Health care management is a field that has been growing for a long time now. Since the health care system has changed significantly due to the Affordable Care Act and other health care reforms, the demand for highly educated professionals has been rising very quickly. Those with an MBA in Healthcare Management, therefore, are in a position where they are above the competition when applying for high placed positions.
While money isn’t everything and shouldn’t be the ultimate factor of influence on a career choice, it is certainly of importance. This is also true because obtaining an MBA is a considerable investment in terms of both time and money.
Below are what we believe to be the 15 best paying MBA in healthcare management careers.
1. Hospital Chief Financial Officer
According to Indeed.com, the average salary for a hospital CFO is $106,000 per year. CFOs are responsible for all the financial issues, including forecasting, budgets and planning, of the medical facility they work for. This means they have to ensure that all financial obligations can be met as well. A lot of their work will be related to insurance policies, government funded insurance and insurance payments. Their role is to align all the different income sources and ensure they are distributed in such a way that services are coordinated and managed properly.
2. Hospital Ceo
The CEO of a hospital earns an average of $92,000 according to Indeed.com. His role is to oversee all of the different directors of the departments and ensure they have the strategic direction and guidance needed to ensure a hospital achieves its goals. Internal communication is a key component of the job, as he has to listen to the various other departments and report to the board of trustees and board of director. Furthermore, the hospital CEO is responsible for overall compliance and tracking performance indicators.
3. Healthcare Consultant
Payscale has reported that the average salary for healthcare consultants is $73,146. Their role is to enter a certain healthcare facility and identify current issues and find methods to resolve them. After their work, the system as a whole should be more efficient. As such, they may design new methods to increase patient satisfaction, reduce the length of time billing takes, identify areas of employee training and more. They will not only identify necessary changes but also manage their implementation as well.
4. Pharmaceuticals Project Manager
According to Payscale, the average salary for pharmaceuticals project managers is $84,581. Their role is to manage the development of new drugs, running them through trials, research, approval and more. They manage the documentation in relation to this, ensure all regulations are met and they focus on meeting the various deadlines. Additionally, they often focus on making the entire process of developing new pharmaceutical products more efficient.
5. Professional Services Director
Salary.com has stated that the average salary for professional services directors is $173,713. Their role is to oversee the various services that a healthcare setting or facility provides. They identify and resolve any issues that stand in the way of delivering proper services and they maintain necessary schedules. A lot of their job revolves on communicating with other department managers, and overseeing the overall interests of the medical facility for which they work. Legal compliance is also an essential element in this.
6. Hospital Administrator
According to Payscale, the average salary for hospital administrators is $96,180. Their role is to coordinate all the different operations of a hospital. They resolve conflict and other problems that stop different departments from providing the best possible service. Furthermore, they are the public face of the hospital when it comes to dealing with the community and ensuring that the facility retains or regains a positive image.
7. Practice Manager
The U.S. Bureau of Labor Statistics has reported that the average salary for practice managers is $88,580 per year. However, this is for those who hold a bachelor’s degree and it is known that a master’s degree can add between $15,000 and $20,000 per year to an average salary. These managers report directly to directors and are essentially their hands and ears on the ground. They manage staff, direct necessary changes, ensure policies are being followed properly, collect and generate data and more. Their work involves directing strategies that are developed at senior level, which is why a high degree of accuracy is expected and needed.
8. Clinical Informatics Manager
According to Payscale, the average salary for clinical informatics managers is $91,832. Their role is to make sure that the data that comes in and goes out of a hospital information system is managed properly. Additionally, they use this data to make recommendations in terms of strategic decisions that will improve the overall efficiency of the facility itself. A lot of the work they do focuses on the software and hardware that is used.
9. Health Services Manager
The Riley Guide has reported that the salary of health services managers ranges from $54,000 to $151,000. However, this includes those who hold a bachelor’s degree. Those with an MBA in Healthcare Management are almost all in the top 10% of earners. The focus of this role is to ensure upcoming needs can be met and that the care that is offered is of the highest possible quality. They also address any departments or teams that are performing below standards and ensure they can improve. Finally, they have a strong focus on regulation.
10. Wellness Director
According to Payscale, wellness directors can earn around $52,895 per year. Their role focuses on ensuring community members and medical facility employees are able to improve their overall health and well being. This focuses on lifestyle choices, physical therapy and more. The wellness director will also communicate strongly with other community medical providers such as community nurses, local family physicians and midwives to ensure they are able to deliver proper services.
11. Talent Acquisition Consultant
Talent acquisition consultants can expect to earn an average annual salary of $57,129, according to Payscale. Their job is to ensure the healthcare workforce in a specific facility or in an entire community is the best it can be. This means they need to have a strong focus on recruitment and retention, but they also often headhunt, trying to attract medical professionals from other facilities into theirs.
12. Oncology Coordinator
According to Glassdoor, the average salary for oncology coordinators is $46,032. However, this is a salary for those with a bachelor’s degree, meaning that MBA holders can expect to earn significantly more. Additionally, they often receive further compensation, increasing their salary to $47,488. Their role is to ensure the various oncology services are properly aligned so that they can deliver the best possible health care overall.
13. Revenue Management Analyst
According to Payscale, the average salary for revenue analysts is $44,226 per year. However, this is again at bachelor’s level, which means it can increase significantly with a higher degree such as an MBA. Their job role is to manage various pieces of clinical information and the business accounts, ensuring these are properly aligned.
14. Physician’s Relations Liaison Officer
According to SimplyHired, the average salary for physician’s relations liaison officers is $61,000. Their job is to make sure various physicians are comfortable in their working relationships with overseeing healthcare bodies to which they report, as well as to make sure they are able to meet regulations.
15. Patient Care Coordinator
Payscale has reported that the average salary for patient care coordinators is $43,657. However, this is at bachelor’s degree level and below. Those who have an MBA in Healthcare Management often not only earn more, but also take on more significant responsibilities. For instance, in a large hospital or other medical facility, they will manager other patient care managers. Alternatively, they can work in high end private clinics and ensure patients are happy with the care they have received.