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Salaries of Healthcare Administrators

The scope for careers in healthcare administration is expanding rapidly. The U.S. Bureau of Labor Statistics projects a 20 percent job growth rate through 2026 for medical and health services managers, which is nearly triple that for all job categories combined.

Having a Master of Business Administration with a concentration in Health Care from the University of Texas at Arlington facilitates employment opportunities in healthcare administration. Healthcare is a unique industry in that it is considered recession-proof. It offers a range of jobs in many different locations, with the median pay for healthcare administrators being $96,540 per year.

Every healthcare facility and organization needs skilled leaders working behind the scenes. Healthcare administrators are needed in any facility that provides healthcare, but recent changes in health insurance, technology and healthcare policy have created job opportunities in different types of healthcare organizations.

As reflected in the stock market, the healthcare industry is becoming increasingly diverse, with the healthcare sector consisting of companies that manufacture supplies, pharmaceuticals and medical equipment as well as those that operate healthcare facilities and provide managed healthcare. Industry experts have placed these companies under the four categories: healthcare providers, suppliers, pharmaceuticals and insurance.

With such diverse companies hiring healthcare administrators, there are many different jobs in a variety of departments available to MBA grads with a healthcare administration focus. Healthcare administrators work in departments that focus on operations, finance, policy and legal compliance, public relations, human resources, or technology.

Jobs in Finance

MBA graduates gain a strong foundation in finance, and earning an MBA in healthcare administration can help graduates specialize in the financial side of healthcare. Some jobs may focus more on finance and legal compliance. A chief financial officer manages a company's financial operations and ensures the company operates efficiently while complying with applicable policies and laws. PayScale places the average salary of CFOs at $127,646 per year.

Jobs With Providers

Hospitals will continue to be a source of healthcare jobs; however, there are many other types of providers including nursing homes, outpatient centers, mental health facilities and rehabilitation clinics.

All of these providers have the capacity to hire for many different types of positions such as practice administrators, quality management directors and program directors.

Practice Administrators oversee a facility's daily activities. Good communication and time management skills are essential to do well in this role. Practice administrators earn an average of $71,159 per year.

Program Directors earn an average of $79,641 a year and supervise hospital operations, employees, and inter-departmental communication and collaboration.

Quality Management Directors focus on optimizing a company's performance and the quality of its offerings. They ensure regulatory compliance and optimal patient care. Their average yearly salary is $97,582.

The above PayScale data for practice administrators, program directors and quality management directors is as of February 2018.

Jobs With Suppliers and Pharmaceutical Companies

The medical R&D and pharmaceutical sectors will also experience job growth in coming years and will need qualified healthcare administrators.

The above PayScale data is as of February 2018.

The jobs available to those with an MBA in Health Care Administration are as diverse as the healthcare industry itself. All four groups — healthcare providers, healthcare suppliers, pharmaceuticals and insurance — will be looking for more qualified and skilled administrators as the healthcare industry progresses and evolves.

Learn more about the UTA online MBA program with a Concentration in Health Care.


Sources:

U.S. Bureau of Labor Statistics: Occupational Outlook Handbook - Medical and Health Services Managers

The New York Times: Business Day: Markets

Monster: Where Can You Work With a Master's in Healthcare Administration?

PayScale: Salary Data & Career Research Center (United States)


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