile
Increasingly, healthcare in the United States is administered through managed care, a method of controlling healthcare costs. Business development managed care professionals enjoy myriad opportunities to help healthcare providers develop new business strategies and maximize the managed care model. One path to this career opportunity in the expanding healthcare field can be enrolling in a MBA degree in Healthcare Management.
Business Development Managed Care Job Outlook
According to national data published by the U.S. Bureau of Labor Statistics (BLS) in 2011, employment for the category that includes business development managed care is projected to grow faster than the average occupation through 2018. A growing job rate may not guarantee employment in the industry. Prospective students are encouraged to conduct independent research regarding actual job growth rates, which vary according to location, education and experience.
Business Development Managed Care Job Duties
The main responsibilities in business development managed care are to improve cost-effectiveness, and to develop and manage new strategies for healthcare providers, enabling them to experience success in the managed care market. Duties may include leading strategic planning sessions, guiding the organization in setting goals and objectives, seeking ways to control costs and increase margins, and overcoming challenges in a competitive marketplace.
Depending on the employer and location, business development managed care leaders may be responsible for developing new ways to streamline paperwork flow and increase productivity, pursue cost containment, establish staff productivity goals, tools and processes, and prepare cost analysis and profitable managed care contracts. These healthcare professionals may also develop and participate in training and education activities.
Business development managed care personnel often take the lead role in negotiating and developing the metrics required to maximize reimbursement. They may also be responsible for gaining new contracts and clients, or serving in a consulting role with senior management regarding managed care and business development. Typically, business development managed care professionals will also develop and implement business development plans and prepare an organization for future system changes.
The typical work environment for business development managed care directors is a comfortable office. They usually work 40-hour weeks, but overtime may be required. Depending on the employer, weekend hours and travel may also be required.
Potential Salary for Business Development Managed Care
According to a 2010 national survey conducted by the U.S. Department of Labor, the average annual salary for the category that includes business development managed care was $93,670, while the middle 50% earned between $65,650 and $109,490. The lowest 10% earned approximately $51,280, while those in the highest 10% bracket brought in around $144,880 per year. Because salary potential may vary depending on location, education and experience, prospective students are encouraged to conduct independent research to determine actual earning potential.
Education and Training for Business Development Managed Care
Employers hiring for business development managed care positions are typically seeking advanced education; bachelor’s degrees are usually the minimum, and many employers prefer candidates with Master’s degrees. Some may place a premium on healthcare experience, which can be obtained through summer employment or internships while pursuing an MBA.
Working toward a business development managed care career may begin with earning an MBA with a specialization in Healthcare Management. Coursework typically includes managerial economics, healthcare policy, healthcare planning and marketing, and information management in healthcare.
Employers can be confident that individuals who have earned an MBA in Healthcare Management are able to:
- Apply modern principles of business to support a medical organization’s objectives.
- Assess, plan for and manage risk using economic, financial and statistical data.
- Use critical thinking to make effective decisions in challenge circumstances.
- Manage, plan, motivate and lead effectively in the healthcare environment.
- Leverage advanced skills and knowledge to succeed in business development managed care.
Some employers offer opportunities for continuing education. It may be possible to gain an entry-level position with a bachelor’s degree and use a tuition assistance program to obtain your MBA.
Does the Field of Business Development Managed Care Sound Intriguing?
The healthcare industry is primed for significant growth, change and challenges. Skilled and knowledgeable professionals will be needed to lead organizations through and help them remain viable. If you possess outstanding communication, analytical, leadership and interpersonal skills, have business or healthcare experience, and are looking for new career opportunities and challenges, you could be a great fit for a career in business development managed care. Earning an MBA in Healthcare Management demonstrates to employers a strong knowledge of the modern healthcare system, as well as a strong commitment to your education and to your healthcare career. An MBA may give you the competitive edge you need to succeed.