The state of healthcare management careers continues to be very promising according to a Bureau of Labor Statistics (BLS) study. Showing a continuous expansion with a 16% increase over the next decade, healthcare management careers are growing faster than average.
The BLS study also points out how the healthcare industry will continue to “expand and diversify, requiring managers to help ensure smooth business operations,” and emphasizes the importance of education. Individuals interested in healthcare management careers should realize the importance of earning a college degree. The majority of administrative and management positions in the healthcare management field require a minimum of an associate’s degree. However, a bachelor’s, and in some cases a master’s degree in healthcare management, is preferred.
Healthcare Management Careers Have an Impressive Salary Outlook
The BLS provides fantastic information when it comes to the annual earnings for healthcare management careers.
- Median annual earnings for medical and health services managers is $73,340.
- The highest salaries reported in this survey showed managers making more than $94,000 a year.
- The highest 10% of managers earned more than $125,000 a year.
Healthcare management careers in specialty offices also pay very well, as shown by a survey from the Professional Association of Healthcare Office Management. Check out the average compensation for office managers working in specialized healthcare practices:
|Obstetrics and Gynecology||$67,222|
Healthcare Management Offers Several Career Paths
There are a variety of healthcare management careers to pursue in those above healthcare specialties, including:
- Work with the head administrator
- Make daily decisions about the healthcare facility
- Keep up with supply inventory
- Track equipment and its maintenance
- In charge of specific departments
- Ensure that policies and procedures for their department are followed
- Construct reports and budgets
- Follow up with employees and the quality of their work
Health Information Managers
- Responsible for the safety and security of patient records and other sensitive medical information
- Manage entire databases and ensure only certain people have access
- Keep up to date with emerging trends in information security and software, as well as changes in laws
Medical Records and Health Information Technicians
- Organize patient records and other medical data
- Use classification systems for coding and sorting data
- Make sure information and patient records stay intact
- Transcribes medical records
- Checks for inaccuracy in the report and in voice-recognition software
Nursing Home Administrators
- Facilitate efficiency within the staff
- Maintain building and other surrounding areas
- Responsible for overseeing and managing all operations of a hospital, including medical, maintenance and administration
- Represents the hospital at board and investor meetings
- Makes sure hospital is compliant with laws and regulations
All of these careers have different education requirements, and some may require special licenses.
Working Environments, Needed Skills and Advancement Opportunities
Healthcare management professionals work in different environments depending on the medical specialty and position. About 37% of those who work in the field are employed by state, local and private hospitals. Around 20% are employed in a private practice or nursing home facilities.
Those working in the field should be adept at analyzing situations, data and changes in the law. They must also be able to communicate well with others, and be detail-oriented. They should also have strong leadership skills, especially those who are in a supervisory role. Technical skills are also needed, particularly in the health information careers.
Healthcare management offers plenty of potential for career growth. Even starting with an associate’s degree will get your foot in the door for jobs like medical transcriptionist or health information technician, and by continuing your education with a bachelor’s and a master’s degree, moving up in the field is a distinct possibility.
Check with your state to see which professions require a license. Most do not, but some people choose to become certified through the Professional Associate of Healthcare Office Management or American Health Information Management Association.