As the healthcare job market grows like crazy, the industry is going through a technological overhaul and consolidation “frenzy." An array of forces are reshaping this the healthcare job market, and leaders in the healthcare sector need well-honed management chops to navigate such complex changes.
The Master of Science in Healthcare Management (MSHM) centers on necessary skills for today’s healthcare industry leaders, providing healthcare knowledge and business training in equal measure. While an MBA in Healthcare Administration focuses on business with a healthcare slant, and a Master of Healthcare Administration leans toward clinical knowledge with a focus on management capacity, a MSHM finds middleground in both.
Usually part of a university’s business school, the healthcare management degree is an interdisciplinary degree that prepares students to lead teams, design processes, and plan strategy for healthcare delivery. Typical healthcare management curriculums cover health policy, organizational behavior, operations, and financial management, human resource management, IT systems, quality improvement, and business communications.
Healthcare management graduates are positioned to find management positions in a variety of medical and healthcare institutions—and earn significant salaries in the process. Here are 10 reasons to consider this degree.
1. You’ll never be out of a job. With the healthcare industry growing fast and changing rapidly, healthcare management is an extremely secure career path. Healthcare jobs as medical and health services managers look great—and the number of jobs is predicted to increase by 20 percent through 2026, signaling a far higher growth rate than average.
2. You’ll learn how to lead. Due to the business focus of the healthcare management degree, graduates are ready to take on management positions with a high level of responsibility and accountability. They gain skills that will allow for the effective leadership of healthcare institutions of all sizes, from financial management savvy to marketing know-how.
3. You'll work in a variety of environments. Healthcare institutions come in all shapes and sizes and need managers at all levels. This means that MSHM graduates can look forward to picking and choosing their ideal workplace, finding healthcare jobs in hospitals, doctors’ offices, and care facilities. With a healthcare management degree, you will also be qualified for business-oriented roles in the medical field, working for companies including pharmaceutical firms and device manufacturers.
4. You’ll earn good money. According to PayScale, the average salary for healthcare managers is $60,000, with a range from $40,000 to almost $100,000. Bonuses and profit sharing may supplement that income to make the financial picture even brighter. Healthcare managers can expect to make increasing amounts as they gain seniority and responsibility.
5. You’ll be at the cutting edge of change. The healthcare job marketing is on the verge of what some call a “disruption wave." The technological innovations that have swept industries including retail and media are now making inroads in healthcare, and managers are responsible for guiding institutions through those complex changes. Some transformative technologies you might encounter as a healthcare manager include online patient portals, AI-driven cost analysis applications, and automated digital tools for disease management and preventative care.
6. You’ll learn valuable, on-the-job skills. Because you’ll be at the forefront of this rapidly changing industry, you'll quickly learn how to evolve with digitization and other technological changes influencing healthcare. You’ll discover new ways to harness technology for good, as well as how to communicate these benefits to others.
7. You can transition from clinical care to management. A healthcare management degree is an excellent choice for those in the medical and healthcare careers who want to transition out of clinical care and take on more managerial roles in their institutions. You’ll learn how to use your technical healthcare knowledge to inform a business-minded approach to healthcare management.
If you’re interested in a business school curriculum contextualized for healthcare, you’re smart to be pursuing a master’s in healthcare management. This degree will position you to take on all levels of managerial roles in healthcare institutions. You’ll engage with challenging and purposeful work at the forefront of a fast-changing and technically innovating field, and you’ll make a difference to lots of people in the process.
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