The healthcare sector is one of the few industries growing despite the current economic conditions following the pandemic. In addition, the aging population and the increasing demand for healthcare services make healthcare one of the most promising industries for business and innovation.
There are several reasons why an MBA graduate should consider a career in healthcare. The number of opportunities for advancement and the potential for high salaries makes two of the most attractive features of the healthcare industry.
According to experts, b-school graduates are in high demand across all areas of health care, including biotechnology, pharmaceutical companies, and insurance providers. So, if you are looking for an excellent job after graduation, healthcare is a great option to consider.
Healthcare consultants are in high demand because they have the skills and knowledge to help organizations improve their operations. The role of a healthcare consultant includes:
- Formulating strategies.
- Focusing on administrative efficiency.
- Taking care of legal compliances.
- Managing the work environment.
It is a vital role since healthcare consultants stay in touch with significant developments in the healthcare industry. They are also aware of new technologies and treatments to improve patient care.
The average salary for this role is $98,000 per annum.
Medical and Health Services Manager:
A medical and health services manager is responsible for the overall operations of a healthcare facility. They plan, direct, and coordinate medical and health services. They also develop policies, procedures, and goals for the facility.
There are several settings in which a medical and health services manager can work, including hospitals, clinics, physician’s offices, and long-term care facilities. The lowest ten percent of health service executives make around $60,000 annually.
However, with an online MBA Healthcare program, you can learn the required skills and earn almost thrice as much.
Human Resources Manager:
Managers in charge of administrative staff, clinicians, and patients are primarily accountable for ensuring efficient services. However, they also oversee a variety of health care industry issues, including financial management, employee retention, and legal compliance.
To keep a healthcare facility compliant, healthcare managers must be aware of healthcare laws and regulations. They also deal with patient claims as well as design employee training programs.
With all these significant duties, the annual average salary for this job is $68,000.
Pharmaceutical Project Manager:
Over the last few decades, the pharmaceutical industry has become one of the world’s largest and most profitable industries. A big part of this success is the introduction of new and innovative drugs.
A pharmaceutical project manager is responsible for the successful development and launch of new drugs. They work with a team of scientists and engineers to develop a new drug. Once the drug is developed, they manage clinical trials and work with the FDA to get the drug approved.
Pharmaceutical companies will seek out project managers with MBAs who have consulting experience and demonstrate strong leadership skills. The average salary for a pharmaceutical project manager is $94,000.
Research and Development Business manager:
An MBA is also beneficial for those who want to pursue a career in research and development business management. This area of healthcare is responsible for the creation of new products and services.
R&D managers work with a team of scientists and engineers to develop new ideas and turn them into reality. They are also responsible for managing the budget and timelines for projects.
Other responsibilities include hiring management staff, developing marketing plans, and overseeing the product development process. The average salary for an R&D manager is $110,000.
Health Information Manager:
Data makes the healthcare world go round. It would be impossible to provide quality patient care without accurate and up-to-date data. That’s where health information managers come in.
Health information managers are responsible for the accuracy and security of patient data. They develop systems to store and track patient data and train staff on using these systems.
In addition to these duties, health information managers also develop policies and procedures for data entry and retrieval. They also work with the IT departments to ensure data security. The average salary for a health information manager is $87,000.
Policy Analyst or Researcher:
Government agencies, think tanks, and non-profit organizations employ policy analysts and researchers to study healthcare issues. These professionals use their research skills to develop recommendations for improving the healthcare system.
Policy analysts and researchers typically have a background in public health or health policy. They use this knowledge to identify problems in the healthcare system and develop solutions.
Policy analysts and researchers typically have a master’s degree, but an MBA can benefit those who want to move into management positions. The average salary for a policy analyst or researcher is $89,000.
Costs are a huge concern for hospitals. They have to manage the cost of supplies, staff salaries, and medications. They also have to make sure that they are billing correctly for their services.
Hospital CFOs are responsible for the financial management of a hospital. They develop budgets, track expenses, and prepare financial reports. They also work with the CEO to create long-term financial plans.
Hospital CFOs need to have a strong understanding of accounting and finance. They also need to communicate with hospital staff and board members effectively. The average salary for this role is $150,000.
The CEO sets the direction of a hospital. They are responsible for the overall management, strategies, goals, and decisions about resource allocation.
Hospital CEOs also have to deal with various issues, such as staff morale, patient satisfaction, and regulatory compliance. In addition, they are the face of the hospital and are responsible for its reputation.
Hospital CEOs need to have a strong understanding of the healthcare industry. They also need to be excellent communicators and have experience in management. The average salary for this role is $180,000.
These are a few of the most sought-after jobs for MBA graduates in healthcare. These roles are essential for the smooth operation of a hospital or other healthcare organization. They also come with an excellent salary and benefits package.
However, it’s important to note that the salary packages for these roles vary depending on the hospital’s size, location, and budget. So, make sure to do your research before accepting an offer.
Other significant factors that impact your growth in the healthcare industry are government policies, changing technologies, and an evolving workforce. Therefore, you must stay abreast of these changes and be prepared to adapt to them.